Midland Announces the Acquisition of the Kan Gold Project in the Labrador Trough

22 April 2025

Montreal, April 22, 2025. Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the acquisition of 100% interest in the Kan gold project from a private company (Ressources Tectonic). The Kan project is located in the Labrador Trough, some 85 kilometres southwest of Kuujjuaq and comprises 261 mining claims covering 121 km2 (approximately 35 kilometres by 3.5 kilometres).

Highlights:

  • Numerous known gold occurrences on the project grading up to 9.8 g/t Au over 13.2 metres (channel sample; Ferricrete showing), 8.71 g/t Au over 7.0 metres (channel sample; Pump Pad Ridge showing), and 5.24 g/t Au over 17.0 metres (channel sample; Winchester showing).
  • Gold occurrences hosted in silicate-carbonate-facies iron formation exhibit many similarities to the world-class Homestake gold deposit.
  • The silicate-carbonate-facies iron formation that hosts gold mineralization is traced over 30 kilometres strike length on the project.
  • The extensions of several gold-bearing zones defined by drilling or channel sampling remain open.
  • Strong, underexplored potential for gold in black shales and gabbro-diorite sills.

The project hosts several historical high-grade gold occurrences. These gold showings are found in a regionally extensive silicate-carbonate-facies iron formation that is traced over more than 30 kilometres strike length on the project. The gold showings and the silicate-carbonate-facies iron formation that hosts gold mineralization exhibit strong similarities to the world-class Homestake gold deposit. Numerous gold exploration targets remain untested on the project, including the open extensions of known gold zones defined by drilling or channel sampling. The project also shows strong potential for gold mineralization in black shales and gabbro-diorite sills. Including the Willbob gold project, Midland now controls 340 square kilometers of favorable terrain for gold, representing 90 kilometers long.

Gold potential in silicate- and carbonate-facies iron formation on the Kan project

Gold occurrences on the Kan project are found within a silicate- and carbonate-facies iron formation unit of regional extent. This iron formation is traced over more than 30 kilometres strike length on the project. The best showings are as follows:

  • Ferricrete showing: 9.8 g/t Au over 13.2 metres; 8.9 g/t Au over 8.45 metres (channel samples); 5.07 g/t Au over 6.0 metres; 6.29 g/t Au over 3.0 metres; 4.14 g/t Au over 3.8 metres; 3.64 g/t Au over 4.0 metres (drill holes)
  • Winchester showing: 5.24 g/t Au over 11.0 metres; 2.02 g/t Au over 10.0 metres; 8.33 g/t Au over 4.0 metres (channel samples); 1.99 g/t Au over 21.1 metres; 1.22 g/t Au over 16.0 metres (drill holes)
  • Pump Pad Ridge showing: 8.71 g/t Au over 7.0 metres; 11.6 g/t Au over 3.0 metres; 1.22 g/t Au over 8.5 metres; 2.64 g/t Au over 15.0 metres (channel samples); 2.3 g/t Au over 3.0 metres (drill hole)
  • Pump Pad Ridge West showing: 4.28 g/t Au over 8.5 metres (channel sample)
  • 16-TR-024 showing: 8.57 g/t Au over 3.2 metres (channel sample)
  • 16-TR-021 showing: 4.5 g/t Au over 4.0 metres (channel sample)
  • 16-TR-023 showing: 1.62 g/t Au over 12.0 metres (channel sample)
  • 16-TR-001 showing: 1.4 g/t Au over 25.0 metres (channel sample)
  • 16-TR-006 showing: 3.46 g/t Au over 4.5 metres (channel sample)
  • 16-TR-017 showing: 0.91 g/t Au over 25.5 metres including 4.77 g/t Au over 4.0 metres (channel sample)
  • KAN-18-016 showing: 3.05 g/t Au over 11.5 metres (drill hole)
  • KAN-18-007 showing: 1.8 g/t Au over 7.0 metres (drill hole)
  • KAN-18-027 showing: 4.22 g/t Au over 5.0 metres (drill hole)
  • FAU-16-009 showing: 1.21 g/t Au over 8.0 metres (drill hole)
  • K-94-16 showing: 9.46 g/t Au over 2.0 metres (drill hole)
  • K-94-13 showing: 6.72 g/t Au over 2.0 metres (drill hole)
  • Noranda-Ridge North showing: 4.64 g/t Au over 1.3 metres (channel sample)

The strike and depth extensions of several of these showings remain open. Historical data from the project is currently under review to identify the best drilling targets. Historical values from drilling and channels mentionned previously, and from soil samples below, are sourced from: Hébert et al., (2018); report GM-71136 (Ministère des Ressources Naturelles et de la Faune du Québec (“MRNF“); Hébert et al., (2018); report GM-70728 (MRNF); Hébert et al., (2017); report GM-70234 (MRNF).

The Pump Pad Ridge and Ferricrete areas show exceptional gold grades in B-horizon soil samples (Figure 5). Historical soil surveys conducted in the two areas reveal 155 soil samples with grades above 0.25 g/t Au, and 68 soil samples grading more than 1 g/t Au. Anomalous areas can be traced over hundreds of metres along the iron formation. Gold grades are caused by free gold in the soil that developed in situ, directly on the iron formation. Free gold grains can be easily observed and extracted by panning (Figure 8).

The geology and gold occurrences on the project exhibit strong similarities to the world-class Homestake gold deposit in South Dakota, which historically produced nearly 40 million ounces of gold. Kan and Homestake are both located in the Trans-Hudson Orogen, more specifically in sedimentary sequences of the same age (1.9 Ga). Locally, the geological sequence and structural style are also very similar (Figure 9). Gold at the Homestake mine occurs in a silicate-carbonate-facies iron formation that is very similar to the iron formation observed on the Kan project.

Gold potential in gabbro-diorite sills and black shales on the Kan project

The Kan project is adjacent to Midland’s existing Willbob project. Several gold-bearing zones hosted in gabbro-diorite sills are present on the Willbob project, for example the Didgeridoo showing, where channel samples yielded grades up to 2.30 g/t Au over 8.95 metres in 2017 (Figure 2; see press release by Midland dated September 18, 2018). This showing is located 6 kilometres southeast of the Kan project. The same gabbro-diorite sills are present on the Kan project but have been the object of very little previous work, most of the attention being focused on the gold-bearing iron formation. Midland believes that a similar potential exists on the Kan project.

Some of the world’s largest gold deposits are found in black shale sequences. One such example is the Sukhoi Log deposit, which contains more than 61 million ounces of gold. Extensive black shale sequences are present on the Kan project. The black shales are identified over a strike length of more than 30 kilometres, over an apparent width of up to 2 kilometres. These black shales are underexplored.

Details of the acquisition

Midland will acquire 100% interest in the mining claims held by Ressources Tectonic in consideration of three payments totalling $125,000, including a $40,000 payment at signing, a $40,000 payment on the first anniversary, and a final payment of $45,000 on the second anniversary. As additional consideration, Midland agrees to pay a 2% Net Smelter Return (“NSR”) royalty to Ressources Tectonic if the project goes into commercial production. The royalty may be repurchased by Midland, in whole or in two 1% increments, upon payment of $1,500,000 per 1% increment payable to Ressources Tectonic, for a total amount of $3,000,000.

Cautionary statements

Mineralization occurring at the former Homestake mine and at Sukhoi Log mentioned in this press release is not necessarily indicative of mineralization that may be observed on the Kan project.

About Midland

Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold and critical metals. Midland is proud to count on reputable partners such as SOQUEM Inc., BHP Canada Inc., Rio Tinto Exploration Canada Inc., Barrick Gold Corporation, Wallbridge Mining Company Ltd, Probe Gold Inc., Agnico Eagle Mines Limited, Electric Elements Mining Corp., Nunavik Mineral Exploration Fund, and Abcourt Mines 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 reviewed and approved by Richard St-Cyr, P.Geo., Exploration Director for Midland and Qualified Person as defined by NI 43-101.

For further information, please consult Midland’s website or contact:

Gino Roger, President and Chief Executive Officer
Tel.: 450 420-5977
Fax: 450 420-5978
Email: info@midlandexploration.com
Website: https://www.midlandexploration.com/

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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MARIO MASSON, P. GEO.

V.P. Exploration

More than 30 years of experience in mineral exploration in Quebec.

Mario Masson holds a Bachelor’s degree in Geology from the Université de Montréal. Before joining Midland’s team, Mario worked several years has a geologist at Nipadex and Muscocho. In 1990, he started working for Noranda Exploration in Matagami has a Project Geologist and was a part of the team that found the Orchan West and Bell Allars deposits. He was also involved in the discovery of the Perseverance deposit in the Matagami Mining Camp in 2000. After this discovery, Mario and his team win the PDAC Bill Dennis Award in 2001. From 2002 to 2007, he was in charge of the exploration activities in the Noranda Mining Camp has a Senior Geologist for Noranda Inc – Falconbridge ltée – Xstrata Copper. In addition, he was also involved in the discovery of the West Ansil deposit in the Noranda Mining Camp in 2005, which allowed the Falconbridge ltée exploration team to win the Prospector of the Year award at the QMEA. Since January 2008, he is a part of Midland Exploration team as VP Exploration.

Gino Roger, ing.

President,CEO, Director

Since November 1, 2006, Gino Roger has been President and CEO of Midland Exploration Inc. In 1990, he obtained his Bachelor’s degree from Laval University in Geological Engineering. . From May 1990 to October 2006, Mr. Roger was a senior and regional project geologist for Xstrata, Falconbridge and Noranda. He actively participated in the generation, acquisition and negotiation of a number of projects and the discovery of base metal deposits. He mainly worked in Quebec, Ontario, BC-Yukon and Sweden on different metallogenic projects and environments: gold, VMS, Sedex, MVT and IOCG. He and his team received the prestigious QMEA prospector of the year award in 2005 for the discovery of the West-Ansil deposit. Mr. Roger is a member of the Ordre des ingénieurs du Québec. He acted as an administrator of the Quebec Mineral Exploration Association (QMEA) for more than 28 years and is still an administrator of CONSOREM.

Jean-Pierre Janson

Chairman of the Board

Since 2019, Jean-Pierre Janson has been a consultant for Richardson Wealth Limited. From 2005 to 2019, he was Senior Director, National Wealth Management, at Richardson GMP Limited. He has also been a director and Chairman of the Board of Midland Exploration Inc. since 2005. Over the past 30 years, Mr. Janson has served as Managing Director at CIBC Wood Gundy Financial Services (Quebec) Inc. (Eastern Canada) and held executive positions at Merrill Lynch Canada Inc. and Midland Walwyn Inc. He has also been a director of Tri Origin Exploration Ltd. since May 2004 and a trustee of BTB Real Investment Trust since September 2007. In addition, he is a director of SIDEX s.e.c. and Harfang Exploration. In over 30 years in the financial services industry, he has built a reputation of trust and respect.

RENÉ BRANCHAUD

Secretary and Director

René Branchaud holds an LLB from Université Laval obtained in 1982. He has been a lawyer since 1983 and is a partner of the law firm Lavery, de Billy L.L.P. He has a vast experience as secretary and director of mining corporations.

INGRID MARTIN

Chief Financial Officer

Ingrid Martin holds a Bachelor in Business Management from the École des hautes études commerciales (HEC), in Montréal, Quebec. She is a member of the Order of Chartered professional accountants of Quebec since 1990 and possesses a vast experience as consultant for public companies. She acts, also, as Chief Financial Officer of Vior Inc. Mrs. Martin is devoting 40% of her time to Midland Exploration.

PAUL ARCHER

Director

Paul Archer has a Bachelor’s degree in Geological Engineering and a Master’s degree in Earth Science. He has more than 35 years of experience in the mining industry, particularly in exploration for gold and base metals in Archean terrains. He developed his expertise working with various companies, including Shell Minerals, Noranda Exploration, Northgate Explorations, Westminer Canada and SOQUEM, where he was Regional Manager for Northern Quebec. On May 1, 1996, Mr. Archer joined Virginia Mines as Vice-President of Exploration and Acquisitions and Director. Mr. Archer was actively involved in the discovery and development of the Eleonore project, from the preliminary field campaign through to the sale of the deposit to Goldcorp. In November 2014, he joined Osisko’s management team following the Osisko/Virginia merger. He was elected President of the Quebec Prospectors Association in 1996 and 1997. Over the years, Mr. Archer has received, on behalf of Virginia, several prestigious prizes, including the Bill Dennis Award from the PDAC in 2006 for the discovery of the Eleonore deposit.

ANNIE DUTIL

Director

Annie Dutil is a member of the Quebec CPA Order and is Nomad’s corporate controller. Ms. Dutil brings over 15 years of extensive mining knowledge, specifically in the areas of public accounting, compliance with financial information obligations and regulatory matters. Prior to joining Nomad, Ms. Dutil has held a number of positions at PwC, including a role as director where she has led the Capital Markets and Accounting Advisory Services group in Montréal. In her current and previous roles, she has assisted several companies in their capital markets activities, including initial public offerings, financings, cross-border transactions and complex accounting and regulatory matters. Ms. Dutil is the co-founder of the Montreal chapter of Women in Mining and is involved in many community and philanthropic activities, currently serving as a member of the Board of Directors of Factry, the School of the Creative Sciences, and Théâtre de la Banquette Arrière.

Jean des Rivières

Director

Mr. Jean des Rivières holds a Bachelor of Science degree in Geology from Université du Québec à Montréal and a Master’s degree of Science in Geology from École Polytechnique de Montréal affiliated to the University of Montreal. He has over 35 years of diversified experience in the exploration and mining industries while working in more than 50 countries touching base and precious metals. He most recently held the position of global Vice President Metals Exploration at BHP and previously held managerial and technical positions at Rio Algom, BHP, and Noranda. With BHP, Mr des Rivières chaired the Inclusion and Diversity committee of the Americas. After a successful career, he recently joined the board of directors of First Majestic Silver Corp., Montero Mining and Exploration Ltd., and Midland Exploration Inc.

JEAN-FRANÇOIS LARIVIÈRE, P.GEO.

Project geologist

More than 20 years of experience in mineral exploration in Quebec.

Project geologist for Midland Exploration, Jean-François holds a PhD from Université du Québec à Chicoutimi in Mineral resources, specialist in zinc-bearing mineralization with an expertise in metallogeny of metalliferous deposits.

RICHARD ST-CYR, P. GEO.

Project geologist

More than 30 years of experience in mineral exploration in Quebec, British Colombia and Dominican Republic.

Project Geologist for Midland Exploration since 2012, Richard holds a Bachelor degree in Resources Geology from Université du Québec à Montréal. Before joining Midland’s team, he was a Project Geologist for Services Technominex – Aurizon Mines, Sirios and Unigold on several gold exploration projects. Between 1997 and 2006, he worked has a Project Geologist (5 years) and Technical Director (4 years) for the Nunavik Mineral Exploration Fund. At the beginning of his career, Richard worked as a Prospector for SOQUEM, Virginia Gold / Barrick Gold on gold projects in James Bay and Northern Quebec. He was also involved in the exploration of the Eskay Creek discovery in British Colombia.

LOUIS-PHILIPPE RICHARD, P.GEO.

Project geologist

More than 10 years of experience in mineral exploration in Quebec.

Project geologist for Midland Exploration, Louis-Philippe holds a Bachelor’s degree in Geology from Université Laval. Prior to joining the team, he worked 4 years for Nemaska Exploration / Monarch Resources / Nemaska Lithium in the Nemiscau area where he managed and participated exploration campaigns for lithium, gold and base metals. He also participated in the development of the Whabouchi lithium project.

Romain Deflin, P.Geo.

Project Geologist

Project Geologist for Midland Exploration, Romain Deflin holds a degree in geological engineering from l’ENSG (École National Supérieure de Géologie in Nancy) and a master degree in Mineral Resource Exploration from Université de Lorraine. He completed a 4 months internship with Midland before joining the team permanently in 2019.

Philippe Allard, Geo. M.Sc.

Project geologist

More than 20 years of experience in mineral exploration in Québec, Canadian Arctic, and Dominican Republic.

Project Geologist for Midland Exploration since May 2019, Philippe holds a Bachelor degree in Geology and a master in Earth Sciences from UQAM (Université du Québec à Montréal). Before joining Midland’s team, Philippe worked as an Exploration Geologist for Goldcorp, Ressources Sirios, Unigold and the Nunavik Mineral Exploration Fund (NMEF). At the beginning of his career, he also worked as an assistant geologist and a geologist for Virginia Gold Mines, Cambiex, Miramar Mining, Noranda Exploration, SOQUEM and Services Miniers du Nord on gold and base metals projects, mainly in James Bay. Moreover, he was at the origin of the discovery by prospection of the Cheechoo deposit in James Bay in 2010.

SYLVAIN TRÉPANIER, P.GEO.

Geologist Consultant

More than 20 years of experience in mineral exploration and research in Quebec.

Sylvain Trépanier holds a Bachelor’s degree in Geology, a Master’s degree in Earth Science and a Bachelor’s degree in Computer Science and Software Engineering from Université du Québec à Montréal. Sylvain began his career for Noranda in 1995 and worked on various projects in Quebec until 2001. From 2004 to 2012, he worked has a research geologist at CONSOREM. During his years working at CONSOREM, he has carried out numerous research projects applied to mineral exploration and has developed expertise recognized in Quebec in various fields related to exploration: lake-bottom, streams and tills sediments geochemistry, alterations lithogeochemistry, statistical data processing and potential mineral evaluation by artificial intelligence. He is the author of several scientific articles, research reports and public presentations. He designed and developed the Lithomodeleur software for geochemistry treatment, which is now widely used in Quebec by exploration companies, governments and universities. From 2012 to 2016, he worked for Virginia Mines and Osisko Gold Royalties as a Senior Research Geologist and was involved in most of the company’s projects in James Bay and the Labrador Trough. He is co-recipient of the QMEA Jean-Descarreaux Award in 2011 with the CONSOREM team. Mr. Trépanier joined Midland in November 2016 as a VP Exploration James-Bay/Northern Quebec.