Midland and Donner Identify Several New Drilling Targets on Valmond Following Geophysical Surveys
January 16 2014 - 9:00AM
Marketwired
Midland and Donner Identify Several New Drilling Targets on Valmond
Following Geophysical Surveys
MONTREAL, QUEBEC--(Marketwired - Jan 16, 2014) - Midland
Exploration Inc. ("Midland") (TSX-VENTURE:MD), in partnership with
Donner Metals Ltd. ("Donner"), is pleased to report that several
new high-priority drilling targets have been outlined on its
Valmond gold property as a result of a recently completed Induced
Polarization ("IP") survey. The Valmond property is currently
wholly owned by Midland and consists of 62 claims covering a
surface area of about 35 square kilometres. This property is
located about 50 kilometres west of the town of Matagami, in
Abitibi, Quebec.
The Valmond property covers, over more than 10 kilometres, an
important gold-bearing structure trending NW-SE that hosts several
historical occurrences with drill intercepts grading 2.3 g/t Au
over 4.57 metres and 5.22 g/t Au over 1.55 metres. This structure
has been explored in the past and the principal showing known to
date has been traced over a strike length of more than 300 metres.
This gold showing is characterized by an extensive hydrothermal
alteration zone more than 70 metres wide and remains open below a
depth of 200 metres, where the deepest historical drill hole
yielded a grade of 3.77 g/t Au over 1.50 metres.
A pole-dipole IP survey totalling 48.1 line-kilometres was
completed during the month of December 2013 in the central part of
the Valmond property. A detailed interpretation of the survey
results reveals the presence of a strong anomaly characterized by a
sharp drop in resistivity directly caused by the presence of
sulphide mineralization
(pyrite-pyrrhotite-chalcopyrite-arsenopyrite) on the principal gold
showing. This anomaly extends toward the northwest over a distance
of about 800 metres, whereas toward the southeast IP profiles
indicate that the anomaly is located deeper. Two shallow drill
holes are proposed to test the anomaly at 100 metres vertical depth
along the northwest extension of the principal showing, and one
drill hole is proposed to test the southeast plunge at a vertical
depth of about 300 metres, i.e. about 100 metres below historical
drill hole S86-9, which graded 3.77 g/t Au over 1.5 metres (Source:
MRN SIGEOM NTS sheet 32E09; GM46724).
Further east, in an area that has never been drill-tested, four
distinct IP axes characterized by high chargeability values
associated with low resistivity values were detected. These axes
are commonly located along magnetic contacts or near inferred
structural intersections. Five additional shallow drill holes are
proposed to test these new targets at about 100 metres vertical
depth.
In addition, a property-wide helicopter-borne VTEM-type
electromagnetic survey, totalling 900 line- kilometres, was also
completed in December 2013. The survey results and the detailed
interpretation are pending.
Maps showing the location of the new drilling targets for the
Valmond property may be consulted using the following link:
http://media3.marketwire.com/docs/922232c.pdf
Conditions of exploration agreement
Donner may earn a 50% interest in the Valmond property in
consideration of exploration expenditures totalling $2,500,000,
including a firm commitment of $300,000 during the first year of
the agreement, and cash payments totalling $250,000 over a period
of four years. Midland will be the project operator for the
duration of the option agreement.
About Midland
Midland targets the excellent mineral potential of Quebec to
make the discovery of new world-class deposits of gold, PGE, base
metals and rare earth elements. Midland is proud to count on
reputable partners such as Donner Metals Ltd., Teck Resources
Limited, Agnico Eagle Mines Limited, Maudore Minerals Limited,
Japan Oil, Gas and Metals National Corporation and SOQUEM 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 Mario Masson, VP Midland
Exploration and Qualified Person as defined by NI 43-101. For
further information, please consult Midland's website.
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
Gino RogerPresident and Chief Executive Officer450 420-5977450
420-5978info@midlandexploration.comwww.midlandexploration.com
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