Midland Announces the Acquisition of a New Gold Project Northwest of Iamgold-Vanstar’s Nelligan Project

Nachrichtenquelle: globenewswire
30.04.2020, 14:30  |  101   |   |   

MONTREAL, April 30, 2020 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the acquisition, by map designation, of 100% interest in a block of 172 claims (96 km2) located approximately 60 kilometres southwest of the town of Chapais in Abitibi, Quebec. The new Lewis project consolidates Midland’s strategic position near the Guercheville-Opawica deformation zone.

This new acquisition is located approximately 60 kilometres northwest of the Nelligan deposit, jointly held by Iamgold Corporation (51%) and Vanstar Mining Resources (49%), where inferred resources total 96.99 million tonnes at 1.02 g/t Au for 3.19 million ounces of gold (Source: Iamgold Corporation website; as at December 31, 2019). Approximately 12 kilometres west of the Lewis property, the former Lac Shortt mine historically produced 2.7 million tonnes at a grade of 4.6 g/t Au (Source: MERN-SIGEOM).

The Lewis property covers, over a strike length of more than 10 kilometres, a structural nexus and a major regional flexure along the Opawica Fault. Several segments along this structure have seen very little or no previous exploration. In addition, this new acquisition lies in the east-northeast extension of several historical gold occurrences closely associated with the Opawica Fault, some of which are located less than one (1) kilometre west of the Lewis property.

  • Savane showing: 7.9 g/t Au over 0.9 m and 6.3 g/t Au over 1.2 m (*channel samples; GM40740)
  • Relique showing: 3.8 g/t Au over 4.2 m (*channel sample; GM48897)
  • Butte showing: 21.3 g/t Au over 0.6 m and 6.5 g/t Au over 0.6 m (*channel samples; GM40757, GM48897)

* (Source: MERN-SIGEOM; NTS sheet 32G12)

Midland is currently conducting a detailed compilation of all previous work. To date, a few historically underexplored areas strategically located along the Opawica Fault have been targeted for follow-up ground work over the course of the 2020 field season.

Cautionary statements:

Mineralization occurring at the Nelligan and Lac Shortt gold deposits and at showings located on adjacent properties is not necessarily indicative of mineralization that may be found on the Lewis property held by Midland.

The true thickness of historical drill intercepts and channel samples listed in this press release cannot be determined with the information currently available; intervals are thus 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, O3 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.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1841a513-2345-4f80 ...
https://www.globenewswire.com/NewsRoom/AttachmentNg/dba46947-3dea-4a3f ...
https://www.globenewswire.com/NewsRoom/AttachmentNg/89bee4ce-782a-4e30 ...
https://www.globenewswire.com/NewsRoom/AttachmentNg/c6188370-c2ff-4b2d ...

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