MONTREAL, December 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 area of the large copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”) mineralized system discovered in 2022 on the La Peltrie project. 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 La Peltrie project is now in a joint venture with Probe Gold Inc. (« Probe ») since September 2024.
Highlights :
- 8 values above 10,000 ppb Cu including the highest value of 31,100 ppb Cu.
- 96 values above 2000 ppb Cu and 15 values above 100 ppb Mo.
- Cu MMI values identify the main Cu-Au-Mo-Ag zone and extend westward.
- Several additional subparallel anomalies to the north and northeast very close to the contact between the volcanics and the Carheil intrusion.
- The MMI anomalies in Cu-Au-Mo-Ag have a very good correlation with the samples taken during prospecting.
The sampling grid of 786 MMI soils covers the main Cu-Au-Mo-Ag discovery area which had reported 0.20% CuEq* over 513.5 meters (see Midland press release dated January 22, 2024) with spacing of 50 m and 100 m on sampling lines spaced from 200 m to 400 m. The grid extends northward to cover the southern contact of the Carheil intrusion. This soil sampling grid made it possible to successfully identify the main Cu-Au-Mo-Ag zone and also to extend it to the west.
The anomalous MMI values to the north and northeast correlate well with the existing Cu values in the 2020 and 2023 prospecting grab samples. In addition, several of these anomalous sectors also correlate with the best anomalies from the IP survey carried out in last March and remain untested in drilling.
SRK Consulting has carried out a structural analysis of the high resolution airborne magnetic survey (2020) and preliminary files have been sent by SRK for review. To date, fault structures (1st, 2nd, 3rd and 4th order) have been established from the data. The objective of the structural analysis of the project is to improve the structural and geological understanding of the copper mineralized zone. The analysis covered the copper discovery and extends north to cover the Carheil intrusion. A final report is expected to be submitted by the end of November, which will include SRK’s best areas of focus.
Structural interpretation, MMI survey, drilling and PP survey will identify highly favorable areas associated with mineralization Cu-Au-Mo-Ag for the next drilling campaign which is currently in preparation.
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 Midland/Probe La Peltrie 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 Novador 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., Electric Elements 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]
Site Web : 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/72fac26a-63f2-4546-ac42-d80e7cf948b4/fr
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f7adc4e-1a22-4084-9972-8a76bcb46c32/fr
https://www.globenewswire.com/NewsRoom/AttachmentNg/5cd74448-bfad-4a35-a57f-1a2aed34ff58/fr
https://www.globenewswire.com/NewsRoom/AttachmentNg/4c617fe3-f41b-4010-9230-07eee9bef0c0/fr
https://www.globenewswire.com/NewsRoom/AttachmentNg/65060a85-ef0f-4c20-a099-82b9e17a3131/fr
https://www.globenewswire.com/NewsRoom/AttachmentNg/971cb047-e6db-4d8e-a4c7-f0f3b3d97fb8/fr
Related News :