Midland Increases Its Gold Position East of Detour Gold
July 17, 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 potential located near the regional Lower Detour Fault. This new wholly-owned gold property, named La Peltrie, is located about 25 kilometres east of the Lower Detour area, part of the Detour Lake property held by Detour Gold Corp. (“Detour Gold”). Recently, Detour Gold announced a series of significant drill intersections from the Lower Detour area, which is located about 6 kilometres south of the Detour Lake mine, currently in production and where mineral reserves total 15.5 Moz Au. Recent drill intersections reported in the Lower Detour area include significant gold grades reaching 11.82 g/t Au over 32.40 metres and 12.74 g/t Au over 28.0 metres (see press release by Detour Gold dated June 2, 2014).
The La Peltrie property comprises 161 claims covering a surface area of about 90 square kilometres and encompasses possible subsidiary faults to the south of the regional Lower Detour Fault over a distance of more than 10 kilometres. In the 1960’s, historical drill intersections located about 800 metres east of the property boundary yielded gold values grading up to 3.0 g/t Au over 2.0 metres and 4.0 g/t Au over 0,30 metre, in felsic breccias with pyrite and chalcopyrite mineralization (Source: SIGEOM NTS sheet 32E14; GM 22497).
This new property is mainly underlain by calc-alkaline mafic to felsic volcanic rocks of the Brouillan Group and tholeiitic mafic rocks of the Fénélon-Brouillan Group. It is located about 25 kilometres northwest of the former Selbaie mine, which historically produced 56.5 Mt of ore grading 1.9% Zn, 0.9% Cu, 38.0 g/t Ag and 0.6 g/t Au. In the western part of the property, tholeiitic mafic to intermediate volcanic rocks of the Enjalran-Bapst Group are intruded by a series of diabase dykes trending north-south. The granodioritic to dioritic Carheil syntectonic pluton lies in the central part of the property.
Maps showing the location of the new La Peltrie property may be consulted using the following link: http://media3.marketwire.com/docs/AbitibiGoldProjects.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.
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>