Midland Exploration Options Its Casault Gold Property to Wallbridge

MONTREAL, June 18, 2020 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the execution of an option agreement with Wallbridge Mining Company Limited (“Wallbridge”) for its Casault gold property.

The Casault gold property, wholly-owned by Midland, consists of 322 claims (177 square kilometres) and covers, over more than 20 kilometres strike length, the Sunday Lake Fault approximately 10 kilometres west of a recent discovery by Wallbridge, where the latter reported drill intercepts on Fenelon (Tabasco Zone) grading up to 22.73 g/t Au over 48.01 metres (see press release by Wallbridge dated December 3, 2019). More recently, the Reaper discovery south of Fenelon drilled by Balmoral Resources Ltd., subsequently acquired by Wallbridge, yielded high gold grades reaching 308 g/t Au over 2.97 metres, including 858 g/t Au over 1.06 metres south of Area 51 (see press release by Balmoral dated April 30, 2020).

The Casault property is also located approximately 40 kilometres east of the Detour Lake mine. This open pit mine held by Kirkland Lake Gold Ltd. hosts proven and probable mineral reserves totalling 12.64 million ounces of gold, consisting in 397.7 million tonnes at a grade of 0.99 g/t Au (as at December 31, 2019).

Cautionary statements:

*Mineralization occurring at the Detour Lake mine and on the Fenelon project/Tabasco zone is not necessarily representative of mineralization that may be found on the Casault property.

*The true thickness of drill intercepts reported in this press release cannot be determined with the information currently available; intervals are therefore reported in core length.

Wallbridge may earn 50% interest in the Casault property over a period of four (4) years in consideration of the following:

• Cash payments totalling $600,000, including a lump sum payment of $100,000 within five days of signing; and
• Exploration expenditures totalling $5,000,000, including a firm commitment of $750,000 during the first year.

After exercising this first option to earn a 50% interest, Wallbridge may increase its interest to 65% (the Second Option) over a period of two years in consideration of the following: