Midland Acquires Important Nickel-Copper Strategic Position Adjacent to Rio Tinto in the Grenville

MONTREAL, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to report the acquisition of an important strategic position adjacent to Rio Tinto Exploration Canada Inc. (“Rio Tinto”) for nickel-copper (“Ni-Cu”) in the Grenville. This important strategic position is located northeast of the town of La Tuque in the Mauricie region and consists of 815 claims wholly owned by Midland and acquired by map designation, in addition to the 56 claims of the Tête Nord project acquired from Les Ressources Tectonic Inc. (“Tectonic”).

This new acquisition totals 871 claims divided into five (5) main claim blocks covering a surface area of approximately 510 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). With this land position, Midland becomes one of the top two claimholders in this part of the Grenville, the other major landholder being Rio Tinto.

Acquisition of Tectonic’s Tête Nord project

In November 2020, Midland acquired the Tête Nord property from Tectonic. Midland acquired 100% interest in the property in exchange for three cash payments totalling $100,000 to Tectonic over a period of two years, including $30,000 upon execution of the acquisition agreement. Compensation also includes a 2% Net Smelter Return (“NSR”) royalty, which may be bought back for an amount of $1.5 million for each tranche of 1% NSR.

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. Calculated nickel tenors (grades normalized to 100% sulfides) at Savane averages 3.5 % Ni. 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). 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 favorable area.