MONTREAL, June 09, 2022 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the start of an important exploration program targeting Cu-Zn-Co-Ag-Au / Zn-Pb-Cu-Ag-Au volcanogenic massive sulphides (“VMS”) in the Labrador Trough, Nunavik. This second exploration program will be conducted under the strategic alliance concluded between Midland and SOQUEM (the “Alliance”).
The 2022 exploration program will consist of two phases of prospecting, each lasting three weeks, scheduled from mid-June to mid-August.
Several new targets for 2022 and follow-up of 2021 discoveries
Following execution of the Alliance, compilation work was undertaken to cover the Labrador Trough. This work led to the integration of historical geological mapping, drilling and geophysical data as well as rock and sediment sampling. These data, combined with new ideas on the stratigraphic and structural depositional settings, led to the definition of high-potential target areas for the 2022 prospecting program.
During the 2021 program, a gold-bearing boulder (Rubeo) grading 40.8 g/t Au (in grab sample) was discovered by prospecting (see press release by Midland dated December 16, 2021).
During the same program, near Lac Lelièvre, approximately 95 km south of Kuujjuaq, a grab sample extended the horizon hosting the Lac Lelièvre Cu-Zn showing by another 25 m to the northwest. The sample graded 2.3% Zn, 0.48% Cu, 0.17 g/t Au and 30 g/t Ag. Another sample yielded grades of 5.64% Zn and 0.14% Cu approximately 4.5 km northwest of the Lac Lelièvre showing. Both samples are associated with massive to semi-massive sulphides deposited in metasedimentary rocks. The sulphides consist of pyrrhotite, chalcopyrite, and sphalerite. The metal signature of these samples (Zn, Cu, Au, Ag, As, Pb, Sb) is typical of Besshi-type VMS deposits.
The 2022 prospecting campaign will focus to locate the source of the gold-bearing boulder at Rubeo and to identify the possible extensions of Zn-Cu mineralization in the Lac Lelièvre area. In addition, VTEM data collected in 2021 provided several new exploration targets that will be prospected this summer.
The Labrador Trough offers a favourable geological and geochronological setting for the discovery of Cu-Zn-Co-Ag-Au / Zn-Pb-Cu-Ag-Au massive sulphide deposits in mafic-siliciclastic settings. This type of VMS generally forms larger deposits than other subcategories of VMS deposits. They also contain high copper, gold and cobalt grades. Previous campaigns of this magnitude focussing on this type of deposit in the Labrador Trough date back at least 20 years.
Cautionary statements
- Grab samples are selective by nature and reported values are not necessarily indicative of mineralized zones.
Quality control
Rock samples from the project are analyzed by standard fire-assay on 30-gram fractions with atomic absorption finish (Au-AA23) or gravimetric finish (Au-GRA21) at ALS Laboratories in Val-d’Or, Quebec, or Sudbury, Ontario. All samples are also analyzed for multi-elements using the four-acid ICP-MS method. Exploration programs are designed, and results are interpreted by Qualified Persons employing a Quality Assurance/Quality Control program consistent with industry best practices, including the use of standards and blanks for every 20 samples.
About the Strategic Alliance with SOQUEM
The Strategic Alliance enables Midland and SOQUEM to combine their efforts and expertise to jointly explore the excellent potential for gold and strategic minerals of the vast and underexplored Labrador Trough. The area of interest defined under the Alliance is located in Nunavik. Geologically, it covers the Labrador Trough, the Rachel-Laporte Zone and the Kuujjuaq Domain. The area of interest extends from Schefferville in the south up to approximately 100 km northwest of Kangirsuk. This new agreement calls for investments in exploration reaching up to $5 million over a period of four (4) years, with a firm commitment of $2 million within the first two (2) years of the agreement. For 2022, an annual budget of $1 million (50% Midland and 50% SOQUEM) has been planned to complete the work program.
About SOQUEM
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. A proud partner and ambassador for the development of Quebec’s mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.
About Midland
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as SOQUEM inc., BHP Canada Inc., Rio Tinto Exploration Canada Inc., Probe Metals Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Development Corp., Nunavik Mineral Exploration Fund, 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 Corporation portfolio and generate shareholder value.
This press release was prepared by Mario Masson, P.Geo., VP Exploration for Midland and Qualified Person as defined by NI 43-101.
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: info@midlandexploration.com
Website: https://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.
Four figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/49c48f40-da3f-46e9-8c02-6d6f45024d66
https://www.globenewswire.com/NewsRoom/AttachmentNg/887bea0a-0240-410e-affc-7b6c16c9080e
https://www.globenewswire.com/NewsRoom/AttachmentNg/d48a7e65-c16b-4c37-b940-604df236baa8
https://www.globenewswire.com/NewsRoom/AttachmentNg/cfd6a3d3-5c5a-4a52-934b-11e3fb49ac8f
