Midland Exploration and JOGMEC Discovers Two New Rare Earth Bearing Mineralized Systems on the Ytterby Project, South of Strange Lake, Quebec
MONTREAL, QUEBEC -- (Marketwire) -- 09/23/10 -- Midland Exploration Inc. ('Midland') (TSX VENTURE: MD) is pleased to announce, in partnership with Japan Oil, Gas and Metals National Corporation ('JOGMEC') the discovery of two new rare earth element ('REE') enriched systems on its Ytterby 2 and Ytterby 3 properties located respectively 65 km and 100 km south of the Strange Lake - B-Zone REE project area. These two new discoveries underline the significant REE mining potential of the Strange Lake area of Quebec and Labrador.
In July Midland undertook a detailed, 3,143 line-km airborne radiometric and magnetic survey which defined several new REE targets over its Ytterby properties. During July and August, exploration crews prospected and sampled the exposed portions of anomalous magnetic and radiometric targets. Initial results coming from grab sampling of more than 81 new mineralized prospect areas and locally derived boulders returned strong values of up to 18.0% total rare earth oxides ('TREO') including yttrium. The heavy REE ('HREE') content ranges from 1.41% to 18.0% HREE for samples with more than 0.5 TREO. Individual REE analyses returned significant numbers up to 8.22% cerium oxide (Ce2O3), 3.38% lanthanum oxide (La2O3), 3.39% neodymium oxide (Nd2O3), 0.66% yttrium oxide (Y2O3), 0.96% praseodymium oxide (Pr2O3), 0.19% dysprosium oxide (Dy2O3) and 0.35% gadolinium oxide (Gd2O3). A total of 292 assay results were received from 585 samples collected.
On Ytterby 3, the better grade of mineralization is related to iron oxide enriched pegmatite-aplite dykes and plurimetric iron-oxide enriched pods within what is interpreted as an alkaline granite. Grab samples from twenty six new prospect areas returned values ranging from 1.02% to 8.34% TREO on Ytterby 3. Discontinuous mineralization has been traced at surface by grab sampling over a minimum 1,200 metres and over widths of a least 525 metres. The alkaline granite hosting the mineralization is manifested as a 9-km diameter airborne magnetic anomaly. On Ytterby 2, elevated REE concentrations are found in centimetric to plurimetric pegmatitic-aplitic, sub-vertical dykes cutting through, or peripheral to a 4.5 square kilometre red syenite. Grab samples from nine new prospect areas returned values in excess of 0.5% TREO ranging from 0.53 to 18.0% on Ytterby 2. Several other prospect areas have been found on Ytterby 2 and Ytterby 3 properties from which assays results are pending.
Given the success of the reconnaissance work on Ytterby 2 and 3, Midland has completed a 300 kilometres ground magnetic and radiometric survey to better evaluate the best REE targets identified. A second phase program of geological mapping and geochemical sampling that will be followed up by diamond drilling is currently in planning.
'Midland and JOGMEC are very pleased with these 2 new REE discoveries totally unknown until we completed our summer 2010 exploration program. On the world wide scene, the discovery of rare earths elements-bearing alkaline intrusions comparable to Strange Lake - B-Zone REE Deposits represent a very unique chance but having found 2 new systems is well beyond our expectations', said Gino Roger, Midland's President and Chief Executive Officer. He added 'we certainly hope while targeting our best magnetic and radiometric anomalies associated with our new rare earth occurrences, that we will soon define new rare earth elements resources'.
Identification of additional REE targets peripheral to Ytterby 2 and Ytterby 3 discoveries has recently led Midland and JOGMEC to stake 777 additional mining claims. The project, currently held 100% by Midland, consists now of 2662 claims covering a surface area of about 865 square kilometres. The Ytterby project comprises 4 distinct claim blocks located between 200 to 230 kilometres east and northeast of Schefferville, Quebec. Midland's Ytterby 1 main claim block is strategically well located 5 kilometres south of the Strange Lake REE deposit and the B-Zone REE new deposit discovered by Quest Rare Metals Ltd. Diamond drilling completed in 2009 defined a 43-101 Inferred Resource of 114.8 million tonnes grading 0.999% TREO, 1.973% zirconium oxide, 0.208% niobium pentoxide, 0.053% hafnium oxide and 0.082% beryllium oxide (See press release dated April 7, 2010). A peralkaline granitic pluton hosts the B-Zone and the Strange Lake REE deposits (historical resource estimate, pre-National Instrument 43-101 with 52 million tonnes @ 3.25% ZrO2, 0.56% Nb2O5, 0.66% Y2O3, 0.12% BeO and 1.30% TREO).
Plan views and table showing Midland's new REE discoveries can be consulted by the following links:
To view Figure 1 - Ytterby Project Regional Location Map, please visit the following link: http://media3.marketwire.com/docs/Figure-1-0923.pdf
To view Figure 2 - Ytterby Project Location Map on Thorium Radiometric Map, please visit the following link: http://media3.marketwire.com/docs/Figure-2-0923.pdf
To view Figure 3 - Ytterby 2 Grab Sampling Results on Thorium Radiometric Map, please visit the following link: http://media3.marketwire.com/docs/Figure-3-0923.pdf
To view Figure 4 - Ytterby 3 Grab Sampling Results on Thorium Radiometric Map, please visit the following link: http://media3.marketwire.com/docs/Figure-4-0923.pdf
To view Table 1 - Selected Grab Sampling Results on Ytterby Project, please visit the following link: http://media3.marketwire.com/docs/Tableau-1-0923.pdf
Quality Control (QA/QC)
The Ytterby exploration program is supervised by Mr. Robert Banville, Eng., senior geologist for Midland Exploration and a Qualified Person as defined under National Instrument 43-101. Analyses were performed by Activation Laboratory of Ancaster, Ontario which has a strict internal QA/QC program which includes mineralized standards, blanks and duplicate samples.
Terms of the Exploration Agreement
JOGMEC has the option to acquire 50% interest in the Ytterby project prior to March 31, 2012 by funding $2,500,000 in exploration expenditures including $1,000,000 in work expenditures during the first year. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project. JOGMEC also has the right to transfer its interests in the Ytterby project, in whole or in part, to one or more Japanese companies or a consortium of Japanese companies.
About JOGMEC
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.
About Midland
Midland targets the excellent mineral potential and the favourable investment climate of Quebec to make the discovery of new world-class deposits of gold, base metals and REE. Midland is proud to count on reputable partners such as Japan Oil, Gas and Metals National Corporation, Agnico-Eagle Mines Limited, Osisko Mining Corporation, North American Palladium Limited, Zincore Metals Inc. and SOQUEM Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Midland is currently evaluating new opportunities and other projects in order to increase the portfolio of the Company.
This press release was prepared by Robert Banville, Eng., senior geologist for Midland Exploration and Qualified Person as defined by NI 43-101. For further information, please consult Midland's website.
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.
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.
Contacts:
Gino Roger
President and Chief Executive Officer
450-420-5977
450-420-5978 (FAX)
info@midlandexploration.com
www.midlandexploration.com