Midland Expands Its Patris Property and Acquires Strategic Position for Gold and Lithium in Abitibi
February 22 2023 - 7:30AM
Midland Exploration Inc.
(“Midland’ or the
“Corporation”) (TSX-V: MD) is
pleased to announce the acquisition by map designation of 100%
interest in an important strategic land position for its gold and
lithium potential in southern Abitibi, Quebec. This new acquisition
adjacent to the east of Midland’s Patris gold property, consists of
133 claims (74 square kilometres) and is located approximately
60 kilometres northwest of the town of Val-d’Or.
This land position covers more than 25
kilometres of turbiditic sediments of the Lac Caste Formation,
immediately to the south of the Manneville-North Fault, which is a
subsidiary of the prolific gold-bearing Destor-Porcupine Break.
These turbidites are intruded by dioritic dyke swarms, as well as
the western edge of the La Motte Batholith. To the south, Lac Caste
sediments are in contact with ultramafic rocks of the La
Motte-Vassan Formation, where a major deformation zone
(Manneville-South Fault) can be traced over more than
10 kilometres.
These new claims are also located approximately
15 kilometres west of the Authier lithium deposit, and
approximately 45 kilometres west of the LAN lithium deposit, both
held by Sayona Mining Limited (“Sayona”). The LAN deposit hosts
measured and indicated mineral resources (NI 43-101) of 73,675,000
tonnes grading 1.05% Li2O and inferred resources of 28,246,000
tonnes grading 1.08% Li2O. The Authier deposit hosts measured and
indicated mineral resources (NI 43-101) of 14,140,000 tonnes
grading 1.01% Li2O and inferred mineral resources of 2,996,000
tonnes grading 1.00% Li2O. (Source: Sayona press release dated
March 1, 2022; Please refer to Table 1 for mineral resources
details).
Midland’s new strategic position covers, over
more than 10 kilometres, the La Motte-Vassan Formation consisting
of mafic and ultramafic rocks, which hosts lithium pegmatites at
the Authier deposit. These new claims also cover the west and north
edges of the La Motte Batholith. The latter, along with the La
Corne Batholith, both composed of granodioritic and monzonitic
phases, occupy a central position relative to the main lithium
occurrences known in this area north of Val-d’Or.
Midland is currently planning a high-resolution
magnetic survey in order to map in greater detail subtle magnetic
features as well as any structures that could crosscut the
ultramafic rocks and host spodumene-bearing pegmatite
intrusions.
Cautionary statement
Mineralization occurring at the LAN and Authier
deposits held by Sayona is not necessarily indicative of
mineralization that may be found on the Patris project held by
Midland described in this press release.
LAN Mineral Resources - Open Pit (Cut-off 0.6 %
Li2O ) |
Tonnes |
Li2O % |
Measured |
1,471,000 |
0.99 |
Indicated |
52,806,000 |
1.01 |
Inferred |
13,874,000 |
0.96 |
|
|
|
LAN Mineral Resources - Underground (Cut-off 0.8 %
Li2O ) |
Tonnes |
Li2O % |
Indicated |
19,3980,00 |
1.18 |
Inferred |
14,372,000 |
1.19 |
|
|
|
LAN Mineral Resources - Total (NI 43-101) |
Tonnes |
Li2O % |
Measured +
Indicated |
73,675,000 |
1.05 |
Inferred |
28,246,000 |
1.08 |
|
|
|
Authier Mineral Resources - Open Pit ( Cut-off 0.55 %
Li2O ) |
Tonnes |
Li2O % |
Measured |
6,042,000 |
0.98 |
Indicated |
8,098,000 |
1.03 |
Inferred |
2,996,000 |
1.00 |
|
|
|
Authier Mineral Resources - Total (NI 43-101) |
Tonnes |
Li2O % |
Measured +
Indicated |
14,140,000 |
1.01 |
Inferred |
2,996,000 |
1.00 |
|
|
|
LAN + Authier Total Mineral Resources (NI
43-101) |
Tonnes |
Li2O % |
Measured +
Indicated |
87,815,000 |
1.05 |
Inferred |
31,242,000 |
1.07 |
Table 1: NI 43-101
Mineral Resources on Sayona’s LAN and Authier
Projects. Note: Mineral resource
calculation for the LAN deposit was supervised by Mr. Todd
McCraken, a full time employee of BBA Inc. Mineral resource
calculation for the Authier deposit was supervised by Mr. Maxime
Dupéré, a full time employee of SGS Canada Inc.
About Midland
Midland targets the excellent mineral potential
of Quebec to make the discovery of new world-class deposits of gold
and critical metals. Midland is proud to count on reputable
partners such as BHP Canada Inc., Rio Tinto Exploration Canada
Inc., Wallbridge Mining Company Ltd, Probe Gold Inc., Agnico Eagle
Mines Limited, Osisko Development Corp., SOQUEM Inc., Brunswick
Exploration 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: 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.
Figures accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/284bede7-4241-4de9-90ac-443b7a90b185https://www.globenewswire.com/NewsRoom/AttachmentNg/22d2f4fb-83fa-4d4d-9d18-0ca48d4615a0https://www.globenewswire.com/NewsRoom/AttachmentNg/c7e55778-8e7a-44bf-9c59-7e4655196ada
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