Montreal, April 15, 2021. Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to report the start of a major exploration program for nickel in Nunavik, following up on the new Ni-Cu-Co mineral occurrences discovered in the summer of 2020. This new program will be carried out under the strategic alliance (the “Alliance”) executed in August 2020 between Midland’s wholly-owned subsidiary, Midland Base Metals Inc. (“MBM”), and Rio Algom Limited, wholly-owned subsidiary of BHP Group plc (“BHP”).
The 2021 exploration program will consist of helicopter-borne electromagnetic surveys (“VTEM”), ground-based electromagnetic surveys, and a prospecting campaign that will take place in July.
New Ni-Cu-Co showings identified in 2020
Following execution of the agreement with BHP in August 2020, a preliminary two-week prospecting campaign was conducted in September 2020. During this campaign, a series of high-quality exploration targets generated during the first phase of targeting at a regional scale were investigated in the field.
These prospecting efforts led to the discovery of several new Ni-Cu-Co mineral occurrences with excellent values recalculated to 100% sulphides. Most noteworthy were the Bonne Une and A1 occurrences, hosted in intrusive rocks of the Soissons Suite, which exhibits ages and geochemical characteristics similar to those of the Voisey’s Bay deposit.
The Bonne Une showing is a rusty outcrop with pyrrhotite-chalcopyrite mineralization intermittently visible over an area of 100 m by 300 m. One outcrop was initially visited by the Ministère de l’Énergie et des Ressources naturelles in 2011. Our visit to this outcrop in 2020 enabled us to confirm values of 0.23% Ni, 0.23% Cu and 216 ppm Co in grab samples and to expand the mineral occurrence. Tenors (recalculated to 100% sulphides) at the Bonne Une showing reach 6.1% Ni and 4.87% Cu, thus confirming this surface showing’s excellent potential.
The A1 showing is a field of boulders with pyrrhotite-chalcopyrite mineralization that was traced over a distance of 250 m. Eight (8) mineralized boulders yielded values > 0.1% Ni. These boulders also yielded maximum values of 0.14% Ni, 0.16% Cu and 113 ppm Co. Tenors (recalculated to 100% sulphides) for these boulders also provide interesting values, averaging 3.88% Ni and 2.89% Cu. The source of these boulders has not been confirmed but is suspected to be proximal. In addition, this boulder field coincides with a GEOTEM anomaly (2001 airborne EM survey) that remains unexplained.
Cautionary statement: Grab samples are selective by nature and are unlikely to represent average grades of mineralized zones.
Commencement of electromagnetic ground and VTEM geophysical surveys
Geophysical surveys are underway within the area of interest, including on the Soissons project. VTEM surveys totalling about 5,000 kilometres will be conducted in April and May, whereas two grids totalling about 60 kilometres will be the focus of ground EM surveys in April on the Soissons project, to cover the Papavoine and A-14 showings. These ground EM surveys on Soissons are conducted as additional accelerated work (“Accelerated Work”) designed to assess the possibility of transferring existing Midland projects to the designated project category (“Designated Project”).
Prospecting campaign in July
A second phase of prospecting will be conducted within the area of interest in July 2021. Over a period of three (3) weeks, this work will mainly target new electromagnetic anomalies identified during the VTEM survey, as well as additional geological targets that were generated during the initial targeting phase but were not covered during the 2020 program.
A budget of $1.4 million has been approved for the prospecting campaign and the VTEM survey, and an additional budget of $550,000 was also approved to conduct ground EM geophysical surveys on the Soissons project.
Exploration program design and interpretation of results are performed by qualified persons employing a Quality Assurance/Quality Control program consistent with industry best practices, including the use of standards and blanks with every 20 samples. Rock samples on the project are assayed. All samples are analyzed for multi-elements using the four-acid ICP–AES method (ME-ICP61) at ALS Minerals laboratories in Vancouver, British Columbia. Samples that exceed 1% copper, zinc, molybdenum, or nickel are reanalyzed by four-acid ICP-AES optimized for high grades.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as BHP, Wallbridge Mining Company Ltd., Probe Metals Inc., Agnico Eagle Mines Limited, SOQUEM INC., Osisko Development Corp., Nunavik Mineral Exploration Fund 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 Midland portfolio and generate shareholder value.
This press release was reviewed and approved by Mario Masson. P.Geo., VP Exploration 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 Officer
Tel.: 450 420-5977
Fax: 450 420-5978
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 news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements include the funding under the Generative Phase, the advancement of a project to the Testing Phase, the expenditure amount under the Testing Phase, the payment of success fees to Midland, the advancement of a project to the Joint Venture Phase and other estimates and statements that describe Midland’s future plans, objectives or goals, including words to the effect that Midland or management expects a stated condition or result to occur. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, without limitation, certain rights of BHP to cease funding under the Alliance, the results of exploration in the AOI, the ability of Midland to contribute funding to maintain its interests in Designated Projects, the ability of Midland to fund its contributions under a joint venture, if formed, or have any participating interest diluted, changes in general economic conditions and conditions in the financial markets, changes in demand and prices for minerals, failure to obtain the requisite permits and approvals from government bodies and third parties, regulatory and governmental policy changes (laws and policies) and those risks set out in Midland’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Midland believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Midland disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.