MONTREAL, June 25, 2024 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD), in partnership with Probe Gold Inc. (“Probe”), is pleased to announce that exploration work will resume on the copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”) discovery made in 2022 on the La Peltrie Option (the “Property”). This significant mineralized system is located 15 kilometres southeast of Agnico Eagle’s Zone 58N gold deposit and 25 kilometres west of the former Selbaie mine, which produced 56.9 Mt grading 0.87% Cu, 1.85% Zn, 39 g/t Ag, and 0.55 g/t Au (historical production).
The Property is currently subject to an option agreement and is explored in partnership with Probe Gold Inc. (“Probe”) since July 2020 (see press release by Midland dated July 9, 2020).
Highlights:
Discovery of a Cu-Au-Ag-Mo mineralized zone with drill intervals reaching 0.2% CuEq* over a total length of 513.5 metres (drill hole LAP-22-12);
Higher-grade intervals within the mineralized envelope graded up to 1.33% CuEq* over 9.5 metres and 0.56% CuEq* over 13.2 metres;
Indicates potential for a highly prospective and extensive mineralized system that remains open at depth with a possible trend interpreted to the west of discovery holeLAP-22-12.
The 4-person crew will mobilize to begin an MMI soil sampling program on La Peltrie, in the immediate vicinity of the Cu-Au-Ag-Mo discovery that graded 0.20% CuEq* over 513.5 metres(see press release by Midland dated January 22, 2024).
The program will comprise 1,000 samples collected at a spacing of 50 m and 100 m along sampling lines spaced 200 m to 400 m apart (Figure 4). The soil sampling grid will cover the main Cu discovery zone and will extend northward, to cover the contact with the Carheil intrusive. The soil sampling grid is designed to achieve detailed geochemical coverage to identify the trend of the Cu-Au-Ag-Mo mineralization. Proper identification of the zone will help prioritize IP anomalies on the grid and northward, potentially leading to higher-grade Cu mineralization.
In addition, a service contract was set up with SRK Consulting to perform a structural analysis of the high-resolution aeromagnetic survey conducted in 2020. The objective is to improve the structural and geological understanding of the Cu-Au-Ag-Mo mineralized zone, looking at the geometry of the structural fabric, the generations and distribution of fault/shear zones, and the generations of folds. The structural analysis will focus on the Cu-Au-Ag-Mo discovery and its immediate surroundings (Figure 5).
Last March, an IP survey totalling 12 lines kilometres was completed on the non-contiguous claims of the La Peltrie Option to the northeast (Figure 6). The IP survey identified 7 chargeability anomalies, 5 of which are associated with moderately to strongly resistive bodies. Midland and Probe are currently considering the possibility of extending the survey to the north and east, to follow the strongest chargeability and resistivity anomalies.
Cautionary statements:
*Copper equivalent (“CuEq”) values were calculated using the following metal prices: Au $1,500.00/oz, Cu $3.25/lb, Ag $15.00/oz, Mo $15.00/lb. CuEq values are used for exploration purposes only and do not include estimations of metallurgical recovery.
The true thickness of drilling intervals reported in this press release cannot be determined with the information currently available; intervals are thus reported in core length.
Mineralization occurring at the Zone 58N deposit and at the former Selbaie mine is not necessarily indicative of mineralization that may be found on the La Peltrie project held by Midland/Probe described in this press release.
About Probe
Probe is a 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, Québec. The Company is well funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10% of the Company.
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 Probe Gold Inc., Barrick Gold Corporation, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, SOQUEM Inc., Brunswick Exploration Inc., Electric Element Mining Corp., 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 Richard D St-Cyr, Exploration Director for Midland, certified geologist and Qualified Person as defined by NI 43-101. 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.
