Midland Exploration Inc.
(“Midland”)
(TSX-V: MD) is pleased to provide an update
on a major exploration program underway for nickel in Nunavik. The
2021 program is carried out under the strategic alliance (the
“Alliance”) concluded in August 2020 between Midland’s wholly owned
subsidiary, Midland Base Metals Inc. (“MBM”), and Rio Algom
Limited, wholly owned subsidiary of BHP Group PLC (“BHP”).
Highlights:
- High-quality ground electromagnetic (“Squid”) survey
conducted on the Papavoine Ni-Cu-Co prospect.
- 3D modelling of the Papavoine prospect underway,
integrating new ground geophysics and historical drilling data to
identify new drilling targets.
- Airborne electromagnetic (“VTEM”) surveys totalling
nearly 5,000 line kilometres completed in areas deemed
favourable for Ni-Cu-Co mineralization.
- Prospecting and mapping campaign scheduled in
September, targeting high-priority electromagnetic anomalies
identified in the airborne survey as well as Ni-Cu-Co showings
identified in 2020.
The Alliance with BHP for nickel exploration is
mainly focused on mafic intrusive rocks with troctolite/olivine
gabbro compositions similar to those in Voisey’s Bay and the Nain
Province, but that have historically received far less exploration,
despite the discovery of several Ni-Cu-Co prospects and
occurrences. The Papavoine Ni-Cu-Co prospect, discovered in 2000
and currently held by Midland, graded up to 0.63% Ni, 0.31% Cu and
0.04% Co over 6.6 metres in channel samples (collected by Midland
in 2018, unpublished results). Approximately 20 kilometres
southeast of Papavoine, the Mantas intrusion yielded grades up to
0.48% Ni, 0.21% Cu and 0.06% Co over 0.7 metre (channel
samples collected by Midland in 2018, unpublished results). In
2020, work by Midland and BHP also confirmed two additional areas
with strong potential. The Bonne Une troctolite intrusion graded up
to 0.23% Ni and 0.23% Cu in grab samples (press release dated April
15, 2021). In the A1 area, eight (8) mineralized boulders, locally
derived but the source of which has yet to be determined, graded
more than 0.1% Ni, with a highest grade of 0.14% Ni and 0.16% Cu in
grab samples. Note that grades obtained in grab samples are not
representative of mineralized zones.
Ground electromagnetic (Squid) survey on the
Papavoine Ni-Cu prospect and 3D modelling
A high-quality Squid-type ground electromagnetic
survey was recently completed to cover part of the olivine
gabbro/troctolite intrusion that hosts the Papavoine Ni-Cu-Co
prospect. Although its exact dimensions have not yet been
determined, the intrusion is more than 500 metres thick and covers
a surface area of at least 2 kilometres by 1.5 kilometres. Seven
(7) historical drill holes completed in 2001 in a section of the
Papavoine intrusion identified, at its base, a laterally continuous
zone of rocks characterized by chaotic textures and anomalous
Ni-Cu-Co sulphide contents over several tens of metres in
thickness. Given the shallow dip of the Papavoine intrusion, the
base of the intrusion remains at relatively shallow depths over an
extensive surface area, which provides a clear advantage for
exploration.
These new high-quality geophysical data from the
Papavoine area are currently being integrated into a 3D model along
with geological and geochemical data from the 7 historical drill
holes completed in 2001 in a section of the intrusion, in an effort
to identify new high-potential drilling targets at the base of this
intrusion. This work is considered additional accelerated work
(“Accelerated Work”) designed to assess the possibility of
transferring existing Midland projects to the Alliance designated
project category (“Designated Project”).
Airborne electromagnetic (VTEM) surveys and
prospecting + mapping campaign
Several high-quality VTEM-type airborne
electromagnetic surveys were completed in recent months to cover
areas deemed favourable for nickel exploration. These VTEM surveys
total nearly 5,000 line kilometres. Several new high-priority
electromagnetic anomalies were identified and will be followed up
by prospecting and field mapping starting mid September. The
prospecting campaign will also target Ni-Cu-Co showings identified
during the 2020 prospecting campaign.
A budget of $1.3 million was allotted for the
prospecting campaign and VTEM surveys. An additional budget of
$600,000 was also approved for the ground electromagnetic survey
and 3D modelling of the Papavoine intrusion.
Cautionary statements:
The true thickness of intervals reported in
channel samples cannot be determined with the information currently
available.
Mineralization occurring in the Voisey’s Bay
area in Labrador is not necessarily indicative of mineralization
that may be found on the Company project described in this press
release.
Quality control
Exploration programs are designed, and results
are interpreted by Qualified Persons employing a Quality
Assurance/Quality Control program consistent with industry best
practices, including the use of standards and blanks for every 20
samples. All samples are analyzed for multi-elements, using the
four-acid ICP–AES method (ME-ICP61) at ALS Minerals laboratories in
Vancouver, British Columbia. Samples with copper, zinc, molybdenum
or nickel values above 1% are reanalyzed using the four-acid
ICP-AES method optimized for high grades.
About Midland
Midland targets the excellent mineral potential
of Quebec to make the discovery of new world-class deposits of
gold, platinum group elements and base metals. Midland is proud to
count on reputable partners such as BHP, Wallbridge Mining Company
Ltd., Probe Metals Inc., Agnico Eagle Mines Limited, SOQUEM INC.,
Osisko Development Corp., Nunavik Mineral Exploration Fund and
Abcourt Mines 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 Midland portfolio and
generate shareholder value.
This press release was reviewed and approved by
Mario Masson. P.Geo., VP Exploration for Midland and Qualified
Person as defined by NI 43-101, who also approved the technical
content of this press release.
For further information, please consult
Midland’s website or contact:
Gino Roger, President and Chief Executive Officer
Tel.: 450 420-5977 Fax: 450 420-5978 Email:
info@midlandexploration.com
Website: www.midlandexploration.com
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.
Forward-looking Information
This news release contains forward-looking
statements and forward-looking information (together,
“forward-looking statements”) within the meaning of applicable
securities laws. Forward-looking statements include the funding
under the Generative Phase, the advancement of a project to the
Testing Phase, the expenditure amount under the Testing Phase, the
payment of success fees to Midland, the advancement of a project to
the Joint Venture Phase and other estimates and statements that
describe Midland’s future plans, objectives or goals, including
words to the effect that Midland or management expects a stated
condition or result to occur. All statements, other than statements
of historical facts, are forward-looking statements.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements. Factors that could cause actual
results to differ materially from these forward-looking statements
include, without limitation, certain rights of BHP to cease funding
under the Alliance, the results of exploration in the AOI, the
ability of Midland to contribute funding to maintain its interests
in Designated Projects, the ability of Midland to fund its
contributions under a joint venture, if formed, or have any
participating interest diluted, changes in general economic
conditions and conditions in the financial markets, changes in
demand and prices for minerals, failure to obtain the requisite
permits and approvals from government bodies and third parties,
regulatory and governmental policy changes (laws and policies) and
those risks set out in Midland’s public documents, including in
each management discussion and analysis, filed on SEDAR at
www.sedar.com. Although Midland believes that the assumptions and
factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Midland disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/16b5dbec-c45f-4b8d-a410-18e5a16bf920
https://www.globenewswire.com/NewsRoom/AttachmentNg/b9a10836-01d7-4cd5-81e1-e8ad548456ef
https://www.globenewswire.com/NewsRoom/AttachmentNg/f28d826c-8be5-44fe-b9c7-26bc31e2c2f8
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c85c559-894c-4c47-93a7-b116eaed3173
Midland Exploration (TSXV:MD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Midland Exploration (TSXV:MD)
Historical Stock Chart
From Apr 2023 to Apr 2024