MONTREAL, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD), in joint venture with Probe Gold Inc. (“Probe”), is pleased to announce the results of MMI sampling in the vicinity of the large copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”) discovery made in 2022 on the La Peltrie project. This significant mineralized system is located 15 kilometres southeast of Agnico Eagle’s Zone 58N gold deposit and 25 kilometres west of the former Selbaie mine, which produced 56.9 Mt grading 0.87% Cu, 1.85% Zn, 39 g/t Ag, and 0.55 g/t Au (historical production).
The La Peltrie project is now in joint venture with Probe Gold Inc. (“Probe”) since September 2024.
Highlights:
- 8 values above 10,000 ppb Cu, reaching up to 31,100 ppb Cu.
- 96 values above 2,000 ppb Cu and 15 values above 100 ppb Mo.
- MMI Cu values identify the main Cu-Au-Mo-Ag zone and extend westward.
- Several additional subparallel anomalies to the north and northeast, proximal to the contact between volcanic rocks and the Carheil intrusion.
- MMI Cu-Au-Ag-Mo anomalies show a very strong correlation with samples collected during the prospecting campaign.
The MMI sampling grid, totalling 786 soil samples, covers the main Cu-Au-Ag-Mo discovery that graded 0.20% CuEq* over 513.5 metres (see press release by Midland dated January 22, 2024), at a spacing of 50 m and 100 m along sampling lines spaced 200 m to 400 m apart. The grid extends northward to cover the southern contact of the Carheil intrusion. This soil sampling grid successfully identified the main Cu-Au-Ag-Mo zone and also extended the latter westward.
Anomalous MMI values to the north and northeast show a good correlation with existing Cu values in isolated prospecting samples collected in 2020 and 2023. Several of these anomalous areas also correlate with the best IP anomalies from the survey conducted last March and have yet to be drill-tested.
SRK Consulting performed a structural analysis of the high-resolution aeromagnetic survey conducted in 2020, and preliminary files were sent by SRK for review. To date, fault structures (1st, 2nd, 3rd, and 4th order) have been established from the data. The objective of this structural analysis of the project is to improve the structural and geological understanding of the copper mineralized zone. The study covers the copper discovery and extends northward, to cover the Carheil intrusion. A final report, including the best areas of interest defined by SRK, is expected in late November.
The structural interpretation, MMI survey, drilling and IP survey will be used to identify highly prospective areas associated with Cu-Au-Ag-Mo mineralization for an upcoming drilling program that is currently in preparation.
Cautionary statements:
* Copper equivalent (“CuEq”) values were calculated using the following metal prices: Au $1,500.00/oz, Cu $3.25/lb, Ag $15.00/oz, Mo $15.00/lb. CuEq values are used for exploration purposes only and do not include estimations of metallurgical recovery.
The true thickness of drilling intervals reported in this press release cannot be determined with the information currently available; intervals are thus reported in core length.
Mineralization occurring at the Zone 58N deposit and at the former Selbaie mine is not necessarily indicative of mineralization that may be found on the La Peltrie project held by Midland/Probe described in this press release.
About Probe
Probe is a Canadian gold exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. Probe is committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Novador Gold Project, Quebec. Probe is well funded and controls a strategic land package of approximately 1,500 square kilometres of exploration ground within some of the most prolific gold belts in Quebec. The company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10% of the company.
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 Probe Gold Inc., Barrick Gold Corporation, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, SOQUEM Inc., Electric Elements Mining 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 Company portfolio and generate shareholder value.
This press release was prepared by Richard D St-Cyr, Exploration Director for Midland, certified geologist 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: 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.
Photos accompanying this announcement are available at:
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https://www.globenewswire.com/NewsRoom/AttachmentNg/eeae0300-98bc-4cc0-8991-a3388ccf3960
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