Rio Tinto and Partner Midland Begin an Important Regional VTEM Survey on the Tete Nord Ni-Cu Project
MONTREAL, March 15, 2022 - Midland Exploration Inc. ("Midland") (TSX-V: MD) is pleased to announce the commencement of an important helicopter-borne electromagnetic VTEM-type ("VTEM") survey covering the Tete Nord nickel-copper ("Ni-Cu") property. This property, currently wholly owned by Midland, is subject to an option agreement signed in December 2021 with Rio Tinto Exploration Canada Inc. ("RTEC") and is located near the town of La Tuque in Quebec.
Regional VTEM survey
The VTEM survey is scheduled to begin mid-March and will total approximately 6,700-line kilometres, covering the entire property under option with flight lines at a 100-metre spacing. A budget of $900,000 has been set aside for the survey and for follow-up field work in the summer of 2022, in preparation for a drilling campaign to come later in 2022-2023. Rio Tinto is project operator.
About the Tete Nord Ni-Cu property
The Tete Nord property comprises 936 claims covering a surface area of about 515 square kilometres in mafic and ultramafic rocks of the La Bostonnais Complex north of La Tuque. The largest claim block is located south of the former Lac Edouard mine, which historically produced 50,000 tonnes grading 1.50% Ni and 0.50% Cu (Source: SIGEOM NTS sheet 31P09).
This property hosts a few mineral occurrences, including the Savane showing, located approximately 25 kilometres south of the former Lac Edouard mine, consisting of a Ni-Cu showing discovered by prospecting in 1995 in a pyroxenite, where historical values of 1.80% Ni and 0.20% Cu were reported in grab samples. Another grab sample from a subcropping boulder also yielded grades of 1.98% Ni and 0.46% Cu about 250 metres north of the Savane showing (Source: SIGEOM NTS sheet 31P07; GM55352). Calculated nickel tenors (grades normalized to 100% sulfides) of historical sampling at the Savane showing reaches up to 3.5% Ni (see Midland press release dated February 23 2021). Bedrock exposures in the Savane area exhibit undeformed magmatic breccia textures, indicative of a dynamic system conducive to the emplacement of Ni-Cu mineralization. No historical drilling has been reported in this highly favorable area.
Option Agreement with RTEC
Under this new agreement, RTEC may earn an initial 50% interest (First Option) in the Tete Nord property over a period of four years, by fulfilling the following conditions:
- Exploration expenditures totalling $4,000,000, including a minimum of $500,000 in the first year.
- Cash payments totalling $500,000, including $100,000 within 30 days of execution of the agreement
After earning an initial 50% interest, RTEC may elect to increase its interest to 70% (Second Option) over a period of four years by fulfilling the following conditions:
- Exploration expenditures totalling up to $10,000,000 and cash payments totalling $500,000, gaining interest on the following schedule:
- An additional 1% interest (for a total of 51%) by funding an additional $250,000 of exploration expenditures;
- An additional 1% interest for each additional $500,000 of exploration expenditures (for a total of up to 69%) ;
- An additional 1% (for a total of 70%) by funding an additional $750,000 of exploration expenditures.
- An additional 1% interest (for a total of 51%) by funding an additional $250,000 of exploration expenditures;
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 RTEC, BHP Canada Inc., Probe Metals Inc., Wallbridge Mining Company Ltd., Agnico Eagle Mines Limited, Osisko Development Corp.., SOQUEM Inc., 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 the Corporation portfolio and generate shareholder value.
This press release was prepared by Mario Masson. P.Geo., VP Exploration for Midland and Qualified Person as defined by NI 43-101.
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: https://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.
Four figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ce15f76-42ee-42f1-b0db-b30b473850c0
https://www.globenewswire.com/NewsRoom/AttachmentNg/dfc1bd67-b7b7-4cdf-b6ea-181838034ebc
https://www.globenewswire.com/NewsRoom/AttachmentNg/2da5f82c-3ef9-4300-b12c-321462f347ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/a69c605a-ba95-4ff1-8e74-c35b7c175a41