Subject: ANALYSTS' COMMENTS
Midland Announces the Start of a Drilling Campaign on its Lewis Project in Abitibi
MONTREAL, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Midland Exploration Inc. ("Midland") (TSX-V: MD) is pleased to announce the start of a drilling campaign on its gold Lewis project, 100% owned by Midland and located approximately 60 km southwest of the town of Chapais. The drilling campaign, scheduled to started early in February 2024, consists of four (4) drill holes for an expected total of 725 metres.
The drilling campaign will focus on new gold occurrences discovered by prospecting conducted by Midland since 2020, namely the Red Giant (up to 0.35 g/t Au over 9.0 metres in channel sample) and Golden Nest (up to 10.2 g/t Au in grab sample and 0.65 g/t Au over 6.0 metres in channel sample) showings. Induced polarization ("IP") axes are also targeted along the eastward projection of the Golden Nest showing.
The Red Giant showing is associated with an IP anomaly bordering a magnetic high. The east-west-trending gold-bearing zone shows increasing grades/thicknesses toward the west of the area stripped in 2020 and remains completely open in this direction.
The Golden Nest gold showing is directly associated with an IP anomaly that coincides with a sharp increase in resistivity and corresponds to a small outcrop of approximately 10 square metres exhibiting 2 to 10% pyrite mineralization. The IP anomaly associated with this gold-bearing zone may be traced over several hundred metres. Trenches were excavated to the west of the Golden Nest showing in 2022 but failed to locate the same mineralization. These IP anomalies extend eastward and occur proximal to a north-northeast-trending structure interpreted from magnetic data, which may have displaced northward (sinistral movement) the horizon hosting the Golden Nest showing.
These two showings are spaced one kilometre apart, are both hosted in sheared mafic volcanic rocks and are characterized by the presence of numerous quartz-carbonate veins with local pyrite and arsenopyrite mineralization. Mineralized zones are associated with strong chlorite and ankerite alteration. These gold-bearing zones, readily accessible using logging roads, have never been drill-tested.
The Lewis property consists of 158 claims (87 km2) and covers a strategic position characterized by a regional flexure proximal to the Guercheville-Opawica deformation zone.
The property is located eight kilometres northeast of the former Lac Shortt mine (historical production: 400,000 oz ? source: MERN-SIGEOM), and approximately 80 kilometres northwest of the Nelligan project jointly held by IAMGOLD Corporation (75%) and Vanstar Mining Resources (25%) (indicated resources: 1.99 million ounces; inferred resources: 3.6 million ounces; in accordance with Regulation 43-101 respecting Information Concerning Mining Projects ("Regulation 43-101") February 2023 press release, source: IAMGOLD website).
Cautionary statements
Grab samples are selective by nature and reported values are not necessarily representative of mineralized zones.
The true thickness of mineralized zones intersected in channel samples cannot be determined with the information currently available.
Mineralization occurring at the Nelligan and Lac Shortt gold deposits is not necessarily indicative of mineralization that may be found on the Lewis property held by Midland.
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 Barrick Gold Corp., BHP Canada Inc., Rio Tinto Exploration Canada Inc., Probe Gold Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Electric Element Mining Corp., SOQUEM Inc., Brunswick Exploration Inc., Nunavik Mineral Exploration Fund, Cosmos Exploration Ltd 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 Richard D. St-Cyr, P.Geo., Exploration Director for Midland, certified geologist 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: [email protected]
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.
Photos accompanying this announcement are available at:
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