MONTREAL, QUEBEC--(Marketwired - May 31, 2017) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the execution of a Memorandum of Understanding with Altius Resources Inc., a wholly owned subsidiary of Altius Minerals Corp. ("Altius") (ALS.TO), whereby Midland and Altius will combine their efforts to jointly explore the remarkable gold potential of the extensive James Bay region.
During the winter of 2017, Midland and Altius combined their expertise and databases to generate new gold exploration targets in the James Bay region. The targeting approach developed by Midland and Altius consists of applying new metallogenic concepts for gold in underexplored areas and utilizing new public geoscience surveys. This new data has enhanced the broader geological knowledge and recognition of mineral potential allowing for the identification of previously untested prospective areas. The first four exploration projects totalling 266 claims have been selected (Elrond, Gondor, Minas Tirith, and Isengard) and occur along the prolific contact zone between the La Grande and Opinaca subprovinces. This contact zone is the most important gold metallotect in the James Bay region and hosts a number of major gold deposits and occurrences (Éléonore, La Grande South, Cheechoo, Orfée, Marco, etc.). The location of this important regional structure has recently been redefined based on new government geological mapping and magnetics surveys in various parts of the region. The four projects host significant anomalies in gold and gold pathfinder elements in samples of lake sediment, till, and/or rocks from a combination of government and archived historical industry work.
The first work program involving reconnaissance mapping, prospecting and till sampling will begin in late June 2017. A joint budget of approximately $500,000 is allocated and Midland will be project manager.
About Altius
Altius's diversified royalties and metal streams generate revenue from 14 mines operating in Canada and Brazil that produce copper, zinc, nickel, cobalt, precious metals, potash, and thermal (electrical) and metallurgical coal. The portfolio also includes numerous predevelopment-stage royalties covering a wide spectrum of mineral commodities and jurisdictions. Altius also holds a large portfolio of exploration-stage projects, which it has generated for deal making with industry partners in order to generate third-party financing, equity and minority interests, as well as new royalty interests. Altius has 43,335,654 shares issued and outstanding, trading on the Toronto Stock Exchange in Canada. Altius is part of the S&P/TSX Global Mining Index.