Montreal, June 23, 2015. Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to resume, in partnership with Japan Oil, Gas and Metals National Corporation (“JOGMEC”) the field exploration program on the Pallas Platinum Group Elements (“PGE”) project in the Labrador Trough (“Trough”). Entering into the third year of the agreement, this field exploration program will involve prospecting the lateral extents of known mineralised corridor (reefs) rich in Platinum Group Element and gold (“PGE + Au”) and other judged favorable corridors identified in 2013 and 2014. The program objective is to find more PGE + Au showings that will be added to ready to channel targets for a fall follow-up program.
From the project start, Midland has found more than thirty (30) showings with more than one (1) gram per tonne PGE + Au including spectacular assays with 12.6, 7.2, 4.9, 3.2 and 2.9 g/t PGE + Au along nine (9) kilometric mineralized reefs over Ceres, Itokawa, Gaspar and Paladin properties.
From channel sampling, more than fifty (50) channels, about a meter long, have returned more than one (1) gram per tonne PGE + Au including 2.9 g/t PGE + Au over 1.76 meter (“m”) including 4.5 g/t PGE + Au over 0.9m on Paladin; 1.52 g/t PGE + Au over 4.35m including 2.33 g/t PGE + Au over 1.15m on Athena and 1.32 g/t PGE + Au over 2.83m including 4.1 g/t PGE + Au over 0.31m on Itokawa.
Currently the project counts 494 claims covering a surface area of more than 225 square kilometres in the Trough approximately 80 kilometers west from Kuujjuaq, Quebec. These claims cover a large, folded, multi-kilometre mafic-ultramafic complex known for its strong potential for platinum group elements. Midland and its partner are pleased to resume exploration in this very promising project.
Exploration Agreement Terms
JOGMEC has the option to acquire 50% interest in the Pallas project prior to March 31, 2016 by funding $2,000,000 in expenditures. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project.
JOGMEC was established in February, 2004, following the integration of the former Japan National Oil Corporation (JNOC) and Metal Mining Agency of Japan (MMAJ). It is a corporation under the Japanese Ministry of Economy, Trade and Industry (METI), with a mandate of investing in developing minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, PGE, base metals and rare earth elements. Midland is proud to count on reputable partners such as Japan Oil, Gas and Metals National Corporation, Teck Resources Limited, Agnico Eagle Mines Limited, Sphinx Resources and SOQUEM 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 Robert Banville, senior geologist for Midland 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
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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.