MONTREAL, March 26, 2024 (GLOBE NEWSWIRE) — Midland Exploration Inc. (“Midland“) (TSX-V: MD) is pleased to announce the start of a Sonic drilling campaign on the Patris gold property, currently 100% owned by Midland and located approximately 30 kilometers to the northeast from the city of Rouyn-Noranda in Quebec.
Sonic Drilling
A Sonic drilling campaign is currently underway with two drill and a total of 40 holes have already been completed. Over the next few weeks, 60 new holes will be completed in the eastern part of the Patris property in the Kéwagama group. The work is scheduled to be completed in the first week of April. In total, 4,000 meters of sonic drilling are planned in 100 boreholes with a view to characterizing glacial dispersion trails in the till covered with lacustrine clays.
About the Patris Property
The wholly owned Patris project comprises 299 claims covering a surface area of about 117 square kilometers, located less than 10 kilometers northwest of the prolific Doyon/Westwood-Bousquet-La Ronde gold mining camp. The Patris property offers excellent gold potential as it covers the Manneville Fault over more than 8 kilometers and the La Pause Fault over more than 10 kilometers, both recognized as subsidiary faults to the well-known Destor-Porcupine Fault Zone. The Patris property also covers more than 5 kilometers of the fault contact between the sediments of the Kéwagama Group and the mafic and ultramafic volcanics of the Malartic Group. Several historical gold showings are found near this contact such as the Gadoury showing which returned 6.3 g/t Au over 1.0 meter and the McDermott showing which returned 8.6 g/t Au over 1.2 meters (Source: Sigeom-MRNF).
A total of 4,000 metres of Sonic drilling is planned in 115 drill holes to characterize geochemical dispersion trains in the glacial till overlain by lacustrine clays.
Option Agreement
Pursuant to the Transaction, Barrick has the right to acquire up to a 75% interest in the Property in consideration for cash payments totaling C$1,017,500 and exploration work totaling C$16,575,000, over an eight-year period. Barrick is the operator of the work carried out under the Transaction (See Midland press release, May 15, 2023).
Cautionary statement
Mineralization occurring at the Doyon/Westwood-Bousquet-La Ronde gold mines is not necessarily indicative of mineralization that may be found on the Patris property held by Midland.
About Midland
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold and critical metals. Midland is proud to count on reputable partners such as Barrick Gold Corporation., BHP Canada Inc., Rio Tinto Exploration Canada Inc., Wallbridge Mining Company Ltd, Probe Gold Inc., Agnico Eagle Mines Limited, Electric Element Mining Corp., SOQUEM INC., Nunavik Mineral Exploration Fund, Cosmos Exploration Limited 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.
This press release was prepared by Richard D St-Cyr. P.Geo., Exploration Director for Midland and Qualified Person as defined by NI 43-101, who also approved the technical content of this press release.
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: [email protected]
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.
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