Midland Acquires New Property Near Balmoral’s Ni-Cu-PGE Discovery on Grasset
June 19, 2014 (Source: Marketwired) — Midland Exploration Inc. (“Midland”) (TSX VENTURE:MD) is pleased to report the acquisition, by map designation, of a new property with strong gold and Ni-Cu-PGE potential, located about 5 kilometres south of the recent Ni-Cu-PGE and gold discovery made by Balmoral Resources Ltd (“Balmoral”) on the Grasset project. Recently, Balmoral announced the discovery of a high-grade Ni-Cu-PGE zone, with values up to 1.79% Ni, 0.19% Cu, 0.42 g/t Pt, and 1.04 g/t Pd over 45.28 metres including an interval grading 10.6% Ni, 0.45% Cu, 2.04 g/t Pt, and 5.23 g/t Pd over 1.10 metres (see press release by Balmoral dated May 20, 2014).
This newly acquired property, wholly owned by Midland and called Samson, comprises 528 claims covering a surface area of about 290 square kilometres. Ninety (90) cells out of 528 are currently being processed by the Ministère des Ressources Naturelles and will be registered shortly. This property covers, over a strike length of more than 20 kilometres, a series of strongly magnetic sills located just south of the regional Lower Detour Fault, also known for its gold potential. In addition, lithogeochemistry data from historical drill holes indicate the presence of ultramafic sills, thus confirming the potential for magmatic Ni-Cu-PGE mineralization on the Samson property. Data from airborne Input electromagnetic surveys indicate the presence of several conductors coinciding with magnetic sills, which have never been drill-tested and thus represent potential high-priority targets.
The Samson property is mainly underlain by tholeiitic basalts with felsic bands intruded by a series of mafic to ultramafic sills of the Brouillan North Group. A few historical drill holes dating from the year 2000 and bordering the Samson property yielded interesting gold values such as 9.94 g/t Au over 0.20 metre, 2.28 g/t Au over 1.70 metres, and 1.02 g/t Au over 5.90 metres (Source: Sigeom NTS sheet 32E16; GM 55989 and 58259).
Maps showing the location of the Samson property may be consulted using the following link: http://media3.marketwire.com/docs/Samson%20Acquisition%20June%202014.pdf
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, PGE, base metals and rare earth elements. Midland is proud to count on reputable partners such as Teck Resources Limited, Agnico Eagle Mines Limited, Donner Metals Ltd., Maudore Minerals Limited, 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.
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This press release was prepared by Mario Masson, VP Midland Exploration 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>