Midlands Minerals Receives Significant Results from the Parlozi Project 671 g/t Silver and 20.8% Lead Over 6.0 Metres
2014年5月14日 - 5:30AM
Marketwired Canada
Midlands Minerals Corporation (TSX VENTURE:MEX) -
-- Underground chip sampling provided a true width of 6.0 metres grading
670.6 g/t silver, 20.8% lead, 0.13% zinc and 0.44 g/t gold from the
Plandiste prospect.
-- A drill program scheduled to begin in May will test the down-dip
extension of this mineralized zone.
Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX)
announces significant assay results from underground sampling at the Plandiste
prospect on its Parlozi project in Serbia which was recently optioned from
Reservoir Minerals ("Reservoir") (TSX VENTURE:RMC). The assay results are from a
rehabilitated adit driven into a mineralized zone on the Plandiste prospect
which is one of six currently known highly prospective target areas on the
Parlozi project. These results confirm for Midlands that the Plandiste prospect
is capable of yielding high-grade silver-lead mineralization at relatively
shallow depths. It is further notable that this mineralization is incremental to
the mineralization validated by Reservoir at the Parlozi prospect and this
reinforces for the Company the presence of a prolific mineralization system.
Following the successful rehabilitation of part of the underground workings at
the Plandiste prospect by Reservoir Minerals, and funded by the Company, chip
sampling has generated significant true width mineralized intervals as follows:
-- 6.0 metres grading 670.6 g/t silver, 20.8% lead, 0.13% zinc and 0.44 g/t
gold from continuous sampling across a stack of northwest dipping veins
-- Including 2.4 metres of 1355.0 g/t silver, 22.9% lead, 0.14% zinc
and 0.25 g/t gold;
-- 0.8 metres grading 502.0 g/t silver, 17.1% lead, 0.17% zinc and 0.10 g/t
gold from the edge of a zone of mined mineralization;
-- 0.5 metres grading 568.0 g/t silver, 27.0% lead, 0.14% zinc and 0.33 g/t
gold from an east-west vein.
A list of the significant results is presented in Table 1 and the corresponding
sample locations are shown in Figure 1. These results confirm the presence of
high-grade silver and lead mineralization hosted by three sets of vein-hosting
structures and by fractures along bedding planes. Two drill holes are planned to
test the down-dip extension of the Plandiste mineralized veins as part of Phase
I of the exploration program (as announced in our press release dated April 29,
2014).
The Plandiste prospect is located 1.4 kilometres to the west of the historical
resource at the Parlozi prospect of 6.5 million tonnes at an average grade of
4.1% lead, 2.1% zinc, 0.3% copper and 130 g/t silver. This historical resource
estimate was not estimated under the guidance of National Instrument (NI) 43-101
and does not meet the CIM definition standard for classification as mineral
resources or mineral reserves. Investors are further cautioned that a qualified
person has not yet completed, on behalf of Midlands, sufficient work to be able
to verify the historical resource estimate, and therefore they should not be
relied upon. The historical resource estimate is only considered as relevant as
a guide to future exploration.
Systematic QA/QC protocols are followed on the project including insertion of
duplicate, blank and standard samples in all sample batches. The samples were
submitted to ALS laboratory located in Bor, Serbia for preparation. Assaying for
gold was made at the ALS laboratory in Romania using a standard 30 gram fire
assay method with atomic absorption finish. Sample pulps with 85% of content
lower than 75 microns were analyzed at the ALS laboratory in Ireland for 51
elements using ICP-MS following digestion by Aqua Regia. Samples with results
greater than 100 g/t silver or greater than 1% lead, zinc or copper in the
ICP-MS results were re-analyzed using Aqua Regia digestion, ICP-AES or AAS
finish. Finally, samples assaying over 20% lead were re-analyzed in Vancouver,
Canada using volumetric titration, a suitable method for the determination of
high grade lead.
Dr. Dominique Fournier, EurGeol, a "qualified person" as defined by National
Instrument 43-101, has reviewed and approved the technical information and data
included in this press release.
Parlozi Project:
The Parlozi Project, the Company's flagship, is a 91 square kilometre
exploration permit which is conveniently located 35 kilometres south of
Belgrade, the capital of Serbia. The Parlozi permit covers occurrences of
historical lead-zinc-silver mining in the Kosmaj-Babe area of the Sumadija
mining district in central Serbia. The mineralization in the permit comprises
silver-bearing vein and replacement-type lead-zinc sulphides hosted by carbonate
sedimentary rocks associated with intrusive Tertiary quartz latite dykes and
volcanic breccias. This type of mineralization has long supported
lead-zinc-silver mining operations in the region.
The Company and Reservoir Minerals Inc. entered into an Option Agreement which
provides that Midlands can earn an initial 51% interest in the Project by
spending CDN$4.5 million on exploration over four years. A minimum spend of
CDN$500,000 before September 30, 2014, including reimbursement of exploration
expenditures on the project by Reservoir since June 6th, 2013 and 1,500 meters
of drilling, are firm commitments. Thereafter, Midlands can earn an additional
14% interest over two years by obtaining a mining exploitation permit from the
Serbian Government and a further 10% (for a total of 75%) by completing a
bankable feasibility study within two years of obtaining a mining exploitation
permit. Midlands has already paid CDN$ 103,757 to Reservoir for the
reimbursement of exploration expenditures by Reservoir.
About Midlands Minerals Corporation:
Midlands is a Canadian resource company with common shares that trade on the TSX
Venture Exchange under the symbol "MEX". Additional information on Midlands can
be viewed under the Company's profile at www.sedar.com or on Midlands' website
www.midlandsminerals.com which is currently under re-construction.
To view Figure 1 accompanying this press release, please visit the following
link: http://media3.marketwire.com/docs/945616.png
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Sample True
Sample Sample width width Pb Zn Cu Ag Au AgEq
No type (m) (m) (%) (%) (%) (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
PA 105436 Grab 0.1 0.1 13.15 0.06 0.02 548.0 0.46 920.2
PA 105442 Chip channel 0.5 0.5 27.03 0.14 0.05 568.0 0.33 1300.1
PA 105451 Grab 6.61 0.25 0.05 70.6 0.24 266.8
PA 105452 Grab 4.18 0.13 0.02 16.0 0.25 143.8
PA 80792 Grab 2.86 0.22 0.02 38.2 0.15 128.4
PA 80794 Chip channel 1.0 0.8 17.10 0.17 0.04 502.0 0.10 961.6
PA 80795 Chip 9.61 0.40 0.02 55.9 0.37 338.8
PA 80797 Chip channel(i) 1.5 1.2 3.99 0.26 0.01 21.1 0.20 143.3
PA 80798 Chip channel(i) 3.0 2.4 22.91 0.14 0.03 1355.0 0.25 1973.3
PA 80799 Chip channel(i) 3.0 2.4 27.08 0.04 0.01 311.0 0.75 1061.2
PA 81123 Chip 6.56 0.10 0.12 42.1 0.18 236.6
PA 81125 Grab 27.97 0.15 0.02 1215.0 0.08 1955.6
PA 81126 Grab 10.30 0.32 0.01 173.0 0.06 453.8
PA 81127 Chip 3.84 0.10 0.01 119.0 0.24 235.5
PA 81128 Chip 4.28 0.13 0.02 146.0 0.16 271.4
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(i) Chip channel PA 80797, PA 80798 and PA 80799 are three continuous
samples.
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Chip channel samples were collected as representative chips along an
historical channel sampling line. Results of the historical channel sample
are unknown. Chip samples were collected by random chips in the sampling
area. They are not considered as truly representative and therefore no
thickness is assigned. Grab samples are considered unrepresentative
samples.
Silver equivalent are based on the rounded average of each metal price over
the last 5 years (2009-2013), assuming 100% recovery: Pb $2,100/t; Zn
$2,000/t; Cu $7,300/t; Ag $25.0/oz; Au $1,350/oz.
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Table 1: Significant sample results of the underground workings at Plandiste
On behalf of the Board of Directors of Midlands Minerals Corporation
Craig Pearman, President and CEO
This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements regarding the completion of
the Transaction, the receipt of regulatory approvals, the Company's future
plans, objectives or expectations of the Company are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's
plans or expectations include risks relating to the fluctuating gold prices,
possibility of equipment breakdowns and delays, exploration cost overruns,
availability of capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or regulatory approvals
and other risks detailed herein and from time to time in the filings made by the
Company with securities regulators. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise except as
otherwise required by applicable securities legislation. Neither the TSX Venture
Exchange, its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange, nor the OTCQX accepts responsibility for
the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Midlands Minerals Corporation
Craig Pearman
President and CEO
+1 604 366 2229
cpearman@midlandsminerals.com
Midlands Minerals Corporation
Nick Tintor
Chairman
+1 416 987 0855
ntintor@rgmi.ca
Midlands Minerals Corporation
Nancy Curry
Corporate Communications
+1 604 220 2971
ncurry@midlandsminerals.com
www.midlandsminerals.com
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