Midland Announces Joint-Venture Agreement Near Eleonore Mine and Cheechoo Gold Discovery
MONTREAL, QUEBEC--(Marketwired - Jun 16, 2016) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the signing of a joint-venture agreement (50%-50%) with Osisko Exploration James Bay Inc. ("Osisko") whereby Midland and Osisko will cooperate and combine their efforts to explore geological settings favourable for gold deposits in the vicinity of the Eleonore gold mine and the new gold discovery recently announced at Cheechoo. Osisko and Midland will share their collective databases and experienced exploration teams and co-fund exploration programs over an important area of interest. A total budget of approximately $1,000,000 will be allocated to the 2016 first phase field campaign.
This new joint-venture comprises several properties for a total of 1,827 claims covering a surface area of about 952.9 square kilometres. These new properties are located about 15 kilometres southeast and northwest of Goldcorp's Éléonore deposit. This world-class gold deposit contains proven reserves of 2.99 million tonnes at a grade of 6.27 g/t Au (0.60 Moz Au) and probable reserves of 21.58 million tonnes at a grade of 6.30 g/t Au (4.37 Moz Au). The deposit also contains a measured resource of 0.86 million tonnes at a grade of 8.03 g/t Au (0.22 Moz Au), an indicated resource of 4.33 million tonnes at a grade of 6.00 g/t Au (0.83 Moz Au) and an inferred resource of 12.09 million tonnes at a grade of 7.19 g/t Au (2.80 Moz Au).
This strategic alliance on properties with strong gold potential is strategically located related to the recent gold discovery made by Sirios Resources Inc. ("Sirios") on its Cheechoo project. Recently, Sirios confirmed gold mineralization at the contact between metasediments and a tonalite which returned 12.08 g/t gold over 20.3 metres, including 48.38 g/t gold over 4.4 metres (see Sirios press release by dated March 29, 2016). Previous drilling reported by Sirios between 2012 and 2015 on Cheechoo includes intercepts of 15.04 g/t Au over 12.35 metres and 15.61 g/t Au over 9.70 metres in hole #20, drilled under hole #18 which had previously intersected the same two zones with 7.24 g/t Au over 7.9 metres and 2.04 g/t Au over 8.8 metres respectively (all preceding information reported by Sirios and not independently verified by Midland). The gold mineralization is reportedly hosted in a tonalitic intrusion.
The area covered by this new alliance has received limited exploration work in the past. The southern property covers sedimentary sequences and intrusions belonging to the La Grande Subprovince, whereas the two others cover metasedimentary rocks and intrusions of the Opinaca Subprovince. The sedimentary sequence on the southern property is believed to be similar to the one on the Cheechoo property, according to geological mapping conducted by the MERN, and therefore possesses strong potential for gold mineralization.
Maps showing the location of the new properties included in the strategic alliance may be consulted using the following link: http://media3.marketwire.com/docs/MD_OR_JV.pdf
About Midland Exploration
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements, base metals and rare earth elements. Midland is proud to count on reputable partners such as Osisko Exploration James Bay Inc., Agnico Eagle Mines Ltd., Teck Resources Ltd., SOQUEM INC., Japan Oil and Gas and Metals National Corporation 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 opportunities and projects to build up the Company portfolio and generate shareholder value.
This press release was prepared by Mario Masson, Midland's VP Exploration, certified geologist 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.
Contact
Gino Roger, President and Chief Executive Officer
450 420-5977
450 420-5978
info@midlandexploration.com
www.midlandexploration.com