-- Posted Wednesday, 30 March 2011 | | Source: GoldSeek.com
Midland Exploration Inc (C:MD)
Shares Issued 24,156,163
Last Close 3/28/2011 $1.79
Wednesday March 30 2011 - News Release
Mr. Gino Roger reports
Midland Exploration Inc. has seen Agnico-Eagle Mines Ltd. resume drilling to test the extensions of two new gold discoveries identified during the 2010 work program. The property is contiguous to the Lapa gold mine property (800,000 gold ounces in proven and probable reserves, with 3.2 million tonnes at 8.2 g/t Au), in commercial production since May 2009 (Source: Agnico-Eagle Financial Statements released February 17, 2010).
This new drilling campaign totalling about 2,150 metres in four (4) drill holes is mainly designed to test the extensions of two new gold discoveries, located at shallow depth in the north part of the Maritime Cadillac Property, identified during the 2010 campaign.
Two drill holes will test the extensions of hole 141-10-26, which intersected a new gold-bearing structure named V4 West that graded 8.6 g/t Au over 5.5 metres, including an interval at 13.8 g/t Au over 3.0 metres. Two other drill holes are planned, to test the extensions of drill hole 141-10-23, which yielded a grade of 1.7 g/t Au over 37.85 metres, including an interval at 4.8 g/t Au over 6.0 metres along the Dyke East-V3 structure.
In particular, two holes are designed to test the extensions of each gold discovery, at a spacing of 70 to 100 metres along strike (north-south) and at various elevations (about 50 to 70 m above and below), in order to determine the average southerly plunge of high-grade gold zones along a steeply west-dipping north-south plane.
The Maritime Cadillac Property is well located in the eastern part of the Cadillac mining camp, south of the Lapa gold mine. The presence of significant lithological contacts (Pontiac-Piche-Cadillac) within the Cadillac-Larder Lake deformation zone provides excellent potential for the development of lode gold or disseminated gold deposits.
Maps showing the strategic location of the Maritime Cadillac Property, as well as a regional longitudinal section, may be consulted using the following links:
For Figure 1 - Map of the Abitibi region showing the location of the Maritime Cadillac project, click here: http://media3.marketwire.com/docs/MD0330-1.pdf
For Figure 2 - Regional longitudinal section showing new gold intersections, click here: http://media3.marketwire.com/docs/MD0330-2.pdf
A surface plan and a longitudinal section showing the new intersections and planned drill holes currently underway are also available on Midland's website.
Quality Control
The exploration program on the Maritime-Cadillac project is conducted by Agnico-Eagle Mines Limited and the data are reviewed by Mario Masson, VP Midland Exploration and Qualified Person as defined by National Instrument 43-101. Assay samples are taken from BQ-size drill core sawn in half; one half is shipped to a commercial laboratory and the other half is kept for future reference. Assays were conducted by Lab Expert in Rouyn-Noranda. Significant assay results are duplicated at the original laboratory as well as in a second independent laboratory, ALS Chemex-Chimitec in Val-d'Or. Quality control samples, standards and blanks, were inserted in the sample stream for mineralized zones. Drill intersections are reported as core lengths and their true thickness remains to be determined.
Terms of the Exploration Agreement
On June 1, 2009, Agnico-Eagle Mines fulfilled all its obligations under the June 1, 2006 agreement and has acquired a 50% undivided interest in the Maritime-Cadillac property. Agnico-Eagle paid $100,000 and completed $1,000,000 of exploration work from fiscal 2006 to fiscal 2009. The company will also have the option to increase its undivided interest in the property from 50% to 65% over a period of 3 years, by solely financing a bankable feasibility study or by solely assuming all mining operations on the Maritime Cadillac Property, earning a 1% additional interest for every $1,000,000 spent on the property (up to 15% by spending $15 million). Agnico-Eagle is currently working to increase its interest in the project by fully funding ongoing exploration work on the project.
This press release was prepared by Mario Masson, VP Midland Exploration and Qualified Person as defined by NI 43-101.
We seek Safe Harbor.
© 2011 Canjex Publishing Ltd.
-- Posted Wednesday, 30 March 2011 | Digg This Article
| Source: GoldSeek.com
