Montreal, May 12, 2016. 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 channel sampling the best showings found in 2015 and prospecting the lateral extents of known mineralized corridor (reefs) rich in Platinum Group Element and gold (“PGE + Au”) and others judged favourable corridors identified in 2013, 2014 and 2015.
Since its acquisition, Midland and JOGMEC have consistently demonstrated the exceptional potential for PGE in the Labrador Trough. In 2015 alone, over a short period of only 3 weeks early in the summer, 42 new showings grading more than 1 g/t PGE + Au, including 18 showings grading more than 2 g/t PGE + Au, were discovered as a result of a sampling program during which a total of 426 samples were collected on the Ceres, Itokawa, and Gaspar claim blocks. These selected grab samples results (note that the grades of the selected grab samples may be not representative of the mineralized zones) include the new Ida showing with grades of 31.0 g/t PGE + Au (= 29.0 g/t Pd, 1.6 g/t Pt and 0.4 g/t Au) and 7.5 g/t PGE + Au (= 5.7 g/t Pd, 1.6 g/t Pt and 0.2 g/t Au), the Ceres South showing with 5.2 g/t PGE + Au (= 3.6 g/t Pd, 1.4 g/t Pt and 0.2 g/t Au), and the Cynthia showing grading 4.9 g/t PGE + Au (= 2.8 g/t Pd, 1.9 g/t Pt and 0.25 g/t Au) on the Ceres claim block; the Doris showing with a grade of 6.2 g/t PGE + Au (= 2.9 g/t Pd, 3.1 g/t Pt and 0.2 g/t Au) on the Itokawa claim block; and the Eugenia showing grading 3.3 g/t PGE + Au (= 2.6 g/t Pd, 0.6 g/t Pt and 0.1 g/t Au) on the Gaspar claim block. During the program, several new PGE-enriched trends were also identified and the extensions of known trends were followed along strike.
In the fall of 2015, channel sampling carried out on the best occurrences discovered in 2015 resulted in a repeat performance of 2014 results, with channel samples grading 2.4 g/t PGE + Au (= 1.1 g/t Pd, 1.1 g/t Pt and 0.2 g/t Au) over 1.0 m including 3.4 g/t PGE + Au (= 1.6 g/t Pd, 1.5 g/t Pt and 0.3 g/t Au) over 0.5 m on the Hektor showing; 2.7 g/t PGE + Au (= 1.7 g/t Pd, 0.8 g/t Pt and 0.2 g/t Au) over 1.0 m including 3.9 g/t PGE + Au (= 2.7 g/t Pd, 1.0 g/t Pt et 0.2 g/t Au) over 0.5 m on the Ceres South showing; and 2.0 g/t PGE + Au (= 1.4 g/t Pd, 0.5 g/t Pt and 0.1 g/t Au) over 0.5 m on the Ida showing
All of these new PGE + Au occurrences (note that true widths cannot be determined from the information available) remain open in all directions and share many similarities, in terms of geological settings and characteristics, with known “reef”-type deposits in the Great Dyke of Zimbabwe and the Bushveld Complex in South Africa. The Pallas project counts 494 claims covering a surface area of more than 225 square kilometres in the Labrador Trough. Midland and JOGMEC are thrilled to resume exploration on the project expected to begin in mid-June.
Exploration Agreement Terms
JOGMEC was granted the option to acquire a 50% interest in the Pallas project by funding $2,000,000 in expenditures 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 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 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.