Midland and SOQUEM Identify New Targets on Casault and Resume Drilling
MONTREAL, QUEBEC--(Marketwired - Jun 23, 2016) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to resume diamond drilling on its Casault gold project in partnership with SOQUEM Inc. ("SOQUEM") for a minimum of 2,700 metres over eight (8) holes. The Casault property covers the Sunday Lake Fault over more than 20 kilometres strike length and is located about 40 kilometres east of the Detour Lake mine. The Detour Lake mine contains 14.38 million ounces of gold ("Moz Au"), consisting in proven reserves of 89.2 million tonnes at a grade of 1.26 g/t Au for 3.60 Moz Au and probable reserves of 351.6 million tonnes at a grade of 0.95 g/t Au for 10.78 Moz Au. The West Detour zone contains 1.53 Moz Au consisting in proven reserves of 1.8 million tonnes at a grade of 0.99 g/t Au for 56,000 ounces of gold and probable reserves of 47.0 million tonnes at a grade of 0.97 g/t Au for 1.47 Moz Au.
This new drilling program's main objective will be to test several new Orevision induced polarization ("IP") geophysical targets identified in the lateral extensions of a gold-bearing felsic porphyric intrusion ("QFP"). Drill hole CAS-15-71, which intersected this QFP, returned an interval of 0.31 g/t Au over 12.30 metres including 1.2 g/t Au over 0.40 metre at a vertical depth of 75 metres. This gold zone remains open in all directions and new geophysical targets have been identified in lateral extensions. One of these new drilling hole shall also test CAS-15-71's gold-bearing intersection at a vertical depth of 350 metres. This new drilling target is located about 5.5 kilometres west of Balmoral Resources Ltd.'s ("Balmoral") Bug Lake zone containing porphyric felsic intrusions which returned a drilling intersection of 19.55 g/t Au over 44.45 metres (Source: Balmoral press release dated April 20th 2015).
Another high priority drilling target consists of a strong magnetic disruption along the magnetic diorite which hosts the gold-bearing quartz-carbonate veins intersected at the northern contact of the Turgeon Pluton. These auriferous zones, associated with NW-SW oriented structures, were intersected 1 kilometre to the east and returned 10.4 g/t Au over 1.45 metre (CAS-12-07), 6.89 g/t Au over 1.10 metre and 5.41 g/t Au over 1.0 metre (CAS-15-53). The presence of these mineralized quartz-carbonate veins crosscutting the diorite lower the magnetic relief which, combined with IP chargeability rises, represents priority exploration targets.
The remaining diamond drilling holes of this program will test IP anomalies identified in new areas located near the Sunday Lake fault. Simultaneous to the drilling program, a ground geophysical survey consisting of 20 kilometres of Orevision IP will be completed near the Sunday Lake fault. This new survey will be completed in a sector where N-S and NW-SE structures were interpreted from magnetic surveys and that could correspond to a lateral extension of the Balmoral Bug Lake Zone.
Maps showing the new drilling target areas the Casault property may be consulted using the following link: http://media3.marketwire.com/docs/Casault_June_2016.pdf
About Midland
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 SOQUEM INC., Teck Resources Ltd., Agnico Eagle Mines Ltd., Osisko Exploration James Bay 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 other opportunities and projects to build up the Company portfolio and generate shareholder value.
About SOQUEM and Investissement Québec
SOQUEM is a wholly-owned subsidiary of Ressources Québec, which is a subsidiary of Investissement Québec. Investissement Québec's mission is to promote growth and investment in Quebec, thereby contributing to economic development and job creation in all regions of the province. It offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments to provide support at every stage of their development. It also administers tax measures and oversees prospecting for foreign investment.
This press release was prepared by Mario Masson, VP Exploration for Midland, certified geologist and Qualified Person as defined by NI 43-101. For further information, please consult Midland's 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.
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
Midland Exploration Inc.
Gino Roger
President and Chief Executive Officer
450 420-5977
450 420-5978
info@midlandexploration.com
www.midlandexploration.com