MONTREAL, July 09, 2024 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the start of a drilling campaign on the Patris gold property (the “Property”), currently 100% owned by Midland and located approximately 30 kilometres northeast of the city of Rouyn-Noranda in Quebec.
Highlights :
90 holes completed (2,075.4 m) on public lands using sonic drilling to recover till and bedrock samples to increase data quality and understanding;
Discovery of mineralized felsic intrusions with pyrite in the Kewagama sedimentary rocks (Belleaux area);
The IP survey (gradient and pole-dipole) generated numerous targets/anomalies, including three main chargeability highs within the Kewagama sedimentary basin (Belleaux area);
Option payment of $60,000 recently received.
Diamond Drilling
A campaign of three (3) drill holes for 1,650 m will begin in July with a drill in the Belleaux area where mineralized felsic intrusions were discovered in the eastern part of the Patris property. These weak to moderate intermediate to felsic intrusions are weakly to moderately altered in sericite-carbonate-hematite are commonly present less than 830 m from the La Pause Fault in the Kewagama sedimentary rocks. This seems to indicate that the La Pause Fault has primary control on the magmatic activity of the region. These intrusions are also mineralized with up to 10% pyrite and contain several quartz veins and veinlets.
Last winter, 90 holes were completed (2,075.4 m) on public lands using sonic drilling to recover till and bedrock samples to increase the quality and understanding of the data. The final analysis results are currently pending.
In addition to the drilling work, detailed mapping will be carried out on the areas of interest generated by the IP survey. Field mapping of IP anomalies in the Belleaux area did not identify the source of the high chargeability. The intrusion sector will also be revisited to better understand the density and orientation of the veins.
Prospecting and mapping will be carried out in the northern sector of the property (Lac Caste Basin).
Option Agreement with Barrick Gold
Pursuant to the option transaction (the “Transaction”) signed with a wholly-owned indirect subsidiary of Barrick Gold Corporation (“Barrick”), Barrick has the right to acquire up to a 75% interest in the Property in consideration for cash payments totaling C$1,017,500 and exploration work totaling C$16,575,000, over an eight-year period. Barrick is the operator of the work carried out under the Transaction. (See Midland press release, May 15, 2023)
About the Patris Property
The wholly owned Patris project comprises 299 claims covering a surface area of about 117 square kilometers, located less than 10 kilometers northwest of the prolific Doyon/Westwood-Bousquet-La Ronde gold mining camp. The Patris property offers excellent gold potential as it covers the Manneville Fault over more than 8 kilometers and the La Pause Fault over more than 10 kilometers, both recognized as subsidiary faults to the well-known Destor-Porcupine Fault Zone. The Patris property also covers more than 5 kilometers of the fault contact between the sediments of the Kewagama Group and the mafic and ultramafic volcanics of the Malartic Group. Several historical gold showings are found near this contact such as the Gadoury showing which returned 6.3 g/t Au over 1.0 meter and the McDermott showing which returned 8.6 g/t Au over 1.2 meters (Source: Sigeom-MRNF).
Cautionary statement
Mineralization occurring at the Doyon/Westwood-Bousquet-La Ronde gold mines is not necessarily indicative of mineralization that may be found on the Patris property held by Midland.
About Midland
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold and critical metals. Midland is proud to count on reputable partners such as Barrick Gold Corporation., BHP Canada Inc., Rio Tinto Exploration Canada Inc., Wallbridge Mining Company Ltd, Probe Gold Inc., Agnico Eagle Mines Limited, Electric Element Mining Corp., SOQUEM INC., Nunavik Mineral Exploration Fund, Cosmos Exploration Limited and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value.
This press release was prepared by Richard D St-Cyr. P.Geo., Exploration Director for Midland and Qualified Person as defined by NI 43-101, who also approved the technical content of this press release.
For further information, please consult Midland’s website or contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Midland’s periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities.
