MONTREAL, June 29, 2021 - Midland Exploration Inc. ("Midland") (TSX-V: MD), in partnership with Probe Metals Inc. ("Probe"), is pleased to announce the start of an important drilling program to test new high-priority targets on the Gaudet-Fenelon project. This project is located less than 5 kilometres south of the Fenelon Gold project held by Wallbridge Mining Company Ltd. and is a 50/50 joint venture between Midland and Probe.
The Gaudet-Fenelon project covers more than 35 kilometres of favourable yet underexplored structures in the vicinity of the Lower Detour Fault, and is located immediately south of the Fenelon Gold deposit where Wallbridge is currently completing a resource estimate.
- Regional geochemical surveys identified several new high-priority targets for gold and gold-copper
- Induced polarization ("IP") geophysical surveys south of Fenelon Gold identified high-priority drilling targets
- A 4,500-metre drilling program will commence in July 2021
This maiden drilling program undertaken by Midland and Probe on the Gaudet-Fenelon joint venture project is planned for a minimum of 4,500 metres and will test at least 15 high-priority targets recently identified following geophysical IP surveys combined with a regional biogeochemistry (black spruce bark) survey. A total of 100 kilometres of IP were completed and 1055 biogeochemistry samples were collected in 2020 and 2021, in preparation for the drilling program.
New high-priority drilling targets
To maximize the chances of new discoveries, targets were prioritized by combining favourable structures interpreted from geophysical (Mag-IP) surveys, high-chargeability (IP) axes, and biogeochemical (Au, As, Cu, Zn, Ag) anomalies. As a result of this process, a total of 15 high-priority targets were selected for this drilling program, slated to begin in July 2021.
Mineralization occurring at Fenelon Gold is not necessarily indicative of mineralization that may be found on Gaudet/Fenelon JV held by Midland/Probe described in this press release.
Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion ounce Val-d'Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp Inc. in March 2015. Newmont Corporation currently owns approximately 11.6% of the Company.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as Probe Metals Inc., Wallbridge Mining Company Ltd., BHP Canada Inc., Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM INC., 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 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
Fax: 450 420-5978
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/21a35645-c381-4651-a295-d8f99321977c