MONTREAL, QUEBEC--(Marketwired - Jan. 16, 2014) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD), in partnership with Donner Metals Ltd. ("Donner"), is pleased to report that several new high-priority drilling targets have been outlined on its Valmond gold property as a result of a recently completed Induced Polarization ("IP") survey. The Valmond property is currently wholly owned by Midland and consists of 62 claims covering a surface area of about 35 square kilometres. This property is located about 50 kilometres west of the town of Matagami, in Abitibi, Quebec.
The Valmond property covers, over more than 10 kilometres, an important gold-bearing structure trending NW-SE that hosts several historical occurrences with drill intercepts grading 2.3 g/t Au over 4.57 metres and 5.22 g/t Au over 1.55 metres. This structure has been explored in the past and the principal showing known to date has been traced over a strike length of more than 300 metres. This gold showing is characterized by an extensive hydrothermal alteration zone more than 70 metres wide and remains open below a depth of 200 metres, where the deepest historical drill hole yielded a grade of 3.77 g/t Au over 1.50 metres.
A pole-dipole IP survey totalling 48.1 line-kilometres was completed during the month of December 2013 in the central part of the Valmond property. A detailed interpretation of the survey results reveals the presence of a strong anomaly characterized by a sharp drop in resistivity directly caused by the presence of sulphide mineralization (pyrite-pyrrhotite-chalcopyrite-arsenopyrite) on the principal gold showing. This anomaly extends toward the northwest over a distance of about 800 metres, whereas toward the southeast IP profiles indicate that the anomaly is located deeper. Two shallow drill holes are proposed to test the anomaly at 100 metres vertical depth along the northwest extension of the principal showing, and one drill hole is proposed to test the southeast plunge at a vertical depth of about 300 metres, i.e. about 100 metres below historical drill hole S86-9, which graded 3.77 g/t Au over 1.5 metres (Source: MRN SIGEOM NTS sheet 32E09; GM46724).
Further east, in an area that has never been drill-tested, four distinct IP axes characterized by high chargeability values associated with low resistivity values were detected. These axes are commonly located along magnetic contacts or near inferred structural intersections. Five additional shallow drill holes are proposed to test these new targets at about 100 metres vertical depth.
In addition, a property-wide helicopter-borne VTEM-type electromagnetic survey, totalling 900 line- kilometres, was also completed in December 2013. The survey results and the detailed interpretation are pending.
Maps showing the location of the new drilling targets for the Valmond property may be consulted using the following link: http://media3.marketwire.com/docs/922232c.pdf
Conditions of exploration agreement
Donner may earn a 50% interest in the Valmond property in consideration of exploration expenditures totalling $2,500,000, including a firm commitment of $300,000 during the first year of the agreement, and cash payments totalling $250,000 over a period of four years. Midland will be the project operator for the duration of the option agreement.
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 Donner Metals Ltd., Teck Resources Limited, Agnico Eagle Mines Limited, Maudore Minerals Limited, Japan Oil, Gas and Metals National Corporation 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 Mario Masson, VP Midland Exploration 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