MONTREAL, June 25, 2024 (GLOBE NEWSWIRE) — Exploration Midland inc. (“Midland”) (TSX-V: MD), in partnership with Probe Gold Inc. (“Probe”), is pleased to announce the resumption of exploration work on the discovery of a copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”) mineralized system carried out in 2022 on the La Peltrie Option property (” the property “). This important mineralized system is located 15 kilometers southeast of the Zone 58N gold deposit held by Agnico Eagle and 25 kilometers 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 Property is currently under option agreement and in partnership with Probe Gold Inc. (“Probe”) since July 2020 (see Midland press release dated July 9, 2020).
Highlights :
- Discovery of a Cu-Au-Ag-Mo mineralized zone with drilling going back up to 0.20% CuEq* over a length of 513.5 meters (survey LAP-22-12);
- Higher grade intervals within the mineralized envelope having graded up to 1.33% CuEq* over 9.5 meters and 0.56% CuEq* over 13.2 meters ;
- Indicates a potential for a large mineralized system having a great favorability which remains open in depth with a possible vector interpreted towards the west of discovery drilling LAP-22-12.
A team of 4 people will mobilize to begin a soil sampling program (MMI) on La Peltrie in the immediate area of the discovery of Cu-Au-Mo-Ag which had reported 0.20% CuEq* over 513.5 meters (see Midland press release dated January 22, 2024)
The program will include 1,000 samples spaced 50 m and 100 m apart on sampling lines spaced 200 m to 400 m apart (Figure 4). The soil sampling grid will cover the main Cu discovery area and extend northward to cover the contact with the Carheil intrusive. The objective of the soil sampling grid is to obtain detailed geochemical coverage identifying the Cu-Au-Ag-Mo mineralization trend. Proper identification of the area will help prioritize the best IP anomalies on the grid and to the north, possibly towards higher grade Cu mineralization.
In addition, a service contract was established with SRK Consulting to carry out a structural analysis of the high-resolution airborne magnetic survey carried out in 2020. The objective is to improve the structural geological understanding of the Cu-Au mineralized zone -Ag-Mo by evaluating the geometry of the structural fabric, the generations and distribution of fault/shear zones and the generations of folding. The analysis will cover the Cu-Au-Ag-Mo discovery and the immediate surrounding area (Figure 5).
Last March, a 12 linear kilometer IP survey was completed on the non-contiguous claims of the La Peltrie option to the northeast (Figure 6). The PP survey identified 7 chargeable anomalies with 5 anomalies associated with moderate to strong resistive bodies. Midland and Probe are currently evaluating a possible extension to the north and east to follow the most chargeable and resistive anomalies.
Warnings :
*Copper Equivalent (“CuEq”) was calculated using metal prices of: Au $1,500.00/oz, Cu $3.25/lb, Ag $15.00/oz, Mo $15.00/lb. CuEq values are for exploration purposes only and do not include any estimate of metallurgical recoveries.
The true thicknesses of the drilling intersections reported in this press release cannot be determined with the information currently available and are therefore reported in core length.
The mineralizations found at Zone 58N and the former Selbaie mine may not be representative of the mineralizations that could be identified on the La Peltrie de Midland/Probe project described in this press release.
About Probe
Probe is a Canadian gold exploration company dedicated to the acquisition, exploration and development of highly prospective gold projects. The Company is engaged in discovering and developing high quality gold projects, including its principal asset, the Val-d’Or East gold project in Quebec where the Company has defined an inventory of several million ounces. The Company is well financed and controls a set of strategic exploration properties of over 1,500 square kilometers within some of the most prolific gold belts in Quebec. The Company was formed following the $526 million sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently holds an interest of approximately 10% in the Company.
About Midland
Midland is banking on Quebec’s excellent mineral potential to discover new world-class deposits of gold and critical metals. Midland is proud to count on renowned 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., Brunswick Exploration inc. ., Electric Element Mining Corp., the Nunavik Mineral Exploration Fund and Mines Abcourt inc. Midland prefers to work in partnership and intends to quickly conclude agreements in this regard with respect to its newly acquired properties. Management is currently evaluating other opportunities and projects to enhance the Company’s portfolio and create added value for its shareholders.
This press release was prepared by Richard D St-Cyr, Director of Exploration at Midland, registered geologist and qualified person under National Instrument 43-101. For more information, please visit the Company’s website or contact:
Gino Roger, President and CEO
Such. : 450 420-5977
Fax. : 450 420-5978
E-mail : [email protected]
Website : www.midlandexploration.com
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept no responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements that involve elements of risk and uncertainty and no assurance can be given that these statements will prove to be accurate. As a result, actual results and future events could differ materially from those anticipated by such statements. These risks and uncertainties are described in the annual report and in filings by Midland with regulatory authorities.
Photos accompanying this press release are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdc2baed-4043-4e35-9585-328e17477e7e/en
https://www.globenewswire.com/NewsRoom/AttachmentNg/cb96cc80-4aec-4a9f-80c8-324ebf0491d3/en
https://www.globenewswire.com/NewsRoom/AttachmentNg/7bf30f89-8230-408a-be86-3501c069980a/en
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