Midland/Barrick Starts Sonic Drilling Program on Its Patris Gold Property
26 3월 2024 - 8:30PM
Midland Exploration Inc. ("
Midland")
(
TSX-V: MD) is pleased to announce the start of a
Sonic drilling campaign on the Patris gold property, currently 100%
owned by Midland and located approximately 30 kilometers to the
northeast from the city of Rouyn-Noranda in Quebec.
Sonic Drilling
A Sonic drilling campaign is currently underway
with two drill and a total of 40 holes have already been completed.
Over the next few weeks, 60 new holes will be completed in the
eastern part of the Patris property in the Kéwagama group. The work
is scheduled to be completed in the first week of April. In total,
4,000 meters of sonic drilling are planned in 100 boreholes with a
view to characterizing glacial dispersion trails in the till
covered with lacustrine clays.
About the Patris Property
The wholly owned Patris project comprises 299
claims covering a surface area of about 117 square kilometers,
located less than 10 kilometers northwest of the prolific
Doyon/Westwood-Bousquet-La Ronde gold mining camp. The Patris
property offers excellent gold potential as it covers the
Manneville Fault over more than 8 kilometers and the La Pause
Fault over more than 10 kilometers, both recognized as subsidiary
faults to the well-known Destor-Porcupine Fault Zone. The Patris
property also covers more than 5 kilometers of the fault contact
between the sediments of the Kéwagama Group and the mafic and
ultramafic volcanics of the Malartic Group. Several historical gold
showings are found near this contact such as the Gadoury showing
which returned 6.3 g/t Au over 1.0 meter and the McDermott showing
which returned 8.6 g/t Au over 1.2 meters (Source:
Sigeom-MRNF).
A total of 4,000 metres of Sonic drilling is
planned in 115 drill holes to characterize geochemical dispersion
trains in the glacial till overlain by lacustrine clays.
Option Agreement
Pursuant to the Transaction, Barrick has the
right to acquire up to a 75% interest in the Property in
consideration for cash payments totaling C$1,017,500 and
exploration work totaling C$16,575,000, over an eight-year period.
Barrick is the operator of the work carried out under the
Transaction (See Midland press release, May 15, 2023).
Cautionary statement
Mineralization occurring at the
Doyon/Westwood-Bousquet-La Ronde gold mines is not necessarily
indicative of mineralization that may be found on the Patris
property held by Midland.
About Midland
Midland targets the excellent mineral potential
of Quebec to make the discovery of new world-class deposits of gold
and critical metals. Midland is proud to count on reputable
partners such as Barrick Gold Corporation., BHP Canada Inc., Rio
Tinto Exploration Canada Inc., Wallbridge Mining Company Ltd, Probe
Gold Inc., Agnico Eagle Mines Limited, Electric Element Mining
Corp., SOQUEM INC., Nunavik Mineral Exploration Fund, Cosmos
Exploration Limited 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 Richard D
St-Cyr. P.Geo., Exploration Director 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 OfficerTel.:
450 420-5977Fax: 450 420-5978Email:
info@midlandexploration.comWebsite: www.midlandexploration.com
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/632e4041-f1e1-4568-b777-5b282c4124d5
https://www.globenewswire.com/NewsRoom/AttachmentNg/ed9f89af-f4c7-410f-9983-8808964f3db2
https://www.globenewswire.com/NewsRoom/AttachmentNg/2de0abb1-3f6b-4a6d-80d6-69db9661b286
https://www.globenewswire.com/NewsRoom/AttachmentNg/68973457-49e6-4d4a-a243-98a7d32ee629
Midland Exploration (TSXV:MD)
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