Exploration Update on Midland’s James Bay Gold Properties
Midland Exploration Inc. (“Midland”) (TSX VENTURE: MD) is pleased to provide an exploration update on work carried out on its gold properties located in the James Bay Area; an area that could become a major gold district in Quebec after the Abitibi Belt. These gold properties are currently held 100% by Midland Exploration Inc and are under an option agreement with Agnico-Eagle Mines Ltd.
To evaluate the gold potential of Midland’s portfolio searching for deposits similar to the Eleonore gold deposit, owned and now being developed by Goldcorp, a 3,440 line-kilometer helicopter-borne magnetic and radiometric survey has been completed during the summer. The survey was undertaken by Geo Data Solutions Inc. of Laval Quebec and covers most of Midland properties using a 200m line separation.
Field work follow up to evaluate the outlined geophysical features was carried out in early August. In addition, to source the gold and arsenic lake bottom geochemical anomalies found on Midland’s properties, a regional till sampling program was also completed by Services Technominex with 317 samples collected. The samples were sent to ExploLab Inc. in Val D’or for preparation. Upon completion, the concentrates (HMC) will be sent to ALS Chemex in Val D’or for assay.
Midland is very please with the work progress accomplish by its exploration team so far. Over a three week period more than 200 rock samples have been collected from which all the assay results are still pending. While prospecting, several historical and new mineralized zones were found on Midland’s properties. The mineralization was either found as disseminated to massive sulphides, sulphides stockwork, quartz-sulphides veins and veinlets in metasediment or as disseminated sulfides and iron oxides in association with altered banded iron formation and/or bi-modal volcanics. Some of these mineralization systems could be traced over more than 20 kilometres.
Previous exploration work on Midland’s large Lasalle and Galinee claim blocks which totals 410 km2 has indicated the presence of gold mineralization with several under explored gold occurrences returning values greater than 1.0 g/t Au up to 4.3 g/t Au from selected grab samples.
The Midland properties are associated with first order, isolated or combined strong unexplained gold, arsenic and antimony lake-bottom sediment anomalies. Historically follow up by prospecting, these types of geochemical anomalies led to the discovery of several attractive gold showings and deposits in the James Bay Area. Midland’s properties are located near the contact between volcanic-plutonic units of the La Grande Subprovince and the metasedimentary units of the Opinaca Subprovince. This contact is recognized as a favourable setting for gold mineralization in the northeast Superior Province. The Eleonore gold deposit is also located along this favourable contact.
Agnico Eagle Mines Ltd. may earn 50% of Midland’s interest in the property, by spending a total of $4,500,000 in exploration work and making payments totalling $300,000 over four years. The company must spend $600,000 in exploration work during the first year (firm commitment). Midland will be the initial operator until Agnico-Eagle acquires 50% interest in the project. Upon acquiring 50% interest, the company will have the option to increase its undivided interest in the project from 50% to 65% over a period of three years, by solely financing a bankable feasibility study on the James Bay Gold project or by solely assuming all mining operations on the project, earning 1% additional interest for every $1,000,000 spent on the property (up to 15% by spending $15 million).
All analysis are perform by ALS Chemex in Val-d’Or, Quebec where all samples will be analysed for gold by fire assay with an ICP final over a 30g fraction whereas minors and trace elements were analysed by ICP. Certified standards and blanks were inserted regularly among the steam of samples for verification and QA/QC. The data is reviewed by Robert Banville, senior geologist for Midland Exploration and a qualified person as defined by National Instrument 43-101.
About Midland Exploration
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 uranium. Two drill programs were recently completed on Maritime Cadillac and Weedon projects and results and assays are pending. Midland is proud to count on reputable partners such as Agnico-Eagle Mines Limited, Soquem Inc. and Quest Uranium Corporation. Midland prefers to work in partnership and intends to conclude quickly additional agreements in regard to lately acquired properties. Midland is currently evaluating other opportunities and other projects in order to increase the portfolio of the Company.
This press release was prepared by Gino Roger, geological engineer and a 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. Midland undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
The TSX Venture Exchange has not reviewed and does not accept 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) email@example.com
SOURCE: Midland Exploration Inc.