Midland Exploration and Zincore Metals Confirm High Grade Zinc Mineralization on the Gatineau Zinc Project
MONTREAL, QUEBEC -- (Marketwire) -- 11/02/10 -- Midland Exploration Inc. ('Midland') (TSX VENTURE: MD), in partnership with Zincore Metals Inc. ('Zincore'), is pleased to announce an update on their first year exploration program currently in progress on the Gatineau Zinc Project. The first year exploration program, for a total budget of $500,000, initially involved a ground magnetic and electromagnetic geophysical survey, trenching and diamond drilling.
Two trenches were recently completed over the Leitch and Lafontaine zinc deposits to obtain further geological data in order to orient a future drilling campaign. The Lafontaine and Leitch deposits remain not much worked since the 1980's. Channel sampling, on both sites, revealed a zinc rich massive sulphide horizon. On the Leitch trench, a total of 35 samples were collected from six (6) channels through the massive sulphide horizon, traceable over an 80 metres strike length. Best results returned 24.1% zinc over 3.0 metres, including 32.5% zinc over 2.0 metres. On the second trench, located to the southwest and along strike of the Lafontaine old working, a total of 14 samples were collected from three (3) channels through the massive sulphide horizon. Best results returned 21.0% zinc over 2.0 metres. Overall, a total of twelve (12) intervals ranging from 0.45 to 0.80 metre long have returned assays over 30% zinc, including a value as high as 43.13% zinc.
A previous helicopter-borne electromagnetic VTEM survey, completed by Midland in 2008 and designed to characterize known massive sulfide deposits in the Gatineau area, detected several untested conductors directly associated with the Bouchette, Lafontaine and the Leitch massive sulfide zinc deposits. Several new conductors were also identified in lateral or adjacent extensions of these deposits. Following this helicopter-borne survey, a new type of electromagnetic 3D survey (PROMIS), which measures the three spatial components, was used to refine the already identified VTEM anomalies. Two ground geophysical grids, totalising 37 kilometers of line, were recently completed on the Bouchette and Leitch property. The results of this ground geophysical survey are currently being interpreted by MB Geosolutions Inc. Preliminary results confirm that the PROMIS system was successful in detecting and better refining VTEM anomalies.
Given the success of this first phase exploration program, a diamond drilling campaign is currently being planned.
The Gatineau project, currently held 100% by Midland, comprises 266 claims covering a surface area of 160 square kilometres. Midland controls several significant zinc occurrences and prospects in the metamorphosed Middle-Proterozoic marbles of the Grenville Supergroup, in the Gatineau area. The interest for this area is that those zinc occurrences share many similarities with significant zinc deposits, also hosted in Grenville metamorphosed limestones. The most prolific zinc deposits of this type are those of the Balmat-Edwards district in the United States located only 60 kilometres south of the Gatineau project area. This mining district is known to have produced more than 43 million tonnes at near 10% zinc including other commodities.
Quality Control (QA/QC)
The Gatineau exploration program is supervised by Mr. Mario Masson, Exploration V.P. for Midland and a Qualified Person as defined under National Instrument 43-101. Analyses were performed by ALS Chemex laboratory of Val-d'Or, Quebec, which has a strict internal QA/QC program which includes mineralized standards, blanks and duplicate samples. All mineralized intersections present in this press release are expressed as true thickness.
Terms of the Exploration Agreement
Zincore may earn 50% of Midland's interest in the Gatineau Zinc project by spending a total of $3,500,000 in exploration work and making payments totalling $180,000 over four years. During the first year of the option period and at Zincore's election during the remainder of the option period, Midland will be the operator of the project. Upon acquiring 50% interest, Zincore will have the option to increase its undivided interest in the project from 50% to 65% by solely financing a bankable feasibility study on the project.
About Zincore
Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in the Americas, namely Peru, Mexico and Canada. The Company's common shares trade on the TSX and the Lima Stock Exchange under the symbol ZNC.
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 Zincore Metals Inc., Agnico-Eagle Mines Limited, Osisko Mining Corporation, North American Palladium Limited, Japan Oil, Gas and Metals National Corporation and Soquem Inc. Midland prefers to work in partnership and intends to 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 Gino Roger, registered engineer and Qualified Person as defined by NI 43-101.
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:
Midland Exploration Inc.
Gino Roger
President and Chief Executive Officer
450-420-5977
450-420-5978 (FAX)
info@midlandexploration.com
www.midlandexploration.com