Midland and Probe Begin Important Drilling Program on La Peltrie, East of the Lower Detour Zone 58N Deposit
May 17 2022 - 6:30AM
Midland Exploration Inc.
(“Midland”) (TSX-V: MD),
in partnership with Probe Metals Inc.
(“Probe”),
is pleased to announce the commencement of an important drilling
program totalling more than 3,125 metres to test new high-priority
targets on the La Peltrie project.
This project, wholly owned by Midland and under
option by Probe since July 2020 (see press release by Midland dated
July 9, 2020), is located along the Lower Detour Fault,
approximately 25 kilometres southeast of Zone 58N currently held by
Agnico Eagle Mines Limited.
Highlights:
- Identification of new drilling targets – Geological,
geophysical and geochemical targets
- Drilling program totalling more than 3,125 metres; 9
drilling targets
- Targets located proximal to the regional Lower Detour
Fault
- Drilling set to commence at the end of this month (2
helicopter-supported drill rigs)
New high-priority drilling targets proximal to
the Lower Detour Fault
Following execution of the option agreement on
the La Peltrie property in the summer of 2020, Probe conducted
systematic biogeochemical survey covering the entire property and
also completed several localized induced polarization grids to
cover the best gold anomalies. This work resulted in the
identification of nine (9) new high-priority drilling targets that
will be tested during this maiden drilling program totalling 3,125
metres set to begin at the end of May. More than twenty additional
targets were also identified and will be reassessed pending the
results of this first phase of drilling.
The La Peltrie property is located approximately
25 kilometres southeast of the high-grade Lower Detour Zone 58N
gold deposit held by Agnico Eagle Mines Limited, which hosts
indicated resources totalling 2.87 million tonnes at a grade of 5.8
g/t Au (534,300 oz Au) and inferred resources totalling 0.97
million tonnes at a grade of 4.35 g/t Au (136,100 oz Au) (Source:
NI 43-101 report by Kirkland Lake Gold effective December 31,
2020). It is also located proximal to the B26 deposit held by
SOQUEM, where indicated resources are estimated at 6.97 million
tonnes grading 1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43.0 g/t
Ag, and inferred resources at 4.41 million tonnes grading
2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9.0 g/t Ag (Source: NI
43-101 report by SGS prepared for SOQUEM effective January 31,
2018). The La Peltrie property is also located 25 kilometres
northwest of the former Selbaie mine, which historically produced
56.5 million tonnes of ore grading 1.9% Zn, 0.9% Cu, 38.0 g/t
Ag and 0.6 g/t Au.
Cautionary statement:
Mineralization occurring at the Zone 58N and B26
deposit is not necessarily indicative of mineralization that may be
found on the La Peltrie project held by Midland/Probe described in
this press release.
Terms of the Agreement
Probe may earn 50% interest in the La Peltrie
property over a period of four (4) years in consideration of the
following:
- Cash payments totalling $400,000 (two payments totalling
$105,000 were paid by the issuance of 70,423 common shares of
Probe); and
- Exploration expenditures totalling $3,500,000 (including a firm
commitment of $500,000 during the first year that is completed).
- After exercising this first option to earn 50% interest, Probe
may increase its interest to 65% (the Second Option) over a period
of two years in consideration of exploration expenditures or cash
payments totalling $5,000,000.
About Probe
Probe Metals Inc. is a leading 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 10.4% of the Company.
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 Probe, BHP Canada Inc., Rio
Tinto Exploration Canada 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, 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.
Figures accompanying this release are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/ca7a7ed4-018b-4bbc-b20f-d04716b132a0https://www.globenewswire.com/NewsRoom/AttachmentNg/28847f5b-ea30-43ff-8bf4-7801484c9413
Midland Exploration (TSXV:MD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Midland Exploration (TSXV:MD)
Historical Stock Chart
From Apr 2023 to Apr 2024