-- Posted Thursday, 11 August 2011 | | Disqus
MONTREAL, QUEBEC--(Marketwire - Aug. 11, 2011) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD, MIDLF.PK) is pleased to announce the beginning of drilling on its 100%-owned Ytterby Rare Earth Elements (REE) Project which is currently under the second year option agreement with its partner Japan Oil, Gas and Metals National Corporation ("JOGMEC"). The drill rig is currently mobilized on Ytterby 3 and coring is anticipated by the end of the week. This new drilling campaign managed by Midland will consists in a minimum of 15 holes totalizing 2,000 metres of drilling. The drill program will test several REE showings identified last year 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.
Geological mapping helped by mechanical stripping and channel sampling is currently underway on both properties. More than 500 channel samples have been collected and send for analysis. Last summer, while prospecting on Ytterby 2, 29 new 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. 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 open in all directions.
Midland drill 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, our selected follow-up targets are disseminated moderate to high grade REE mineralization hosted in layered or zoned alkaline granitic intrusions associated with or flanking, thorium radiometric and magnetic highs. The planned drill holes should test targets at vertical depths ranging from 70 to 250 metres. Respectively 1,200 and 800 metres of drilling are anticipated on Ytterby 2 and Ytterby 3.
Terms of the Exploration Agreement
JOGMEC has the option to acquire 50% interest in the Ytterby project prior to March 31, 2012 by funding $2,500,000 in exploration expenditures 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 Economics, 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 Ltd, Osisko Mining Corporation, Aurizon Mines Ltd, North American Palladium Ltd, 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 registered engineer and senior geologist for Midland Exploration, and Qualified Person as defined by NI 43-101.
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:
450-420-5977
Gino Roger, President and Chief Executive Officer
450-420-5978 (FAX)
info@midlandexploration.com
www.midlandexploration.com
-- Posted Thursday, 11 August 2011 | Digg This Article
| Source: GoldSeek.com
