Midland Exploration Inc.
TSX VENTURE : MD

Midland Exploration Inc.

September 08, 2014 08:00 ET

Midland Options Its Samson Ni-Cu-PGE and Gold Property to Donner Metals Near Balmoral's Discovery on Grasset

MONTREAL, QUEBEC--(Marketwired - Sept. 8, 2014) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the execution of a new option agreement with Donner Metals Ltd. ("Donner") for its Samson property, currently wholly owned by Midland and which consists of 512 claims covering a surface area of about 284 square kilometres about 50 kilometres west of the town of Matagami, in Abitibi, Quebec. This new property has a strong potential for nickel, copper, Platinum Group Elements ("Ni-Cu-PGE") and gold and is located about 5 kilometres south of the recent Ni-Cu-PGE and gold discoveries made by Balmoral Resources Ltd ("Balmoral") on the Grasset project. Recently, Balmoral announced the discovery of a high-grade Ni-Cu-PGE zone, with values up to 1.79% Ni, 0.19% Cu, 0.42 g/t Pt, and 1.04 g/t Pd over 45.28 metres including an interval grading 10.6% Ni, 0.45% Cu, 2.04 g/t Pt, and 5.23 g/t Pd over 1.10 metre and 1.62% Ni, 0.18% Cu, 0.36 g/t Pt and 0.88 g/t Pd over 54.08 metres (see press releases by Balmoral dated May 20, 2014 and August 18, 2014).

Under the terms of this new agreement, Donner may earn 50% of Midland's interest over a period of four (4) years, by fulfilling the following conditions:

  • Cash payments totalling $275,000, including a $40,000 payment upon signing the agreement;
  • Exploration expenditures totalling $3,500,000, including a firm commitment of $350,000 during the first year. Midland will be project operator during the option period.

This property covers, over a strike length of more than 20 kilometres, a series of strongly magnetic sills located just south of the regional Lower Detour Fault, also known for its gold potential. In addition, lithogeochemistry data from historical drill holes indicate the presence of ultramafic sills, thus confirming the potential for magmatic Ni-Cu-PGE mineralization on the Samson property. Data from airborne MegaTEM electromagnetic survey indicate the presence of several conductors coinciding with magnetic sills, which have never been drill-tested and thus represent potential high-priority targets. Ground time-domain electromagnetic surveys ("TDEM") are planned to identify drilling targets.

Maps showing the location of the new option agreement with Donner for the Samson property may be consulted using the following link: http://media3.marketwire.com/docs/SamsonSept82014.pdf

About Midland

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

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