Midland Commences an Exploration Field Program on Its James Bay Gold Project Near Goldcorp’s Eleonore Deposit
August 13, 2014 (Source: Marketwired) — Midland Exploration Inc. (“Midland”) (TSX VENTURE:MD) is pleased to report the beginning of an exploration program and the staking of additional map designated claims for its 100% owned James Bay Éléonore Gold project located in James Bay, Québec. A total of 80 claims, covering 44 square kilometres, were added on the Éléonore Centre property which extends the property about 8 kilometres to the south. The exploration program will mainly include prospection work along favourable auriferous trends recently identified on the Éléonore Centre property.
The Eléonore project, which encompasses the Éléonore Centre and West properties, is constituted of a total of 327 claims covering 172 square kilometres, 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 reserves of 4.03 Moz Au (proven and probable categories), combined measured and indicated resources of 4.84 Moz Au and inferred resources estimated at 4.10 Moz Au. (Source: Goldcorp press release dated February 13, 2014).
Prospecting conducted by Midland from 2009 to 2013 on the Éléonore Centre property identified the presence of several gold showings associated with quartz-tourmaline pyrite bearing veinlets occurring in sheared metasediments, as well as mafic and felsic metavolcanics which returned up to 18.8 g/t Au. These results strongly suggest that an auriferous hydrothermal system is present on the property by a strong abundance of quartz-tourmaline veins over a plurimetric area. In addition, the 2013 ground induced polarisation (“IP”) survey identified many north-south trending IP anomalies and several remain unexplained. The 2011 soil geochemistry survey permitted to delineate 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 and several EM anomalies still remain unexplained.
Interpretation of the high definition airborne magnetic survey covering the Éléonore Centre property, completed at the beginning of 2014, confirms the presence of an important north-south oriented structure associated with several gold showings uncovered by Midland. This structure is considered highly favourable for gold mineralization. Thus, the 80 new claims were added to the Éléonore Centre property over the southern extension of this structure.
The exploration programs principally targets the important north-south trending structure, which is associated with many gold showings uncovered in the last years by Midland. Contacts between magnetic domains, again associated with gold mineralization, identified by Midland will also be prospected during this campaign over unexplored portions of the property.
Get our daily investorintel update
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 Teck Resources Limited, Agnico-Eagle Mines Limited, Donner Metals Ltd., 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 or contact:
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>