Results From Midland’s First Phase Exploration Program Return New Gold Showings With Values Up-to 18.8 g/t on its James Bay Eleonore Gold Project
August 22, 2013 (Source: Marketwired) — Midland Exploration Inc. (“Midland”) (TSX VENTURE:MD) is pleased to report the results of its first phase exploration program on its 100% owned James Éléonore Gold project located in James Bay, Québec. This program included ground geophysics and prospecting on its Éléonore Centre property.
The James Bay Éléonore project encompasses the Éléonore Centre and West properties comprising 247 claims covering a surface area of 128 square kilometres, is located approximately 25 kilometres southwest from and in a geological environment similar to Goldcorp Inc.’s Éléonore deposit. This world-class gold deposit contains 3.15 million ounces of measured and indicated gold resources at an average grade of 11.92 grams per tonne, and 6.25 million ounces of inferred gold resources at an average grade of 12.93 grams per tonne (Source: Goldcorp press release February 17, 2010).
The 2013 first phase prospecting and sampling program comprised a total of 156 grab samples sampled in the north eastern part of the Éléonore Centre property. Two new quartz-tourmaline veins zones, hosted by a metasediment, were uncovered surrounding the Golden Gun and Golden Gun South area. Several shear zones crosscutting though the metasediment were also discovered. Results returned assay values up-to 18.8 g/t Au. The 18.8 g/t Au showing is found 75 metres east of the Golden Gun showing (13.6 g/t Au). A grab sample 200 metres west of the Golden Gun showing returned 1.69 g/t Au. Furthermore, a new showing, named Aston Martin, was identified 1.4 kilometres south of the Golden Gun showing and returned 1.63 g/t Au. This new showing coincides with a conductor and a strong induced polarisation (“IP”) anomaly. The 42.5 kilometre IP geophysical survey was completed earlier this year and results show several strong to moderate targets. Trenching is currently underway on known and new showings as well as further prospecting is planned to investigate the IP anomalies.
Prospecting conducted by Midland from 2009 to 2012 on the Éléonore Centre property highlighted the presence of several highly prospective gold showings with values up to 13.60 g/t Au on selected grab samples. The 2012 prospecting program was also successful in discovering the Golden Gun South showing, consisting in a quartz-tourmaline pyrite bearing stockwork occurring in a metasediment which returned values up to 3.30 g/t Au. This showing is 220 metres south the Golden Gun showing (13.6 g/t Au). The 2011 soil geochemistry survey, in which 272 samples were collected across the eastern part of the Éléonore Centre property, delineated a series of As-Cu-Sb anomalies clustered along a north-south-trending axis. Finally, a series of parallel northeast trending AeroTEM II conductors were outlined by the 2010 airborne geophysical survey which targeted sulfide bearing Éléonore-type sediments on the northern part of the Éléonore Centre property. Some of these conductors coincide with uncovered gold-bearing disseminated to semi-massive sulfides zones identified by Midland. Several conductive anomalies still remain untested and unexplained.
Midland is very encouraged by the results obtained on its James Bay Éléonore Gold project, as they enhance its very favorable potential that could lead towards significant new gold discoveries. A geological map showing the new gold occurrences is available on Midland’s website.
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Midland targets the excellent mineral potential and the favourable investment climate of Quebec to make the discovery of new world-class deposits of gold, base metals and rare earth elements. Midland is proud to count on reputable partners such as Agnico Eagle Mines Limited, Osisko Mining Corporation, Maudore Minerals Ltd., Japan Oil, Gas and Metals National Corporation and SOQUEM 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 Gino Roger, registered engineer and Qualified Person as defined by NI 43-101. For further information, please consult Midland’s website.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>