Midland-SOQUEM Alliance Labrador Trough
MONTREAL, May 19, 2021 (GLOBE NEWSWIRE) — Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to report the start of a major exploration program for Cu-Zn-Co-Ag-Au / Zn-Pb-Cu-Ag-Au volcanogenic massive sulphides (VMS) in the Labrador Trough in Nunavik. This new program will be carried out under the Strategic Alliance (the “Alliance”) executed on February 19, 2021 between Midland and SOQUEM.
The 2021 exploration program will consist of two helicopter-borne electromagnetic (“VTEM”) surveys as well as a prospecting program to be conducted in two phases, next June and August.
New exploration targets for Cu-Zn-Co-Ag-Au / Zn-Pb-Cu-Ag-Au VMS identified during recent compilation work
Acquisition of 138 claims (63.6 km2)
Helicopter-borne EM surveys (VTEM) totalling approximately 885 line km
Prospecting work planned in June and August 2021 within the area of interest
New targets for Cu-Zn-Co-Ag-Au / Zn-Pb-Cu-Ag-Au VMS
Following execution of the agreement with SOQUEM in February 2021, a compilation covering the entire Labrador Trough was undertaken. As a result, historical data from geological mapping, drilling, geophysical surveys and rock and sediment samples were brought together. These data, combined with new insights on the stratigraphy and structure of depositional settings, resulted in the definition of high-potential areas to be targeted by prospecting work in 2021.
The Labrador Trough offers a favourable geological and geochronological setting for the discovery of Cu-Zn-Co-Ag-Au / Zn-Pb-Cu-Ag-Au massive sulphide deposits in mafic-siliciclastic settings. VMS deposits in mafic-siliciclastic settings form, on average, larger deposits than other subcategories of VMS deposits. They also contain high copper, gold and cobalt grades. Previous campaigns of this magnitude focussing on this type of deposit in the Labrador Trough date back at least 20 years.
Acquisition of mining claims within the area of interest
During the first week of April 2021, Midland (50%) and SOQUEM (50%) acquired, by map designation, a total of 138 claims in the Labrador Trough. These claims are divided into three (3) blocks and cover a total surface area of 63.6 km2, approximately 95 km west and southwest of the town of Kuujjuaq.
Commencement of electromagnetic VTEM surveys
Two electromagnetic surveys will begin mid-June on recently acquired claim blocks. These VTEM surveys will total approximately 885 line kilometres and will generate geophysical targets for the second phase of prospecting work scheduled to take place in August 2021.
A first phase of prospecting within the area of interest will be completed in June 2021. This three (3)-week program will focus on new targets identified during the compilation of historical work.
The second phase of prospecting will take place in August 2021. This three (3)-week program will follow up on geological targets generated in June and on electromagnetic anomalies identified during the VTEM surveys.
About the Strategic Alliance with SOQUEM
The Strategic Alliance enables Midland and SOQUEM to combine their efforts and expertise to jointly explore the excellent potential for gold and strategic minerals of the vast and underexplored Labrador Trough. The area of interest defined under the Alliance is located in Nunavik. Geologically, it covers the Labrador Trough, the Rachel-Laporte Zone and the Kuujjuaq Domain. The area of interest extends from Schefferville in the south up to approximately 100 km northwest of Kangirsuk. This new agreement calls for investments in exploration reaching up to $5 million over a period of four (4) years, with a firm commitment of $3 million within the first two (2) years of the agreement. For 2021, a joint annual budget of $1 million (50% Midland and 50% SOQUEM) has been planned to complete the work program.
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. A proud partner and ambassador for the development of Quebec’s mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.
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 BHP Canada Inc., Wallbridge Mining Company Ltd, Probe Metals Inc., Agnico Eagle Mines Limited, SOQUEM Inc., Osisko Development Corp., the 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 reviewed and approved by Mario Masson, VP Exploration for Midland, certified geologist and Qualified Person as defined by NI 43-101.
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/93dc3318-05c2-498e-a176-18bc5ed653f1