06:31:03 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Midland Exploration Inc
Symbol MD
Shares Issued 32,636,483
Close 2015-03-24 C$ 0.69
Market Cap C$ 22,519,173
Recent Sedar Documents

Midland Exploration starts work program at James Bay

2015-03-26 08:34 ET - News Release

Mr. Gino Roger reports

MIDLAND COMMENCES AN EXPLORATION PROGRAM ON ITS JAMES BAY GOLD PROJECT NEAR GOLDCORP'S ELEONORE DEPOSIT

Midland Exploration Inc. has begun an exploration program at and added map-designated claims to its 100-per-cent-owned James Bay Eleonore gold project located in James Bay, Que. A total of 61 claims, covering 30.7 square kilometres, was added to the Eleonore gold project, which is located about 40 kilometres to the southeast of the Eleonore Centre property. This first phase of the exploration program includes ground geophysics on the Eleonore Centre property.

The Eleonore project, which encompasses the Eleonore Centre and West properties, is constituted of a total of 327 claims covering 172 square kilometres, and is located approximately 30 kilometres southwest from and in a geological environment similar to Goldcorp Inc.'s Eleonore deposit. This world-class gold deposit contains reserves of 4.97 million ounces Au (proven and probable categories), combined measured and indicated resources of 1.06 million ounces Au, and inferred resources estimated at 2.80 million ounces Au, for a total of 8.83 million ounces of gold (source: Goldcorp press release dated Feb. 19, 2015).

Prospecting conducted by Midland from 2009 to 2014 on the Eleonore Centre property identified the presence of several gold showings associated with quartz-tourmaline pyrite-bearing veinlets occurring in sheared metasediments, as well as mafic and felsic metavolcanics, which returned up to 18.8 grams per tonne Au. These results strongly suggest that an auriferous hydrothermal system is present on the property by a strong abundance of quartz-tourmaline veins over a plurimetric area. In addition, the 2013 ground induced polarization survey identified many north-south-trending IP anomalies and several remain unexplained. The 2011 soil geochemistry survey permitted to delineate a series of arsenic-copper-antimony anomalies clustered along a north-south-trending axis. The 2014 airborne high-definition magnetic survey also identified the presence of an important north-south-oriented structure associated with several gold showings and soil anomalies. Finally, a series of parallel northeast-trending AeroTEM II conductors was outlined by the 2010 airborne geophysical survey, which targeted sulphide-bearing Eleonore-type sediments on the northern part of the Eleonore Centre property. Some of these conductors coincide with uncovered gold-bearing disseminated to semi-massive sulphides zones identified by Midland and several electromagnetic anomalies still remain unexplained.

The ground geophysical IP and magnetic surveys will complete and extend the 2013 survey located in the northeastern and eastern part of the Eleonore Centre property, where several gold showings were uncovered by Midland (Golden Gun and Golden Gun South showings). The 40-kilometre IP-magnetic survey will focus on identifying sulphide-rich targets for further follow-up during the summer exploration program.

Elsewhere in the James Bay area, a total of 61 new claims was acquired 40 kilometres southeast of the Eleonore Centre property. This new claim block, adjacent and west to the Virginia Mines Inc.'s Wabamisk-Anatacau project, is in the La Grande subprovince, more precisely in the Lower Eastmain greenstone belt. Several mineralized occurrences with economic to subeconomic gold values, including Mustang zone and Challenger-Interceptor showings, are known in the belt. Next summer, Midland is planning geochemical rock and basal till samplings in this prospective area.

This press release was prepared by Gino Roger, registered engineer and qualified person as defined by National Instrument 43-101.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.