Midland Commences an Important Exploration Program on its James Bay Gold Project Near Goldcorp’s Eleonore Deposit
May 28, 2013 — MONTREAL, QUEBEC (Source: Marketwired) — Midland Exploration Inc. (“Midland”) (TSX VENTURE:MD) is pleased to report the beginning of an important exploration program on its 100% owned James Bay Éléonore Gold project located in James Bay, Québec. This program includes ground geophysics and mechanical stripping on its Éléonore Centre property.
The Eléonore project encompasses the Éléonore Centre and West properties and is located approximately 30 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).
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 new showing is located 220 metres south the Golden Gun showing (13.60 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 EM anomalies still remain untested and unexplained.
The ground geophysical induced polarisation (“IP”) survey will cover an area located in the north eastern part of the Éléonore Centre property where several gold showings were uncovered by Midland (Golden Gun and Golden Gun South showings). The 42.5 kilometres IP survey will focus on identifying sulphide rich targets for further follow-up during the summer exploration program. Also, an excavator was recently mobilized on the property to complete important trenches, including but not restricted to the Golden Gun South showing area.
About Midland Exploration
Midland targets the excellent mineral potential 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.
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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.
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.
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.
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>