Midland Exploration Inc. (“Midland”) (TSX-V: MD)
is pleased to announce the commencement of a major exploration
program for nickel in Nunavik, following up on exploration work
carried out in 2020-2021 during which new Ni-Cu-Co mineral
occurrences were discovered.
This new program will be conducted under the
strategic alliance (the “Alliance”) executed in
August 2020 between Midland’s wholly owned subsidiary, Midland Base
Metals Inc. (“MBM”), and Rio Algom Limited, wholly
owned subsidiary of BHP Group PLC (“BHP”).
The 2022 exploration program will consist of
regional magnetotelluric (“MT”) surveys, as well
as two phases of prospecting scheduled to take place next July and
August.
Highlights:
- New Ni-Cu-Co mineral occurrences discovered by
prospecting in 2020-2021
- Helicopter-borne EM survey (VTEM) totalling
approximately 5,000 km in 2021
- Two (2) ground-based EM surveys on Soissons totalling
approximately 60 km in 2021
- Regional MT surveys (June 2022)
- Prospecting and mapping (July-August
2022)
New Ni-Cu-Co showings identified in 2020 and
2021
The Alliance with BHP for nickel exploration is
focused on mafic intrusive rocks with troctolite/olivine gabbro
compositions similar to those in Voisey’s Bay and the Nain
Province, but that have historically received far less exploration,
despite the discovery of several Ni-Cu-Co prospects and
occurrences. The Papavoine Ni-Cu-Co prospect, discovered in 2000
and currently held by Midland, graded up to 0.63% Ni, 0.31% Cu and
0.04% Co over 6.6 metres in channel samples (see Midland’s press
release dated August 12, 2021). Approximately 20 kilometres
southeast of Papavoine, the Mantas intrusion yielded grades up to
0.48% Ni, 0.21% Cu and 0.06% Co over 0.7 metre in channel
sample (see Midland’s press release dated August 12, 2021). In 2020
and 2021, work by Midland and BHP also confirmed two additional
areas with strong potential. The Bonne Une troctolite intrusion
graded up to 0.23% Ni and 0.23% Cu in grab samples (see press
release by Midland dated April 15, 2021). In the A1 area, eight (8)
mineralized boulders, locally derived but the source of which has
yet to be determined, graded more than 0.1% Ni, with a highest
grade of 0.14% Ni and 0.16% Cu in grab samples.
Commencement of regional MT surveys in June
2022
Regional MT surveys covering approximately 230
stations in three blocks, will be conducted within the area of
interest. Surveys are set to begin mid-June 2022 and will take
place over a period of 6 to 8 weeks. This work is designed to map
and provide a preliminary assessment of the regional geological
architecture.
Prospecting program in July and August 2022
Two phases of prospecting and mapping within the
area of interest will be completed during July and August 2022.
Over a period of three (3) weeks each, these field programs will
mainly target new anomalies identified during the MT survey, as
well as additional geological targets that were generated during
the initial targeting phase but that were not ground-checked during
the 2021 program.
A budget of CAD$2 million has been approved for
the 2022 prospecting campaign and the MT survey.
Cautionary statements:
Note that grades obtained in grab samples are
not necessarily representative of mineralized zones.
The true thickness of intervals reported in
channel samples cannot be determined with the information currently
available.
Mineralization occurring in the Voisey’s Bay
area in Labrador is not necessarily indicative of mineralization
that may be found on the Company project described in this press
release.
Quality control
Exploration programs are designed, and results
are interpreted by Qualified Persons employing a Quality
Assurance/Quality Control program consistent with industry best
practices, including the use of standards and blanks for every 20
samples. All samples are analyzed for multi-elements, using the
four-acid ICP–AES method (ME-ICP61) at ALS Minerals laboratories in
Vancouver, British Columbia. Samples with copper, zinc, molybdenum
or nickel values above 1% are reanalyzed using the four-acid
ICP-AES method optimized for high grades.
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, Rio Tinto Exploration
Canada Inc., Wallbridge Mining Company Ltd., Probe Metals Inc.,
Agnico Eagle Mines Limited, SOQUEM INC., Osisko Development 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 Midland portfolio and generate shareholder value.
This press release was reviewed and approved 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.
Forward-looking Information
This news release contains forward-looking
statements and forward-looking information (together,
“forward-looking statements”) within the meaning of applicable
securities laws. Forward-looking statements include the funding
under the Generative Phase, the advancement of a project to the
Testing Phase, the expenditure amount under the Testing Phase, the
payment of success fees to Midland, the advancement of a project to
the Joint Venture Phase and other estimates and statements that
describe Midland’s future plans, objectives or goals, including
words to the effect that Midland or management expects a stated
condition or result to occur. All statements, other than statements
of historical facts, are forward-looking statements.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements. Factors that could cause actual
results to differ materially from these forward-looking statements
include, without limitation, certain rights of BHP to cease funding
under the Alliance, the results of exploration in the AOI, the
ability of Midland to contribute funding to maintain its interests
in Designated Projects, the ability of Midland to fund its
contributions under a joint venture, if formed, or have any
participating interest diluted, changes in general economic
conditions and conditions in the financial markets, changes in
demand and prices for minerals, failure to obtain the requisite
permits and approvals from government bodies and third parties,
regulatory and governmental policy changes (laws and policies) and
those risks set out in Midland’s public documents, including in
each management discussion and analysis, filed on SEDAR at
www.sedar.com. Although Midland believes that the assumptions and
factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Midland disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/5e390b50-9dea-43f8-912d-13adc4420e90https://www.globenewswire.com/NewsRoom/AttachmentNg/57ceb9b5-37d7-49ee-a6db-1eca1c30b8bahttps://www.globenewswire.com/NewsRoom/AttachmentNg/86793e2b-1a23-467e-9e3f-87f52fa9918chttps://www.globenewswire.com/NewsRoom/AttachmentNg/4e253f98-7f67-4f7a-aecf-db818b009753
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