-- Published: Thursday, 16 January 2014 | Print | Disqus
Mr. Gino Roger of Midland reports
MIDLAND AND DONNER IDENTIFY SEVERAL NEW DRILLING TARGETS ON VALMOND FOLLOWING GEOPHYSICAL SURVEYS
Midland Exploration Inc., in partnership with Donner Metals Ltd., has outlined several new high-priority drilling targets on its Valmond gold property as a result of a recently completed induced-polarization survey. The Valmond property is currently wholly owned by Midland and consists of 62 claims covering a surface area of about 35 square kilometres. This property is located about 50 kilometres west of the town of Matagami, in Abitibi, Que.
The Valmond property covers, over more than 10 kilometres, an important gold-bearing structure trending northwest-southeast that hosts several historical occurrences with drill intercepts grading 2.3 grams per tonne gold over 4.57 metres and 5.22 grams per tonne gold over 1.55 metres. This structure has been explored in the past, and the principal showing known to date has been traced over a strike length of more than 300 metres. This gold showing is characterized by an extensive hydrothermal alteration zone more than 70 metres wide and remains open below a depth of 200 metres, where the deepest historical drill hole yielded a grade of 3.77 g/t Au over 1.50 metres.
A pole-dipole IP survey totaling 48.1 line kilometres was completed during the month of December, 2013, in the central part of the Valmond property. A detailed interpretation of the survey results reveals the presence of a strong anomaly characterized by a sharp drop in resistivity directly caused by the presence of sulphide mineralization (pyrite-pyrrhotite-chalcopyrite-arsenopyrite) on the principal gold showing. This anomaly extends toward the northwest over a distance of about 800 metres, whereas toward the southeast IP profiles indicate that the anomaly is located deeper. Two shallow drill holes are proposed to test the anomaly at 100-metre vertical depth along the northwest extension of the principal showing, and one drill hole is proposed to test the southeast plunge at a vertical depth of about 300 metres, that is, about 100 metres below historical drill hole S86-9, which graded 3.77 g/t Au over 1.5 metres.
Farther east, in an area that has never been drill tested, four distinct IP axes characterized by high chargeability values associated with low resistivity values were detected. These axes are commonly located along magnetic contacts or near inferred structural intersections. Five additional shallow drill holes are proposed to test these new targets at about 100-metre vertical depth.
In addition, a property-wide helicopter-borne VTEM-type electromagnetic survey, totaling 900 line kilometres, was also completed in December, 2013. The survey results and the detailed interpretation are pending.
Maps showing the location of the new drilling targets for the Valmond property may be consulted on-line.
Conditions of exploration agreement
Donner may earn a 50-per-cent interest in the Valmond property in consideration of exploration expenditures totalling $2.5-million, including a firm commitment of $300,000 during the first year of the agreement, and cash payments totalling $250,000 over a period of four years. Midland will be the project operator for the duration of the option agreement.
This news release was prepared by Mario Masson, vice-president, Midland exploration, and qualified person as defined by National Instrument 43-101.
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-- Published: Thursday, 16 January 2014 | E-Mail | Print | Source: GoldSeek.com
