MONTREAL, July 28, 2021 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD), in partnership with Probe Metals Inc. (“Probe”), is pleased to announce the start of an important geophysical program on the La Peltrie project, consisting of several induced polarization (“IP”) surveys covering new geochemical anomalies recently identified on the La Peltrie project.
This project, wholly owned by Midland and under option since July 2020 by Probe (see press release by Midland dated July 9, 2020), is located along the Lower Detour Fault southeast of Zone 58N held by Kirkland Lake Gold Ltd.
Pursuant to the option agreement, Probe issued 32,544 common shares to Midland for the second payment for a total value of $55,000 based on a 5-day weighted average price of $1.69 per share on the TSX Venture Exchange. In addition, exploration work totalling at least $500,000 will be completed by July 31, 2021, in order to fulfil the firm commitment for the first year of the agreement.
IP surveys totalling approximately 45 kilometres in three (3) grids of approximately 15 kilometres each will cover gold and/or copper geochemical anomalies located along the perimeter of a syntectonic intrusion. Pending the results of this work, a first drilling campaign in partnership with Probe will be planned to test the best targets identified.
The La Peltrie property is located approximately 25 kilometres southeast of the high-grade Lower Detour Zone 58N gold deposit held by Kirkland Lake Gold Ltd, which hosts indicated resources totalling 2.87 million tonnes at a grade of 5.8 g/t Au (534,300 oz Au) and inferred resources totalling 0.97 million tonnes at a grade of 4.35 g/t Au (136,100 oz Au) (Source: NI 43-101 report from Kirkland Lake Gold effective on December 31, 2020). It is also located proximal to the B26 deposit held by SOQUEM, where indicated resources are estimated at 6.97 million tonnes grading 1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43.0 g/t Ag, and inferred resources at 4.41 million tonnes grading 2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9.0 g/t Ag (Source : NI 43101 report from SGS for SOQUEM effective on January 31, 2018). The La Peltrie property is also located 25 kilometres northwest of the former Selbaie mine, which historically produced 56.5 million tonnes of ore grading 1.9% Zn, 0.9% Cu, 38.0 g/t Ag and 0.6 g/t Au.
Mineralizations occurring at the Lower Detour Zone 58N, the B26 deposit and the former Selbaie mine are not necessarily indicative of mineralization that may be found on La Peltrie.
Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion ounce Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp Inc. in March 2015. Newmont Corporation currently owns approximately 11.6% of the Company.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as Probe Metals Inc., Wallbridge Mining Company Ltd, BHP Canada Inc., Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM INC., Nunavik Mineral Exploration Fund, 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 Mario Masson. P.Geo., VP Exploration 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:
Gino Roger, President and Chief Executive Officer
Tel.: 450 420-5977
Fax: 450 420-5978
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.
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f39f6772-4192-4ac3-95e5-0985b653126c