Midland Samples Up to 37.1% Iron and Acquired Strategic Iron Formation Land Holding in the James Bay Area
22.02.2012 | Marketwire
MONTREAL, QUEBEC -- (Marketwire - Feb. 22, 2012) - Midland Exploration Inc. ("Midland" or the "Company") (TSX VENTURE: MD) is pleased to announce the recent acquisition, by map staking, of two important strategic land positions with a strong potential for iron deposits.The Montagne-du-pin and Guyer properties consist in a total of 374 wholly owned claims covering 191 square kilometers and are located along the Trans-Taiga road, James Bay. They are approximately respectively located 116 and 160 kilometres east of the Duncan iron deposit, south of Radisson, which is currently in joint venture between Century Iron Mines Corp. and Augyva Mining Resources. Using a cut-off grade of 16% iron, the Duncan property contains, NI 43-101 compliant, 852 Mt at 24.56% iron (Measured: 5.7 Mt at 23.29% Fe, Indicated: 25.6 Mt at 23.48% Fe and Inferred: 821.1 Mt at 24.56% Fe) (Source: Century Iron Mine web site, January 2012). Other iron deposits in the James Bay area include the Great Whale property, owned by Niocan Inc. and located southeast of Kuujjuarapik (about 250 kilometres north of Radisson), and contains historic mineral resources (None NI 43-101 compliant) of 941.9 Mt at 36% Fe (Source: Niocan Inc. November 2006 press-release).
The Guyer property consists in two main claim blocks covering up to 40 kilometres of strong magnetic high anomaly east of the La-Grande 3 reservoir. The Montagne-du-pin claims blocks are located north of the La-Grande 3 Hydroelectric Complex and also cover more than 25 kilometres of strong magnetic high anomaly showing important structural folding. Recent reconnaissance exploration program, realized at the end of summer 2011, on both properties confirmed the presence of an oxide iron formation, with alternating bands of magnetite and chert, hosted in a metasedimentary and metavolcanic sequence. Grab samples from the Guyer and Montagne-du-pin properties returned values up-to 37.1% and 32.2% iron, respectively. Such grades, geological and geophysical features are similar and comparable to those observed for the Duncan and Great Whale deposits.
Midland is very encouraged by the acquisition of these new properties and strongly believes that they have an excellent potential to host significant iron deposits.
Maps showing the location of Midland's new Guyer and Montagne-du-pin properties can be consulted at the following links:
For Figure 1 - Quebec regional map showing active iron projects, click here: http://media3.marketwire.com/docs/MDFerFig1.pdf
For Figure 2 - Magnetic total field geophysical map showing the Guyer and Montagne-du-pin properties in James Bay, click here: http://media3.marketwire.com/docs/MDFerFig2.pdf
About Midland Exploration
Midland targets the excellent mineral potential and the favourable investment climate of Quebec to make the discovery of new world-class deposits of gold, base metals and rare earth elements. Midland is proud to count on reputable partners such as Agnico-Eagle Mines Limited, Osisko Mining Corporation, Aurizon Mines Limited, North American Palladium Limited, Japan Oil, Gas and Metals National Corporation and SOQUEM Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Midland is currently evaluating new opportunities and other projects in order to increase the portfolio of the Company.
This press release was prepared by Gino Roger, registered engineer and Qualified Person as defined by NI 43-101.
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.
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.
Contact Information
Gino Roger
President and Chief Executive Officer
450 420-5977
450 420-5978 (FAX)
info@midlandexploration.com
www.midlandexploration.com