Midland Commences a Prospecting Program on its Eleonore and James Bay Gold Projects Near Goldcorp's Eleonore Deposit
MONTREAL, QUEBEC -- (Marketwire) -- 09/11/12 -- Midland Exploration Inc. ("Midland" or the "Company") (TSX VENTURE: MD) is pleased to report the beginning of a prospection program on its 100% owned Eleonore and James Bay Gold projects located in James Bay, Quebec.
The Eleonore project encompasses the Eleonore Centre and West properties and is located approximately 30 kilometres southwest and west from and in a geological environment similar to Goldcorp Inc.'s Eleonore deposit. This world-class gold deposit contains 3.15 million ounces of measured and indicated gold resources at an average grade of 11.92 grams per tonne, and 6.25 million ounces of inferred gold resources at an average grade of 12.93 grams per tonne (Source: Goldcorp press release February 17, 2010). Prospecting conducted by Midland between 2009 and 2011 on the Eleonore Centre property highlighted the presence of several highly prospective gold showings with values up to 13.60 g/t Au on selected grab samples. The 2011 soil geochemistry survey, in which 272 samples were collected across the eastern part of the Eleonore Centre property, delineated a series of As-Cu-Sb anomalies clustered along a north-south-trending axis. A series of parallel northeast trending AeroTEM II conductors were outlined by the 2010 geophysical survey which targeted sulfide bearing Eleonore-type sediments on the northern part of the Eleonore Centre property. Some of these conductors coincide with uncovered gold-bearing disseminated to semi-massive sulfides zones identified by Midland. Several EM anomalies still remain untested and unexplained. On the Eleonore West property, a new detailed magnetic geophysical survey highlighted several prospective magnetic features.
The James Bay Gold project comprises the Lasalle and Galinee properties, located about 250 kilometres northeast of Goldcorp Inc.'s Eleonore deposit. The James Bay Gold project covers two important metamorphosed volcano-sedimentary belts associated with strong arsenic lake bottom sediment anomalies. Work conducted between 2008 and 2010 uncovered several gold showings associated with metasedimentary and metavolcanic rocks which returned values up-to 9.10 g/t Au in selected grab samples. Ground geophysical MaxMin and IP surveys conducted in 2009 over selected showings identified several east-west trending anomalies. Several anomalies remain untested and unexplained, mostly on the Galinee property. A till sampling program conducted in 2008 covering the Lasalle and Galinee properties identified several strong gold anomalies and glacial trends showing a hydrothermal signature. Most of these anomalies are still unexplained and not followed-up. Un-sourced boulders, discovered by Midland, locally returning up-to 10.00 g/t Au show the strong potential for gold mineralization on the properties.
The prospecting program will focus on following-up the soil and geophysical anomalies present on the Eleonore Centre and West properties. Large unexplored portions of the Eleonore Centre and west properties will also be prospected for gold mineralization. On the Lasalle and Galinee properties, till and geophysical anomalies will be followed-up by prospection. The favourable metavolcano-sedimentary sequence present on the Lasalle and Galinee property will also be further prospected.
Midland is very encouraged by the results obtained on its Eleonore and James Bay Gold projects, as they enhance the potential that its James Bay properties could lead towards significant new gold discoveries.
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. For further information, please consult Midland's website.
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.
Contacts:
Gino Roger
President and Chief Executive Officer
450 420-5977
450 420-5978 (FAX)
info@midlandexploration.com
www.midlandexploration.com