Midland Options Its Tete Nord Ni-Cu Property to Rio Tinto
December 02 2021 - 6:30AM
Midland Exploration Inc. ("Midland")
(TSX-V: MD) is pleased to announce the signing of a new
option agreement with Rio Tinto Exploration Canada Inc.
(
"RTEC") for its Tete Nord nickel-copper property,
currently wholly owned by Midland and located near the town of La
Tuque, Quebec.
Under this new agreement, RTEC may earn an
initial 50% interest (First Option) in the Tete Nord property over
a period of four years, by fulfilling the following conditions:
- Exploration expenditures totalling
$4,000,000, including a minimum of $500,000 in the first year.
- Cash payments totalling $500,000,
including $100,000 within 30 days of execution of the
agreement
After earning an initial 50% interest, RTEC may
elect to increase its interest to 70% (Second Option) over a period
of four years by fulfilling the following conditions:
- Exploration expenditures totalling up to $10,000,000 and cash
payments totalling $500,000, gaining interest on the following
schedule:
- An additional 1% interest (for a total of 51%) by funding an
additional $250,000 of exploration expenditures;
- An additional 1% interest for each additional $500,000 of
exploration expenditures (for a total of up to 69%) ;
- An additional 1% (for a total of 70%) by funding an additional
$750,000 of exploration expenditures.
RTEC retains right to act as operator for the
First and the Second Option; or at its discretion elects to have
Midland act as operator on RTEC’s behalf.
About the Tete Nord Ni-Cu property
The Tete Nord property comprises 935 claims
covering a surface area of about 515 square kilometres in mafic and
ultramafic rocks of the La Bostonnais Complex north of La Tuque.
The largest claim block is located south of the former Lac Edouard
mine, which historically produced 50,000 tonnes grading 1.50% Ni
and 0.50% Cu (Source: SIGEOM NTS sheet 31P09).
This property hosts a few mineral occurrences,
including the Savane showing, located approximately
25 kilometres south of the former Lac Edouard mine, consisting
of a Ni-Cu showing discovered by prospecting in 1995 in a
pyroxenite, where historical values of 1.80% Ni and 0.20%
Cu were reported in grab samples. Another grab sample from
a subcropping boulder also yielded grades of 1.98% Ni and
0.46% Cu about 250 metres north of the Savane showing
(Source: SIGEOM NTS sheet 31P07; GM55352). Calculated nickel tenors
(grades normalized to 100% sulfides) of historical sampling at the
Savane showing reaches up to 3.5% Ni (see Midland
press release dated February 23, 2021).
Bedrock exposures in the Savane area exhibit undeformed magmatic
breccia textures, indicative of a dynamic system conducive to the
emplacement of Ni-Cu mineralization. No historical drilling has
been reported in this highly favorable area.
Midland and RTEC will be preparing an aggressive
exploration program within the next weeks.
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 RTEC, BHP Canada Inc., Probe
Metals Inc., Wallbridge Mining Company Ltd, 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
Corporation 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.
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:
https://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.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/96f7f333-3b4d-4e60-afcb-30a37ff34047
https://www.globenewswire.com/NewsRoom/AttachmentNg/29850f5e-53ed-4975-ae30-19fe35df24d5
https://www.globenewswire.com/NewsRoom/AttachmentNg/9901ef72-4ee9-4f02-8d14-bba92be40c8b
https://www.globenewswire.com/NewsRoom/AttachmentNg/40be137f-7aa8-4434-b972-5a0c11f044df
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