Midland/Barrick Begin a Drilling Campaign on Its Patris Gold Property
July 09 2024 - 7:30AM
Midland Exploration Inc.
(“Midland”)
(TSX-V: MD) is pleased to announce the start of a
drilling campaign on the Patris gold property (the
“
Property”), currently 100% owned by Midland and
located approximately 30 kilometres northeast of the city of
Rouyn-Noranda in Quebec.
Highlights :
- 90 holes completed (2,075.4
m) on public lands using sonic drilling to recover till and bedrock
samples to increase data quality and understanding;
- Discovery of mineralized
felsic intrusions with pyrite in the Kewagama sedimentary rocks
(Belleaux area);
- The IP survey (gradient and
pole-dipole) generated numerous targets/anomalies, including three
main chargeability highs within the Kewagama sedimentary basin
(Belleaux area);
- Option payment of $60,000
recently received.
Diamond Drilling
A campaign of three (3) drill holes for 1,650 m
will begin in July with a drill in the Belleaux area where
mineralized felsic intrusions were discovered in the eastern part
of the Patris property. These weak to moderate intermediate to
felsic intrusions are weakly to moderately altered in
sericite-carbonate-hematite are commonly present less than 830 m
from the La Pause Fault in the Kewagama sedimentary rocks. This
seems to indicate that the La Pause Fault has primary control on
the magmatic activity of the region. These intrusions are also
mineralized with up to 10% pyrite and contain several quartz veins
and veinlets.
Last winter, 90 holes were completed (2,075.4 m)
on public lands using sonic drilling to recover till and bedrock
samples to increase the quality and understanding of the data. The
final analysis results are currently pending.
In addition to the drilling work, detailed
mapping will be carried out on the areas of interest generated by
the IP survey. Field mapping of IP anomalies in the Belleaux area
did not identify the source of the high chargeability. The
intrusion sector will also be revisited to better understand the
density and orientation of the veins.
Prospecting and mapping will be carried out in
the northern sector of the property (Lac Caste Basin).
Option Agreement with Barrick
Gold
Pursuant to the option transaction (the
“Transaction”) signed with a wholly-owned indirect subsidiary of
Barrick Gold Corporation (“Barrick”), Barrick has the right to
acquire up to a 75% interest in the Property in consideration for
cash payments totaling C$1,017,500 and exploration work totaling
C$16,575,000, over an eight-year period. Barrick is the operator of
the work carried out under the Transaction. (See Midland press
release, May 15, 2023)
About the Patris Property
The wholly owned Patris project comprises 299
claims covering a surface area of about 117 square kilometers,
located less than 10 kilometers northwest of the prolific
Doyon/Westwood-Bousquet-La Ronde gold mining camp. The Patris
property offers excellent gold potential as it covers the
Manneville Fault over more than 8 kilometers and the La Pause
Fault over more than 10 kilometers, both recognized as subsidiary
faults to the well-known Destor-Porcupine Fault Zone. The Patris
property also covers more than 5 kilometers of the fault contact
between the sediments of the Kewagama Group and the mafic and
ultramafic volcanics of the Malartic Group. Several historical gold
showings are found near this contact such as the Gadoury showing
which returned 6.3 g/t Au over 1.0 meter and the McDermott showing
which returned 8.6 g/t Au over 1.2 meters (Source:
Sigeom-MRNF).
Cautionary statement
Mineralization occurring at the
Doyon/Westwood-Bousquet-La Ronde gold mines is not necessarily
indicative of mineralization that may be found on the Patris
property held by Midland.
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 Barrick Gold Corporation., BHP Canada Inc., Rio
Tinto Exploration Canada Inc., Wallbridge Mining Company Ltd, Probe
Gold Inc., Agnico Eagle Mines Limited, Electric Element Mining
Corp., SOQUEM INC., Nunavik Mineral Exploration Fund, Cosmos
Exploration Limited 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 Richard D
St-Cyr. P.Geo., Exploration Director 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 OfficerTel.:
450 420-5977Fax: 450 420-5978Email:
info@midlandexploration.comWebsite: 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.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/73ff9aa8-df1d-4d42-8527-d54802770baahttps://www.globenewswire.com/NewsRoom/AttachmentNg/ec5f46bc-bf78-49b0-b5d1-6c6bd324e0c9https://www.globenewswire.com/NewsRoom/AttachmentNg/d7887c7a-039e-4191-975f-48172285a019https://www.globenewswire.com/NewsRoom/AttachmentNg/4506b3f0-e3b2-4416-ba8f-304356e125ac
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