-- Posted Thursday, 26 April 2012 | | Disqus
MONTREAL, QUEBEC--(Marketwire - April 26, 2012) - Midland Exploration Inc. ("Midland") (MD.V, MIDLF.PK) is pleased to announce the intersection of a new gold zone at shallow depth on its Casault gold property. This new gold-bearing zone was identified during an extensive regional exploration program involving nineteen (19) diamond drill holes totalling 4,562 metres recently completed along a series of sections spaced approximately one kilometre from one another. The Casault property, currently held 100% by Midland, is located about 40 kilometres east of the Detour Lake gold deposit, which currently hosts 23.3 million ounces of gold in measured and indicated resources (43-101) and 5.8 million ounces of gold in inferred resources (43-101), including 15.6 million ounces of gold in near-surface proven and probable mineral reserves (43-101) (Source: press release by Detour Gold Corporation dated January 25, 2012).
During the recent winter 2012 drilling campaign, drill hole CAS-12-07 intersected a high-grade zone at 10.4 g/t Au over 1.45 metre, from 176.60 to 178.05 metres depth, including a local interval grading 13.05 g/t Au over 0.75 metre from 177.30 to 178.05 metres depth. This new gold-bearing zone appears to be positioned along the Sunday Lake Deformation Zone and is characterized by the presence of 10-15% disseminated pyrite in a structure with strong quartz-sericite-calcite alteration. The gold-bearing zone occurs along the contact between a granodiorite intrusion and enclosing mafic volcanic rocks. It remains open and untested in all directions. The orientation of the zone (strike and dip) and its true thickness are not known at this time. Planning of the next phase of work is in preparation.
The Casault gold property consists of 324 claims wholly owned by Midland, for a total surface area of about 178.4 square kilometres. Midland controls the extension, over more than 20 kilometres strike length, of the Sunday Lake Deformation Zone, which hosts the major Detour Lake gold deposit. The Casault property is also adjacent to the west of the Martiniere property held by Balmoral Resources Ltd, where drill intersections grading 11.42 g/t Au over 9.3 metres were recently reported in the Martiniere East zone (Source: press release by Balmoral Resources Ltd dated March 29, 2012).
Maps showing the location of this new gold discovery may be consulted using the following links:
For Figure 1 - Map of the Abitibi showing the location of the Casault project, click here: http://media3.marketwire.com/docs/Figure1_Casault_Abitibi_Geology.pdf
For Figure 2 - Map showing the discovery hole CAS-12-07 on the Casault property, click here: http://media3.marketwire.com/docs/Figure2_Casault_Regional_Mag.pdf
Terms of Exploration Agreement
Osisko can earn 50% of Midland's interest in the property by spending a total of $6,000,000 in exploration work and making payments totaling $600,000 over a period of five years. Midland will be the operator during the first year of the option agreement. Upon acquiring a 50% interest, Osisko will have the option during a three year period to acquire an additional 15% interest by delivering a bankable feasibility study or by solely assuming all exploration, development and mining operations on the Casault Property, earning a 1% additional interest for every $1,000,000 spent on the property (up to 15% by spending $15 million).
Quality Control
The exploration program on the Casault project is supervised by Mario Masson, VP exploration for Midland and Qualified Person as defined by National Instrument 43-101. Assay samples are taken from NQ-size drill core sawn in half; one half is shipped to a commercial laboratory and the other half is kept for future reference. Analyses are conducted by ALS Chemex-Chimitec in Val-d'Or. Significant assay results are duplicated at the original laboratory and at a second independent laboratory, Lab Expert in Rouyn-Noranda. Quality control samples, standards, blanks, and duplicates, are systematically inserted in the sample stream. Drill intersections are reported as core lengths and their true thickness remains to be determined.
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 rare earth elements. Midland is proud to count on reputable partners such as Osisko Mining Corporation, Agnico-Eagle Mines Limited, 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 exploration for Midland 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 Thursday, 26 April 2012 | Digg This Article
| Source: GoldSeek.com
