Midland Exploration Inc.
(“Midland”) (TSX-V: MD)
is pleased to announce the execution of an option agreement with
Wallbridge Mining Company Limited
(“Wallbridge”)
for its Casault gold property.
The Casault gold property, wholly-owned by
Midland, consists of 322 claims (177 square kilometres) and covers,
over more than 20 kilometres strike length, the Sunday Lake Fault
approximately 10 kilometres west of a recent discovery by
Wallbridge, where the latter reported drill intercepts on Fenelon
(Tabasco Zone) grading up to 22.73 g/t Au over 48.01 metres
(see press release by Wallbridge dated December 3, 2019). More
recently, the Reaper discovery south of Fenelon drilled by Balmoral
Resources Ltd., subsequently acquired by Wallbridge, yielded high
gold grades reaching 308 g/t Au over 2.97 metres, including 858 g/t
Au over 1.06 metres south of Area 51 (see press release by Balmoral
dated April 30, 2020).
The Casault property is also located
approximately 40 kilometres east of the Detour Lake mine. This
open pit mine held by Kirkland Lake Gold Ltd. hosts proven and
probable mineral reserves totalling 12.64 million ounces of gold,
consisting in 397.7 million tonnes at a grade of 0.99 g/t Au
(as at December 31, 2019).
Cautionary statements:
*Mineralization occurring at the Detour Lake
mine and on the Fenelon project/Tabasco zone is not necessarily
representative of mineralization that may be found on the Casault
property.
*The true thickness of drill intercepts reported
in this press release cannot be determined with the information
currently available; intervals are therefore reported in core
length.
Wallbridge may earn 50% interest in the Casault
property over a period of four (4) years in consideration of the
following:
- Cash payments totalling $600,000, including a lump sum payment
of $100,000 within five days of signing; and
- Exploration expenditures totalling
$5,000,000, including a firm commitment of $750,000 during the
first year.
After exercising this first option to earn a 50%
interest, Wallbridge may increase its interest to 65% (the Second
Option) over a period of two years in consideration of the
following:
- Exploration expenditures or cash
payments totalling $6,000,000.
Midland is proud to join forces once again with
a solid partner such as Wallbridge. Wallbridge will be project
operator and will begin, shortly, a major exploration program to
test quality targets in the Vortex zone, as well as other targets
located elsewhere on the property near the Sunday Lake Fault. The
discovery of the Vortex zone in 2017, a major gold-bearing system
associated with alkaline intrusions along the Sunday Lake Fault,
yielded drill results reaching 1.38 g/t Au over 26.2 metres from
155.80 to 182.00 metres, including 7.9 g/t Au over 2.2 metres from
179.80 to 182.00 metres (see press release by Midland dated
January 18, 2018).
* Mines and deposits located near
Midland projects in the Detour belt
Detour Lake mine (Owned by Kirkland Lake Gold –
Information from Kirkland Lake Gold website): The Detour Lake open
pit mine hosts 12.64 million ounces of gold in proven and probable
mineral reserves, consisting in 397.7 million tonnes grading 0.99
g/t Au (as at December 31, 2019).
Fenelon (Owned by Wallbridge Mining Company –
Information from Wallbridge website): 2018-2019 bulk sample: 33,233
tonnes at 18.49 g/t Au.
Martiniere/Bug Lake (Owned by Wallbridge Mining
Company – Information from Wallbridge website): This deposit hosts
pit-constrained indicated resources totalling 6,827,000 tonnes at a
grade of 1.96 g/t Au (431,000 oz Au) and underground indicated
resources totalling 1,092,000 tonnes at a grade of 4.54 g/t Au
(159,000 oz Au).
Cautionary statements:
Mineralization occurring at the Detour Lake
mine, the Fenelon project/Tabasco Zone and the Martiniere /Bug Lake
deposits is not necessarily representative of mineralization that
may be found on the Casault property.
About Wallbridge
Wallbridge is establishing a pipeline of
projects that will support sustainable 100,000 ounce-plus annual
gold production as well as organic growth through exploration and
scalability.
The Company is currently developing its
100%-owned Fenelon gold property, which is located along the
Detour-Fenelon Gold Trend, an emerging gold belt in northwestern
Quebec with an ongoing 80,000 to 100,000-metre exploration drill
program in 2020 and a 33,500-tonne bulk sample and 75,000 metres of
drilling completed in 2019. Wallbridge is also pursuing additional
advanced-stage projects which would add to the Company's near-term
project pipeline. Wallbridge is also the operator of, and a 16.5%
shareholder in, Loncan Canada Inc., a privately-held company with a
large portfolio of nickel, copper, and PGM projects in Ontario's
Sudbury Basin.
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 Wallbridge Mining Company
Limited, BHP Billiton Canada Inc., Agnico Eagle Mines Limited,
Osisko Mining Inc., SOQUEM INC., 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 Mario Masson.
P.Geo., VP Exploration for Midland and Qualified Person as defined
by NI 43-101, who also approved the technical content of this press
release.
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.
A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f37f05c-3d79-467e-b917-9d833f5ca299
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