Midland and Probe Gold Announce MMI Soil Results on the Copper-Gold-Silver-Molybdenum Discovery, La Peltrie Project
December 10 2024 - 7:00AM
Midland Exploration Inc.
(“Midland”) (TSX-V: MD),
in joint venture with Probe Gold Inc.
(“Probe”),
is pleased to announce the results of MMI sampling in the vicinity
of the large copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”)
discovery made in 2022 on the La Peltrie project. This
significant mineralized system is located 15 kilometres southeast
of Agnico Eagle’s Zone 58N gold deposit and 25 kilometres west of
the former Selbaie mine, which produced 56.9 Mt grading 0.87% Cu,
1.85% Zn, 39 g/t Ag, and 0.55 g/t Au (historical
production).
The La Peltrie project is now in joint venture
with Probe Gold Inc. (“Probe”) since September
2024.
Highlights:
- 8 values above 10,000 ppb Cu, reaching up to
31,100 ppb Cu.
- 96 values above 2,000 ppb Cu and 15 values above
100 ppb Mo.
- MMI Cu values identify the main Cu-Au-Mo-Ag zone and
extend westward.
- Several additional subparallel anomalies to the north
and northeast, proximal to the contact between volcanic rocks and
the Carheil intrusion.
- MMI Cu-Au-Ag-Mo anomalies show a very strong
correlation with samples collected during the prospecting
campaign.
The MMI sampling grid, totalling 786 soil
samples, covers the main Cu-Au-Ag-Mo discovery that graded
0.20% CuEq* over 513.5 metres (see press release
by Midland dated January 22, 2024), at a spacing of 50 m and
100 m along sampling lines spaced 200 m to 400 m
apart. The grid extends northward to cover the southern contact of
the Carheil intrusion. This soil sampling grid successfully
identified the main Cu-Au-Ag-Mo zone and also extended the latter
westward.
Anomalous MMI values to the north and northeast
show a good correlation with existing Cu values in isolated
prospecting samples collected in 2020 and 2023. Several of these
anomalous areas also correlate with the best IP anomalies from the
survey conducted last March and have yet to be drill-tested.
SRK Consulting performed a structural analysis
of the high-resolution aeromagnetic survey conducted in 2020, and
preliminary files were sent by SRK for review. To date, fault
structures (1st, 2nd, 3rd, and 4th order) have been established
from the data. The objective of this structural analysis of the
project is to improve the structural and geological understanding
of the copper mineralized zone. The study covers the copper
discovery and extends northward, to cover the Carheil intrusion. A
final report, including the best areas of interest defined by SRK,
is expected in late November.
The structural interpretation, MMI survey,
drilling and IP survey will be used to identify highly prospective
areas associated with Cu-Au-Ag-Mo mineralization
for an upcoming drilling program that is currently in
preparation.
Cautionary statements:
* Copper equivalent (“CuEq”) values were
calculated using the following metal prices: Au $1,500.00/oz, Cu
$3.25/lb, Ag $15.00/oz, Mo $15.00/lb. CuEq values are used for
exploration purposes only and do not include estimations of
metallurgical recovery.
The true thickness of drilling intervals
reported in this press release cannot be determined with the
information currently available; intervals are thus reported in
core length.
Mineralization occurring at the Zone 58N deposit
and at the former Selbaie mine is not necessarily indicative of
mineralization that may be found on the La Peltrie project
held by Midland/Probe described in this press release.
About Probe
Probe is a Canadian gold exploration company
focused on the acquisition, exploration, and development of highly
prospective gold properties. Probe is committed to discovering and
developing high-quality gold projects, including its key asset the
multimillion-ounce Novador Gold Project, Quebec. Probe is well
funded and controls a strategic land package of approximately 1,500
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. Eldorado Gold
Corporation currently owns approximately 10% of the company.
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 Probe Gold Inc., Barrick Gold Corporation, BHP
Canada Inc., Rio Tinto Exploration Canada Inc., Wallbridge Mining
Company Ltd, Agnico Eagle Mines Limited, SOQUEM Inc., 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 prepared by Richard D
St-Cyr, Exploration Director for Midland, certified geologist 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: 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
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/3697c643-c017-4b8e-b0af-9519dd6a8431https://www.globenewswire.com/NewsRoom/AttachmentNg/acbba0f1-2417-4b7b-b7e5-e162df21f675https://www.globenewswire.com/NewsRoom/AttachmentNg/eeae0300-98bc-4cc0-8991-a3388ccf3960https://www.globenewswire.com/NewsRoom/AttachmentNg/b0d2ccf6-b7e3-493d-a085-7e722769b623https://www.globenewswire.com/NewsRoom/AttachmentNg/cd776d36-b4f0-45de-a9b6-1294d5adb01dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/21c96d95-2c27-418b-bc00-f68d32e00068
Midland Exploration (TSXV:MD)
Historical Stock Chart
From Nov 2024 to Dec 2024
Midland Exploration (TSXV:MD)
Historical Stock Chart
From Dec 2023 to Dec 2024