-- Published: Tuesday, 8 April 2014 | Print | Disqus
MONTREAL, QUEBEC--(Marketwired - Apr 8, 2014) - Midland Exploration Inc. («Midland») (TSX VENTURE:MD) is pleased to announce, after signing of a new option agreement with Japan Oil, Gas and Metals National Corporation (« JOGMEC »), to begin a new exploration program on its Pallas Platinum Group Elements (« PGE ») Project in the Labrador Trough (« Trough »). The first phase of the program, which has just been completed, comprised a helicopter-borne magnetic survey over its 4 claim blocks forming the Pallas Project.
The Pallas Project comprises 477 claims covering more than 210 square kilometres of mineral rights in the Labrador Trough some 80 kilometres west of Kuujjuak, Québec. These new claims cover a large folded pluri-kilometric ultramafic-mafic complex known, in this section of the Trough, for its strong exploration potential for PGE.
At present, in this sequence of the Trough, numerous PGE enriched Reef-type mineralized horizons (characterized to be long, wide and narrow deposits) have been traced over several hundreds of meters, even kilometers, with PGE plus gold (« PGE + Au ») often beyond 2-3 grams per tonnes over few metres thick as those very large Reef-type deposits as the Bushveld in South Africa and the Great Dyke in Zimbabwe by instance.
Last summer, Midland has completed a short reconnaissance program on the project. In only a week of prospecting, several new PGE + Au bearing outcrops were discovered (more than 10) with values ranging from 1.0 to 3.9 g/t PGE + Au. Overall, the project counts currently more than 20 mineralized showings returning more than 1.0 g/t PGE + Au. Each of those showings, associated with disseminated sulfides, were found in vari-textured gabbro (gabbro with textures and crystals varying in sizes) over several of meter in thickness within layered gabbro.
In order to help tracing these mineralized gabbroic horizons, a detail heli-borne magnetic survey has just been completed. With up to 3,220 line-kilometers flown, the survey lines were 125 m apart, while the probe was in average 30 m above the ground. Currently, the data are been processed while the results will be discussed in a next press release. Finally, the summer 2014 exploration program, which will include channel sampling the best PGE showings combined with prospecting, is currently in preparation.
Exploration Agreement Terms
JOGMEC has the option to acquire 50% interest in the Pallas project prior to March 31, 2016 by funding $2,000,000 in expenditures. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, PGE, base metals and rare earth elements. Midland is proud to count on reputable partners such as Japan Oil, Gas and Metals National Corporation, Teck Resources Limited, Agnico-Eagle Mines Limited, Donner Metals Limited, Maudore Minerals Limited, and SOQUEM Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value.
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.
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.
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-- Published: Tuesday, 8 April 2014 | E-Mail | Print | Source: GoldSeek.com