Rio Tinto in Partnership With Midland Completes VTEM Survey and Identifies Several New Conductors on the Tête Nord Ni-Cu Project
August 03 2022 - 6:30AM
Midland Exploration Inc. (“Midland”)
(TSX-V: MD) is pleased to report that the heliborne
VTEM-type
(“VTEM”) electromagnetic survey launched
last March has been completed on the Tête Nord nickel-copper
(“Ni-Cu”) property. This property is currently
wholly owned by Midland but has been under option since December
2021 by Rio Tinto Exploration Canada Inc. (
“RTEC”)
and is located near the town of La Tuque, Quebec.
Regional VTEM survey completed
The VTEM survey totalled 6,635 line kilometres
and covered the majority of the optioned claim blocks, with flight
lines spaced 100 metres apart and locally 50 metres apart on more
detailed grids. Following the review of the preliminary results, a
new block of 39 claims (Bonhomme block) was map-designated
approximately 12 kilometres north of the former Lac Edouard (Ni-Cu)
mine. This claim block will be included in the partnership between
RTEC and Midland.
New strategically positioned VTEM conductors
Preliminary results from the VTEM survey led to
the identification of several new conductors, strategically
positioned proximal to or along the extensions of known Ni-Cu
occurrences such as the Rochette, Savane, Lac Matte and Ghyslaine
showings, as well as on the new Bonhomme claim block.
Teams of RTEC geologists are currently in the
field, prospecting and mapping the areas where new conductors were
identified. An initial budget of $900,000 was allocated to conduct
the VTEM survey and follow-up fieldwork during the summer of 2022,
in preparation for a drilling program scheduled for later in
2022-2023. RTEC is project operator.
About the Tete Nord Ni-Cu property
The Tete Nord property comprises 975 claims
covering a surface area of about 535 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.
Option Agreement with RTEC
Under this 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 60 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%) ; and
- An additional 1% (for a total of
70%) by funding an additional $750,000 of exploration
expenditures.
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 OfficerTel.:
450 420-5977Fax: 450 420-5978Email:
info@midlandexploration.comWebsite:
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/dd9eac72-4856-4d8b-ada9-b42f659952d8
https://www.globenewswire.com/NewsRoom/AttachmentNg/ab1ef0f0-9a1a-4c62-a1a1-f1c7ce9111fb
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