-- Posted Tuesday, 7 June 2011 | | Disqus
MONTREAL, QUEBEC--(Marketwire - June 7, 2011) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD, MIDLF.PK) is pleased to announce that a new important exploration program including a drill campaign was recently approved on the Ytterby rare earth elements ("REE") project, in partnership with Japan Oil, Gas and Metals National Corporation ("JOGMEC"). Airborne geophysical surveys and geological prospecting carried out in the summer of 2010 enabled field crews to identify two new major alkaline systems enriched in rare earth elements on the Ytterby 2 and Ytterby 3 properties located respectively 65 km and 100 km south of the Strange Lake - B-Zone REE project area.
To date on Ytterby 2, 29 mineral occurrences were discovered with values for total rare earth oxides plus yttrium oxide ("TREO+Y2O3") ranging from 0.3 to 18.0%. The proportion of heavy rare earth oxides and yttrium oxide ("HREO + Y2O3") represents 1.43 to 83.7% of values for TREO+Y2O3. All of the new mineral prospects are open in all directions. On Ytterby 3, 63 new mineral occurrences were discovered, grading between 1.03% and 7.94% TREO+Y2O3, for an average grade of 2.72% TREO+Y2O3. The proportion of HREO + Y2O3 represents 2.4% to 15.4% of values for TREO+Y2O3. All of the new mineral prospects are also open in all directions.
The 2011 exploration program will be divided in two phases. In order to determine the lateral extents of the best selected REE showings, the first phase, scheduled in mid July, will include geological mapping helped by mechanical stripping and channel sampling. In the second phase, Midland is planning a 2,000 metres drill program to test the mineralization extents, laterally and at depth, of the best selected targets on Ytterby 2 and Ytterby 3. Comprising a minimum of fifteen drill holes, the planned drill holes should test targets at vertical depths ranging from 70 to 200 metres. Respectively 1,100 and 900 metres of drilling are anticipated on Ytterby 2 and Ytterby 3 respectively.
Midland's exploration program will aim mainly towards REE targets susceptible to create moderate to high grade REE mineralization with large volume potentially amenable to open pit operation. Typically, the selected follow-up targets are disseminated moderate to high grade REE mineralization hosted in potentially layered or zoned alkaline granitic intrusions associated with or flanking, thorium radiometric and magnetic highs.
The 2011 Ytterby exploration program represents an important expenditure of more than $1.4 million. All required permits are either in place, or expected shortly, and mobilization is scheduled for the second week of July.
Terms of the Exploration Agreement
JOGMEC has the option to acquire a 50% interest in the Ytterby project by funding $2,500,000 in exploration expenditures, prior to March 31, 2012. 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. For further information, please consult Midland's website.
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.
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.
Contact:
President and Chief Executive Officer
Gino Roger
450 420-5977
450 420-5978 (FAX)
info@midlandexploration.com
www.midlandexploration.com
-- Posted Tuesday, 7 June 2011 | Digg This Article
| Source: GoldSeek.com
