Drilling Planned on Midland's Patris Gold Property
2014年2月4日 - 11:00PM
Marketwired
Drilling Planned on Midland's Patris Gold Property
MONTREAL, QUEBEC--(Marketwired - Feb 4, 2014) - Midland
Exploration Inc. ("Midland") (TSX-VENTURE:MD) is pleased to
announce plans for the initial drilling program on the Patris gold
property, wholly owned by Midland and currently under option by
Teck Resources Limited ("Teck"). This project comprises 218 claims
covering a surface area of about 90 square kilometres in La Pause
and Clericy townships and is located only 30 kilometres northeast
of Rouyn-Noranda and less than 10 kilometres northwest of the
prolific Doyon/Westwood-Bousquet-LaRonde gold mining camp.
This initial drilling campaign consists of seven (7) shallow
diamond drill holes for a planned total of about 1,400 metres. This
program is designed to test several high-priority induced
polarization ("IP") geophysical targets located along the strike
extensions of the Fayolle Prospect held by Typhoon Exploration Inc.
and currently under option by Hecla Quebec Inc. One of these
targets, a strong chargeability anomaly coincident with a
resistivity low occurring at the northern contact between Lac Caste
sediments and mafic volcanic rocks, will be tested in two shallow
drill holes. Another IP anomaly located along the southeast strike
extension of drill hole PAT-11-15, which intersected an interval
grading 0.48 g/t Au over 17.0 metres (see press release dated
May 24th 2012), will also be tested during
this campaign. In addition, drill hole PAT-11-16 will be deepened
in order to test the gold-bearing zone about 100 metres below drill
hole PAT-11-15. That zone is characterized by a hematite alteration
zone in a strongly deformed felsic intrusive. Preparations are
underway and the drilling campaign is expected to commence in
mid-February.
The Patris property offers excellent gold potential as it covers
the Manneville Fault over more than 8 kilometres and the La Pause
Fault over more than 10 kilometres, both recognized as subsidiary
faults to the famous Destor-Porcupine Fault Zone. The geological
setting on the Patris property, where clastic sediments and
ultramafic rocks are juxtaposed along a faulted contact and
intruded by a porphyry dyke swarm, is similar to the Malartic
mining camp and the South Barnat ore deposit on the Canadian
Malartic property held by Osisko.
Exploration Agreement Terms
Teck has the option to earn an initial 50% interest in the
Patris property ("the Property") by incurring a cumulative
aggregate of $3,000,000 in expenditures on the Property over a
period of four years, with $500,000 in exploration expenditures to
be completed in the first year. After earning an initial 50%
interest, Teck may elect to increase its interest in the Property
up to 60% over a period of two years, by incurring an additional
$2,500,000 in exploration expenditures and making $300,000 in cash
payments, earning a 2% additional interest for each tranche of
$500,000 in additional exploration expenditures and $60,000 in cash
payments. Upon earning a 60% interest, Teck will then have the
option to increase its interest to 65% over a period of two years,
earning a 1% additional interest for each tranche of $1,000,000 in
additional exploration expenditures incurred over a period of two
years.
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 Teck Resources Limited, Agnico Eagle
Mines Limited, Donner Metals Ltd, 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
Gino RogerPresident and Chief Executive Officer450 420-5977450
420-5978info@midlandexploration.comwww.midlandexploration.com
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