Midland and Donner Begin Their First Drilling Program on the Valmond Gold Property
March 31, 2014 (Source: Marketwired) — Midland Exploration Inc. (“Midland”) (TSX VENTURE:MD), in partnership with Donner Metals Ltd. (“Donner”), is pleased to initiate their first diamond drilling program on the Valmond gold property (the “Property”). The Property, currently wholly owned by Midland, consists of 111 claims covering a surface area of about 62 square kilometres and is located about 50 kilometres west of the town of Matagami, in Abitibi, Quebec.
The Property covers a segment of more than 15 kilometres along the Bapst fault, an important gold-bearing structure trending NW-SE that hosts several historical occurrences with drill intercepts grading 2.3 g/t Au over 4.57 metres and 5.22 g/t Au over 1.55 metre. This structure has seen very little exploration in the past and the main showing known to date has been traced over a strike length of more than 300 metres. This gold showing is characterized by an extensive hydrothermal alteration zone, more than 70 metres wide, and remains open beyond 200 metres vertical depth, where the deepest historical drill hole yielded a grade of 3.77 g/t Au over 1.50 metre.
In December 2013, a geophysical program was completed on the Property in partnership with Donner. This work, which included an induced polarization (IP) survey totalling 48.1 kilometres as well as a helicopter-borne electromagnetic VTEM survey totalling about 900 line kilometres, successfully identified several new high-priority targets located near the Bapst fault and along the strike extensions of historical gold showings located on the Property (see Midland press release dated January 16, 2014).
A drilling program totalling approximately 1,850 metres has been designed to test significant IP and VTEM targets identified in 2013. This program will also test the main showing with two drill holes at vertical depths of 275 and 350 metres, i.e., about 100 metres below historical drill hole S86-9 which graded 3.77 g/t Au over 1.50 metre (Source: MRN SIGEOM NTS sheet 32E09; GM46724). The new geophysical targets to be drill-tested are characterized either by higher chargeability values, lower resistivity values, or a combination of the two. They also generally represent isolated anomalies that have never been drill-tested and are located in a complex structural setting where E-W-trending structures commonly intersect.
Midland also announces that an independent NI 43-101 Technical Report (the “Report”), has been submitted to Donner and filed on SEDAR on the Property. The Report, dated March 12, 2014, was prepared according to NI 43-101 guidelines and authored by Camille St-Hilaire, P.Geo.
Conditions of exploration agreement
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Donner may earn a 50% interest in the Property in consideration of exploration expenditures totalling $2,500,000, including a firm commitment of $300,000 during the first year of the agreement, and cash payments totalling $250,000 over a period of four years. Midland will be the project operator for the duration of this option agreement.
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 Donner Metals Ltd., Teck Resources Limited, Agnico Eagle Mines Limited, 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.
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>