MIDLAND ACQUIRES A 23-CLAIM BLOCK AND CONSOLIDATES ITS STRATEGIC POSITION SOUTH OF WALLBRIDGE’S FENELON PROJECT
April 02 2020 - 7:30AM
Midland Exploration Inc.
(
“Midland”) (
TSX-V: MD) is
pleased to announce the recent acquisition of a block of
twenty-three (23) claims located approximately five (5) kilometres
south of the Fenelon/Tabasco deposit and the recent Area 51
discovery, both held by Wallbridge Mining Company (“Wallbridge”).
Midland consolidates its strategic position in
the Detour belt
These twenty-three (23) new claims,
recently acquired and wholly owned by Midland, consolidate the
Gaudet property initially acquired in November 2019 (see press
release by Midland dated November 27, 2019). The Gaudet
property now consists of a total of 94 claims (53 km2) and covers,
over a distance of more than 10 kilometres, a volcano-sedimentary
sequence located between the Sunday Lake and Lower Detour faults.
Last December, Wallbridge reported drill intercepts on its
Fenelon property (Tabasco Zone) grading up to 22.73 g/t Au over
48.01 metres (see press release by Wallbridge dated December 3,
2019). Wallbridge’s Fenelon property is located about 5 kilometres
north of the Midland’s Gaudet property.
Note: Mineralization hosted on Wallbridge nearby
property is not necessarily indicative of mineralization hosted on
the Company’s property.
Since 2009, Midland has been one of the most
aggressive mineral exploration companies to take a strategic
position in the Detour belt and has built an impressive portfolio
of seven (7) high-quality gold properties now totalling 1,491
claims (820 km2). These land positions provide the Company with a
commanding position on the major Sunday Lake and Lower Detour
faults and/or their subsidiaries, over a total combined distance of
more than 85 kilometres, along the lateral extensions of the Detour
Lake mine* and recent gold discoveries in Zone 58N*, Area
51-Fenelon* and Martiniere-Bug Lake* (*please refer to note at the
end of this press release).
* Mines and deposits located near Midland projects in
the Detour belt
Detour Lake mine (Owned by Kirkland Lake Gold. –
Information from Kirkland Lake Gold Website): The Detour Lake open
pit mine hosts 12.64 million ounces of gold (“oz Au”) in proven and
probable mineral reserves, consisting in 397.7 million tonnes
grading 0.99 g/t Au (as at December 31, 2019).
Zone 58N (Owned by Kirkland Lake Gold –
Information from Kirkland Lake Gold Website): This deposit hosts
2.87 million tonnes in indicated resources at a grade of 5.8 g/t Au
(534 300 oz Au) and 0.97 million tonnes in inferred
resources at a grade of 4.35 g/t Au (136 100 oz Au).
Fenelon (Owned by Wallbridge Mining Company Ltd.
– Information from Wallbridge Website): 2018-2019 bulk sampling:
33,233 tonnes at 18.49 g/t Au.
Martiniere/Bug Lake (Owned by Balmoral Resources
Ltd. – Information from Balmoral Website): This deposit hosts
pit-constrained indicated resources totalling 6,827,000 tonnes at a
grade of 1.96 g/t Au (431,000 oz Au) and underground indicated
resources totalling 1,092,000 tonnes at a grade of 4.54 g/t Au
(159,000 oz Au).
Cautionary statements:
Mineralization occurring at the mines and
deposits listed above is not necessarily representative of
mineralization that may be found on projects held by Midland
described herein.
The true thickness of drill intercepts reported
in this press release cannot be determined with the information
currently available; intervals are therefore reported in core
length.
About Midland
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 BHP Billiton Canada Inc.,
Agnico Eagle Mines Limited, Osisko Mining Inc., 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 Email:
info@midlandexploration.com
Website: www.midlandexploration.com
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.
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c93045ee-903e-4b77-b2cc-9bfb03337d3c
Midland Exploration (TSXV:MD)
Historical Stock Chart
From Apr 2024 to May 2024
Midland Exploration (TSXV:MD)
Historical Stock Chart
From May 2023 to May 2024