-- Posted Wednesday, 9 February 2011 | | Source: GoldSeek.com
MONTREAL, QUEBEC--(Feb. 8, 2011) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD; MIDLF.PK) is pleased to announce the results of its last geophysical works performed, in partnership with Japan Oil, Gas and Metals National Corporation ("JOGMEC"), on Ytterby 2 and Ytterby 3 properties located respectively 65 km and 100 km south of the Strange Lake - B-Zone REE project area. Several new promising untested rare earth elements ("REE") targets were identified following a 259 line kilometers magnetic and radiometric ground survey completed in 2010. Reconnaissance mapping and prospecting, following up a detail airborne radiometric survey completed in 2010, led to the discovery of two new rare earth elements-enriched alkaline granitic systems on Ytterby 2 and Ytterby 3 properties.
Several strong ground radiometric anomalies were outlined on Ytterby 2 and 3 respectively. Ytterby 2 claim block encompasses more than seven unexplained and untested radiometric anomalies that have strike extents varying from 250 metres to 1.1 kilometres. Strong radiometric anomalies are commonly associated with known REE mineralisation on the Ytterby project areas. A three dimensional ("3D") magnetic inversion, of both Ytterby 2 and 3, has also been completed. On Ytterby 2, the 3D magnetic inversion modelized well the shape of the red syenite in the center part of the property protruding the rapakivi granite. On Ytterby 2, to date, more than 29 mineralized prospect areas were discovered in 2010 with total rare earth oxides plus yttrium oxide ("TREO+Y2O3") values varying from 0.3% to 18.0%. The heavy rare earth oxides plus yttrium oxide ("HREO+Y2O3") content represents 1.43% to 83.7% of the TREO+Y2O3. All these new mineralized prospect areas remain wide open in all directions.
On Ytterby 3 property, several strong ground radiometric anomalies were outlined. Indeed, more than 14 unexplained and untested anomalies that have strike extents varying from 100 metres to 850 metres were identified. On the claim block, the 3D magnetic inversion defined a simple, low magnetic, large, circular and vertical huge body. On Ytterby 3, to date, 63 new mineralized prospect areas were found with TREO+Y2O3 values varying from 1.03% to 7.94% with a 2.72% average TREO+Y2O3. The HREO+Y2O3 content, represent 2.4% to 15.4% of the TREO+Y2O3. All these new mineralized prospect areas remain wide open in all directions.
Mineralization processes that may have been involved in the transportation, concentration and deposition of the REE on Ytterby 2 and 3 properties are currently under investigation and being compared to other similar deposits elsewhere in the world. Presently Midland is preparing an exploration program of geological mapping, stripping and channel sampling that will be followed up by diamond drilling during the 2011 summer field season.
Midland and JOGMEC are very encouraged by these results that could conduct to new REE discoveries within the Strange Lake district area which may soon emerge as a future world class source of rare earth metals.
Terms of the Exploration Agreement
JOGMEC has the option be vested in 50% interest in the Ytterby project by funding $2,500,000 in exploration expenditures, prior to March 31, 2012, including $1,000,000 in work expenditures during the first year. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project. JOGMEC also has the right to transfer its interests in the Ytterby project, in whole or in part, to one or more Japanese companies or a consortium of Japanese companies.
About JOGMEC
JOGMEC was established in February, 2004, following the integration of the former Japan National Oil Corporation (JNOC) and Metal Mining Agency of Japan (MMAJ). It is a corporation under the Japanese Ministry of Economy, Trade and Industry (METI), with a mandate of investing in developing minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry.
About Midland
Midland targets the excellent mineral potential and the favourable investment climate of Quebec to make the discovery of new world-class deposits of gold, base metals and REE. Midland is proud to count on reputable partners such as Japan Oil, Gas and Metals National Corporation, Agnico-Eagle Mines Limited, Aurizon Mines Ltd., Osisko Mining Corporation, North American Palladium Limited, Zincore Metals Inc. and SOQUEM Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Midland is currently evaluating new opportunities and other projects in order to increase the portfolio of the Company.
This press release was prepared by Robert Banville, Eng., senior geologist for Midland Exploration and Qualified Person as defined by NI 43-101.
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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