Rio Tinto and Partner Midland Begin an Important Regional VTEM Survey on the Tete Nord Ni-Cu Project
March 15 2022 - 7:30AM
Midland Exploration Inc. (“Midland”)
(TSX-V: MD) is pleased to announce the commencement
of an important helicopter-borne electromagnetic VTEM-type
(
“VTEM”) survey covering the Tete Nord
nickel-copper (
“Ni-Cu”) property. This property,
currently wholly owned by Midland, is subject to an option
agreement signed in December 2021 with Rio Tinto Exploration Canada
Inc. (
“RTEC”) and is located near the town of La
Tuque in Quebec.
Regional VTEM survey
The VTEM survey is scheduled to begin mid-March
and will total approximately 6,700-line kilometres, covering the
entire property under option with flight lines at a 100-metre
spacing. A budget of $900,000 has been set aside for the survey and
for follow-up field work in the summer of 2022, in preparation for
a drilling campaign to come later in 2022-2023. Rio Tinto is
project operator.
About the Tete Nord Ni-Cu property
The Tete Nord property comprises 936 claims
covering a surface area of about 515 square kilometres in mafic and
ultramafic rocks of the La Bostonnais Complex north of La Tuque.
The largest claim block is located south of the former Lac Edouard
mine, which historically produced 50,000 tonnes grading 1.50% Ni
and 0.50% Cu (Source: SIGEOM NTS sheet 31P09).
This property hosts a few mineral occurrences,
including the Savane showing, located approximately
25 kilometres south of the former Lac Edouard mine, consisting
of a Ni-Cu showing discovered by prospecting in 1995 in a
pyroxenite, where historical values of 1.80% Ni and 0.20%
Cu were reported in grab samples. Another grab sample from
a subcropping boulder also yielded grades of 1.98% Ni and
0.46% Cu about 250 metres north of the Savane showing
(Source: SIGEOM NTS sheet 31P07; GM55352). Calculated nickel tenors
(grades normalized to 100% sulfides) of historical sampling at the
Savane showing reaches up to 3.5% Ni (see Midland
press release dated February 23 2021). Bedrock
exposures in the Savane area exhibit undeformed magmatic breccia
textures, indicative of a dynamic system conducive to the
emplacement of Ni-Cu mineralization. No historical drilling has
been reported in this highly favorable area.
Option Agreement with RTEC
Under this new agreement, RTEC may earn an
initial 50% interest (First Option) in the Tete Nord property over
a period of four years, by fulfilling the following conditions:
- Exploration expenditures totalling $4,000,000, including a
minimum of $500,000 in the first year.
- Cash payments totalling $500,000, including $100,000 within 30
days of execution of the agreement
After earning an initial 50% interest, RTEC may
elect to increase its interest to 70% (Second Option) over a period
of four years by fulfilling the following conditions:
- Exploration expenditures totalling up to $10,000,000 and cash
payments totalling $500,000, gaining interest on the following
schedule:
- An additional 1% interest (for a total of 51%) by funding an
additional $250,000 of exploration expenditures;
- An additional 1% interest for each additional $500,000 of
exploration expenditures (for a total of up to 69%) ;
- An additional 1% (for a total of 70%) by funding an additional
$750,000 of exploration expenditures.
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 RTEC, BHP Canada Inc., Probe
Metals Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines
Limited, Osisko Development Corp.., 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
Corporation 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.
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:
https://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.
Four figures accompanying this announcement are
available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8ce15f76-42ee-42f1-b0db-b30b473850c0
https://www.globenewswire.com/NewsRoom/AttachmentNg/dfc1bd67-b7b7-4cdf-b6ea-181838034ebc
https://www.globenewswire.com/NewsRoom/AttachmentNg/2da5f82c-3ef9-4300-b12c-321462f347ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/a69c605a-ba95-4ff1-8e74-c35b7c175a41
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