Casault Option to Wallbridge
MONTREAL, July 13, 2021 (GLOBE NEWSWIRE) — Midland Exploration Inc. (“Midland”) (TSX-V: MD), in partnership with Wallbridge Mining Company Ltd (“Wallbridge”), is pleased to report that an important drilling program is currently in preparation to test new high-priority drilling targets identified on the Casault project. This project, wholly owned by Midland and under option since June 2020 by Wallbridge (see press release by Midland dated June 18, 2020), is located along the Sunday Lake Fault, stretching from approximately 10 to 45 kilometres west of the Fenelon Gold Property held by Wallbridge, where an active drill program in support of a maiden resource estimate is currently underway.
On June 30, 2021, Midland received from Wallbridge the $110,000 cash payment due on the first anniversary of the option agreement. The technical committee is planning to meet in mid-July to finalize the prioritization of targets to be tested during a drilling program totalling approximately 5,000 metres, scheduled to begin in August 2021. These targets will namely include geophysical anomalies strategically positioned near favourable structures based on recent interpretations, as well as new geological targets based on the results of field reconnaissance work currently underway in the north part of the property. These targets occur in a similar geologic setting as Wallbridge’s Martiniere deposits, located less than 5 kilometres to the east, which have a historic indicated resource of 7,919,598 tonnes at 2.32 g/t Au for 590,642 oz and historic inferred resource of 363,420 t @ 4.57 g/t Au for 53,344 oz.
The Casault property is wholly owned by Midland and consists of 322 claims (177 square kilometres) covering the Sunday Lake Fault over more than 20 kilometres strike length. The property is also located approximately 40 kilometres east of the Detour Lake mine.
Mineralization occurring at Detour Lake and Fenelon Gold is not necessarily representative of mineralization that may be found on the Casault project held by Midland described in this press release.
Wallbridge is currently advancing the exploration and development of its 100%‒owned Fenelon Gold property which is located along the Detour‒Fenelon Gold Trend, an emerging gold belt in northwestern Québec. The Company completed approximately 102,000 metres of drilling in 2020 and has begun a fully‒funded 2021 program of approximately 170,000 metres of drilling and 2,500 metres of underground exploration development (Phase 1 of a 10,000‒metre program). The Company intends to complete a maiden mineral resource on the Fenelon Gold System in the third quarter of 2021.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as Wallbridge Mining Company Ltd, BHP Canada Inc., Probe Metals Inc., Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM INC., Nunavik Mineral Exploration Fund, and Abcourt Mines 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.
This press release was prepared by Mario Masson. P.Geo., VP Exploration for Midland and Qualified Person as defined by NI 43-101, who also approved the technical content of this press release.
For further information, please consult Midland’s website or contact:
Gino Roger, President and Chief Executive Officer
Tel.: 450 420-5977
Fax: 450 420-5978
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.
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39875b1c-ab06-4ee3-9d42-c6dcceeb2a06