Montreal, May 17, 2022. Midland Exploration Inc. (“Midland”) (TSX-V: MD) , in partnership with Probe Metals Inc. (“Probe”) , is pleased to announce the start of a major drilling program of more than 3,125 meters on new priority targets on the La Peltrie project.
This project, 100% owned by Midland and subject to an option agreement since July 2020 with Probe (see Midland press release dated July 9, 2020), is located along the Lower Detour Fault approximately 25 kilometers southeast of Zone 58N which is owned by Agnico Eagle Mines Limited.
- New Drilling Targets Identified – Geological, Geophysical and Geochemical Targets
- Program of more than 3,125 meters of drilling; 9 drill targets
- Targets near the Lower Detour Regional Fault
- Beginning of drilling (2 helicopter-borne drills) at the end of May
New Priority Drill Targets Near Lower Detour Fault
Since the beginning of the option agreement for the La Peltrie property in the summer of 2020, Probe has covered the entire property with a systematic biogeochemical survey and has also completed several small induced polarization grids in order to cover the best gold anomalies. This work made it possible to identify nine (9) new priority drilling targets which will be tested with this first drilling program of 3,125 meters beginning at the end of May. The work also made it possible to identify more than twenty additional targets which will be re-evaluated in light of the results of this first phase of drilling.
The La Peltrie property is located approximately 25 kilometers southeast of the high-grade gold zone of Lower Detour Zone 58N held by Agnico Eagle Mines Limited and which contains indicated resources of 2.87 million tonnes at a grade of 5.8 g/t Au (534.300 oz Au) and inferred resources of 0.97 million tonnes grading 4.35 g/t Au (136.100 oz Au) (Source: Kirkland Lake Gold NI 43-101 report with effective date as of December 31, 2020) . It is also located near the B26 deposit held by SOQUEM and which contains indicated resources of 6.97 million tonnes grading 1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43.0 g/t Ag and inferred resources of 4.41 million tonnes grading 2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9.0 g/t Ag (Source: SGS NI 43-101 report prepared for SOQUEM effective January 31, 2018). The La Peltrie property is also located 25 kilometres northwest of the former Selbaie mine, which historically produced 56.5 million tonnes of ore grading 1.9% Zn, 0.9% Cu, 38.0 g/t Ag and 0.6 g/t Au.
The mineralization found at Zone 58N and B26 may not be representative of the mineralization that could be identified on the La Peltrie de Midland/Probe project described in this press release.
Terms of the Agreement
Probe has the option to acquire a 50% interest in the La Peltrie property over a period of four (4) years in consideration of the following terms:
- Cash payments totaling $400,000 (two payments totaling $105,000 were completed by the issuance of 70,423 common shares of Probe).; and
- Exploration expenditures totaling $3,500,000 (including a firm commitment of $500,000 during the first year that has been completed).
- After exercising this first option to earn 50% interest, Probe may increase its interest to 65% (the Second Option) over a period of two years in consideration of exploration expenditures or cash payments totalling $5,000,000.
Probe is a Canadian gold exploration company dedicated to the acquisition, exploration and development of highly prospective gold projects. The Company is active in discovering and developing high quality gold projects, including its main asset, the Val-d’Or East gold project in Quebec where the Company has defined an inventory of several million ounces. The Company is well financed and controls a set of strategic exploration properties of more than 1,500 square kilometers within some of the most prolific gold belts in Quebec. The Company was formed following the $526 million sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently holds an approximate 10.4% interest in the Company.
Midland relies on Quebec’s excellent mineral potential to discover new deposits of gold, platinum group elements and world-class base metals. Midland is proud to count on renowned partners such as Probe, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM inc., the Mineral Exploration Fund of Nuvavik and Abcourt Mines inc. Midland prefers to work in partnership and intends to quickly conclude agreements in this regard with regard to its newly acquired properties. Management is currently evaluating other opportunities and projects to enhance the Company’s portfolio and create added value for its shareholders.
This press release was prepared by Mario Masson. P.Geo., VP Exploration for Midland and Qualified Person as defined by NI 43-101, who also approved the technical content of this press release. For further information, please consult Midland’s website or contact:
Gino Roger, President and Chief Executive Officer
Tel. : 450 420-5977 : 450 420-5977
Fax : 450 420-5978 : 450 420-5978
Neither the 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. press release contains certain forward-looking statements that involve elements of risk and uncertainty, and no one can guarantee that such statements will prove to be accurate. As a result, actual results and future events could differ materially from those anticipated by such statements. These risks and uncertainties are described in the annual report and in Midland’s filings with regulatory authorities.