MONTREAL, QUEBEC--(Marketwired - Oct. 18, 2016) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to commence, in partnership with Japan Oil, Gas and Metals National Corporation ("JOGMEC"), a second phase exploration program on the Pallas Platinum Group Elements ("PGE") project in the Labrador Trough. This exploration program will consist of a 1,200 metres drilling campaign testing a selection of the best 2015 and 2016 showings. The drilling campaign will test the depth extents of these new mineralized corridor (reefs) rich in Platinum Group Element and gold ("PGE + Au").
Since the acquisition of the project, Midland and JOGMEC have consistently demonstrated the exceptional potential for PGE in the Labrador Trough. In 2015 for example, over a short period of only 3 weeks early in the summer, 42 new showings grading more than 1 g/t PGE + Au, including 18 showings grading more than 2 g/t PGE + Au, were discovered as a result of a sampling program on the Ceres, Itokawa, and Gaspar claim blocks. These selected grab samples results (note that the grades of the selected grab samples may be not representative of the mineralized zones) include:
- the Ida showing with grades of 31.0 g/t PGE + Au (= 29.0 g/t Pd, 1.6 g/t Pt and 0.4 g/t Au) and 7.5 g/t PGE + Au (= 5.7 g/t Pd, 1.6 g/t Pt and 0.2 g/t Au),
- the Ceres South showing with 5.2 g/t PGE + Au (= 3.6 g/t Pd, 1.4 g/t Pt and 0.2 g/t Au), and the Cynthia showing grading 4.9 g/t PGE + Au (= 2.8 g/t Pd, 1.9 g/t Pt and 0.25 g/t Au) on the Ceres claim block;
- the Doris showing with a grade of 6.2 g/t PGE + Au (= 2.9 g/t Pd, 3.1 g/t Pt and 0.2 g/t Au) on the Itokawa claim block; and
- the Eugenia showing grading 3.3 g/t PGE + Au (= 2.6 g/t Pd, 0.6 g/t Pt and 0.1 g/t Au) on the Gaspar claim block.
Prior to the summer 2016 phase 1 exploration campaign selected grab samples from 2014-2015 were analysed to conduct geochemical studies. Several prospective areas where highlighted by this study which returned several new showings during the summer 2016 prospection program. The highlight of the phase 1 prospecting campaign is the discovery of a new mineralized corridor, named Apophis, which returned selected grab values up-to 4.1 g/t PGE + Au (= 3.1 g/t Pd, 0.9 g/t Pt and 0.1 g/t Au) on the Ceres property (note, again, that the grades of the selected grab samples may be not representative of the mineralized zones). The Apophis corridor extends over 3.0 kilometres, remains open laterally and consist of 28 selected grab samples that returned > 0.5 g/t PGE+Au out of a total of 67 taken (including 15 samples > 1.0 g/t PGE+Au). Further channel sampling on the Hektor showing confirmed the presence of PGE mineralization with two 0.5 metre channels returning 10.2 g/t PGE+Au (= 1.5 g/t Pd, 1.6 g/t Pt and 7.2 g/t Au) and 2.1 g/t PGE+Au (= 0.9 g/t Pd, 1.0 g/t Pt and 0.2 g/t Au). Other new showings on the Ceres property include the Fortuna Showing with a grade of 3.4 g/t PGE+Au (= 2.5 g/t Pd, 0.8 g/t Pt and 0.1 g/t Au) on a selected grab sample and the Enish West showing which returned 3.3 g/t PGE+Au (= 2.5 g/t Pd, 0.7 g/t Pt and 0.1 g/t Au).
The second phase of this 2016 exploration program consists in a 1,200 metres drilling campaign consisting of six drill holes planned on the Ceres property. The drill holes will test at different depths the Apophis, Ida and Hektor showings and is planned to commence mid-October 2016.
All of these new PGE + Au occurrences (note that true widths cannot be determined from the information available) remain open in all directions and share many similarities, in terms of geological settings and characteristics, with known "reef"-type deposits in the Great Dyke of Zimbabwe and the Bushveld Complex in South Africa. The Pallas project counts 631 claims covering a surface area of more than 286 square kilometres in the Labrador Trough. Midland and JOGMEC are thrilled to commence this drilling program on this important project.
Exploration Agreement Terms
JOGMEC was granted the option to acquire a 50% interest in the Pallas project by funding $2,000,000 in expenditures prior to March 31, 2016. Midland and JOGMEC are in joint-venture 50%-50% since the option agreement was fulfilled during the summer 2016 campaign. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project.
JOGMEC was established in February, 2004, following the integration of the former Japan National Oil Corporation (JNOC) and Metal Mining Agency of Japan (MMAJ). It is a corporation under the Japanese Ministry of Economy, Trade and Industry (METI), with a mandate of investing in developing minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry.
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 Japan Oil, Gas and Metals National Corporation, Teck Resources Limited, Agnico Eagle Mines Limited 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 Gino Roger, registered engineer 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.