-- Posted Wednesday, 15 February 2012 | | Disqus
MONTREAL, QUEBEC--(Marketwire -02/15/12)- Midland Exploration Inc. ("Midland") (TSX-V: MD.V, MIDLF.PK) is pleased to report that Agnico-Eagle Mines Limited ("Agnico-Eagle") has resumed drilling on the Maritime-Cadillac property, to test the extensions at depth and to the southeast of the Dyke East gold structure, discovered at shallow depth in the north part of the property. The Maritime-Cadillac property is contiguous to the Lapa gold mine property (700,000 gold ounces in proven and probable reserves, with 2.8 million tonnes at 7.4 g/t Au), in commercial production since May 2009 (Source: Agnico-Eagle Reserves and Resources Lapa Mine; published December 31, 2010).
Over the last few months, Agnico-Eagle, as project operator, completed a thorough review of all previous drilling data and the results confirmed the NW-SE strike and southeast plunge of the Dyke East gold structure. This structure was encountered in drill hole 141-11-31, which intersected three high-grade gold intervals respectively grading 21.1 g/t Au over 1.2 metres from 412.80 to 414.00 metres, 3.0 g/t Au over 5.20 metres from 425.30 to 430.50 metres, and 4.50 g/t Au over 3.40 metres from 442.00 to 445.40 metres. These intervals are included within a wider gold-bearing zone grading 1.7 g/t Au over 46.40 metres, from 399.00 to 445.40 metres. Gold mineralization is mainly associated with silica and biotite alteration zones in felsic dykes that host disseminated sulphides (1-2% pyrite and 2-3% arsenopyrite) and visible gold.
A first phase of drilling, involving two drill holes for a total of about 1,500 metres, is primarily designed to test the extensions at depth and to the southeast of the gold-bearing structure intersected in drill hole 141-11-31. The two drill holes will test the Dyke East structure at vertical depths of 475 metres and 625 metres. The drilling program began recently and is expected to continue through the spring. Agnico-Eagle is currently assessing other targets across the property and is considering the possibility of completing another phase of drilling later this year.
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.
A surface plan and a longitudinal section showing these recent intersections and planned drill holes currently underway are available on Midland's website.
Quality Control
The exploration program on the Maritime-Cadillac project is conducted by Agnico-Eagle and the data are reviewed by Mario Masson, VP Midland Exploration and Qualified Person as defined by National Instrument 43-101.
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.
About Midland Exploration
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 rare earth elements. Midland is proud to count on reputable partners such as Agnico-Eagle Mines Limited, Osisko Mining Corporation, Aurizon Mines Limited, North American Palladium Limited, Japan Oil, Gas and Metals National Corporation 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 Mario Masson, VP 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.
-- Posted Wednesday, 15 February 2012 | Digg This Article
| Source: GoldSeek.com
