Results from Midland’s First Phase Exploration Program Returns New PGE Showings with Values Up to 12.6 g/t on Its Pallas Project in the Labrador Trough
August 28, 2014 (Source: Marketwired) — Midland Exploration Inc. (“Midland”) (TSX VENTURE:MD) is pleased to provide, in partnership with Japan Oil, Gas and Metals National Corporation (“JOGMEC”) an exploration update on its 2014 field exploration program on the Pallas Platinum Group Elements (“PGE”) project in the Labrador Trough (“Trough“). This five weeks exploration program comprised oriented prospecting on aeromagnetic targets and channel sampling on the best PGE discoveries made by Midland last year. A total of 727 grab and 1116 channel samples was collected over Midland’s four claim blocks. Preliminary results indicated new PGE mineralisation discoveries returning up to 12.6 g/t platinum plus palladium and gold (“PGE + Au”) on the Gaspar claim block and other new discoveries on Ceres, Itokawa and Palladin claim blocks.
Prospecting on Gaspar lead to the discovery of the Athena Showing returning 12.6 and 2.76 g/t PGE + Au respectively and another showing, 500 metres (“m”) north, which returned up to 3.2 g/t PGE + Au. None of these new showings have been channel sampled. Channel sampling on Gaspar South Showing (3.9 g/t PGE + Au) found in 2013 returned 0.77 g/t PGE + Au over one meter. Additional channel sampling assay results are pending.
In 2014, while prospecting, two new showings, with respectively 2.78 and 0.78 g/t PGE + Au, were discovered which add further to the four found in 2013 returning up to 2.46 g/t PGE + Au. Channel sampling in 2014 of one of these showings has returned up to 1.12 g/t PGE + Au over 2.0m. Another channel, 130m south, has returned 1.32 g/t PGE + Au over 2.83m including 3.5 g/t PGE + Au over 0.31m.
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On the Ceres claim block, two mineralized corridors, 3 kilometres apart, were traced by our very anomalous assay results. On the Enish corridor, selected grab samples returned up to 4.95 g/t PGE + Au. The best grab samples on the Ceres corridor have returned up to 4.3 g/t PGE + Au tracing a discontinuous mineralized corridor over more than 6 kilometres. Channel sampling of the Ceres showing found in 2013 has returned 1.15 g/t PGE + Au over 1.4m open on both sides. Another channel, 80m along strike north has returned 2.12 g/t PGE + Au over 1.0m and open to the west. Interesting feature of this PGE showing is the almost complete absence of copper and nickel sulfides with less than 150 parts per millions of both elements combined. Additional channel sampling has been conducted on the first showing to define the extents of the mineralization. Results are pending.
Channel sampling works along the southern extent of the historical Palladin Showing (5.5 g/t PGE + Au) has returned the following results along a 92m NNW striking mineralized horizon: 2.24 g/t PGE + Au over 1.34m; 2.9 g/t PGE + Au over 1.76m, including 4.5 g/t PGE + Au over 0.80m and open on both sides; and 1.94 g/t PGE + Au over 2.1m including 2.65 g/t PGE + Au over 0.75m and open on both sides. A last channel, at 260m along the same mineralized horizon and still open has returned 1.4 g/t PGE + Au over 0.82m. While prospecting a linear aeromagnetic feature 1 kilometer to the west, selected grab sampling returned up to 0.40 g/t PGE + Au.
All these very encouraging first results prompt Midland to resume soon its channel sampling program of the best new showings in order to define their thicknesses and best grades. A first drill program is also in preparation and should be initiated in mid-September.
The Pallas Project comprises 479 claims covering more than 210 square kilometres of mineral rights in the Trough some 80 kilometres west of Kuujjuaq, Québec. These new claims cover a large folded pluri-kilometric ultramafic-mafic complex known, in this section of the Trough, for its strong exploration potential for PGE.
All analysis are performed by ALS Minerals in Vancouver, B.C. while the samples were prepared in Val-d’Or, Québec. All samples has been analysed for platinum, palladium and gold by fire assay with an ICP final over a 30g fraction whereas copper and nickel analysed by ICP following a four-acids digestion. Certified standards and blanks were inserted regularly among the steam of samples for verification and QA/QC. The data is reviewed by Robert Banville, senior geologist for Midland Exploration and a qualified person as defined by National Instrument 43-101.
Exploration Agreement Terms
JOGMEC has the option to acquire 50% interest in the Pallas project prior to March 31, 2016 by funding $2,000,000 in expenditures. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project.
JOGMEC was established in February, 2004, following the integration of the former Japan National Oil Corporation (JNOC) and Metal Mining Agency of Japan (MMAJ). It is a corporation under the Japanese Ministry of Economy, Trade and Industry (METI), with a mandate of investing in developing minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry.
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 Japan Oil, Gas and Metals National Corporation, Teck Resources Limited, Agnico Eagle Mines Ltd, Donner Metals Ltd, Maudore Minerals Ltd, 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 Robert Banville, senior geologist for Midland 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>