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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Midland Exploration Inc.    MD   CA59751U1003

MIDLAND EXPLORATION INC.

(MD)
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Midland Exploration : IDENTIFIES A NEW GOLD-BEARING CORRIDOR ON ITS LEWIS PROJECT NORTHWEST OF THE NELLIGAN DEPOSIT

10/16/2020 | 10:31am EST

Midland Exploration Inc. ('Midland') (TSX-V: MD) is pleased to report the discovery of new gold showings on surface on its Lewis project, wholly owned by Midland and located approximately 60 kilometres southwest of the town of Chapais in Abitibi, Quebec.

This new project, acquired in April 2020, consists of 172 claims (95 km2 ) and covers a strategic position characterized by a regional flexure proximal to the Guercheville-Opawica deformation zone. The Lewis project is located approximately 60 kilometres northwest of the Nelligan deposit, jointly held by Iamgold Corporation (75%) and Vanstar Mining Resources (25%). During the prospecting campaign conducted in June, two new gold occurrences were discovered about 400 metres apart on surface in the northwest part of the Lewis project, approximately 8 kilometres northeast of the former Lac Shortt mine. These showings yielded several anomalous gold values in grab samples, with grades ranging from 0.2 g/t Au to 2.1 g/t Au and could be hosted by the same ENE-trending deformation corridor which has never been drill-tested. These new gold occurrences are characterized by the presence of numerous quartz-carbonate veins with pyrite mineralization. Grab samples are selective by nature and unlikely to represent average grades of the mineralized zones. Follow-up work including mechanical stripping, channel sampling, prospecting and soil sampling will take place in October, in an effort to assess the extent of these new mineralized zones. The Lewis gold property is located approximately 60 kilometres northwest of the Nelligan deposit, which hosts inferred resources totalling 96.99 million tonnes at a grade of 1.02 g/t Au for 3.19 million ounces of gold (Source: Iamgold Corporation website; as at December 31, 2019). Approximately 10 kilometres west of the Lewis property, the former Lac Shortt mine historically produced 2.7 million tonnes of ore grading 4.6 g/t Au (Source: MERN-SIGEOM).

About Midland

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 Billiton Canada Inc., Probe Metals Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Mining Inc., SOQUEM INC., 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 the Company portfolio and generate shareholder value.

Contact:

Tel.: 450 420-5977

Fax: 450 420-5978

Email: info@midlandexploration.com

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.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
IAMGOLD CORPORATION -1.13% 4.36 Delayed Quote.-10.10%
MIDLAND EXPLORATION INC. 1.12% 0.9 Delayed Quote.-2.17%
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Financials
Sales 2019 0,03 M 0,03 M 0,03 M
Net income 2019 -1,14 M -0,88 M -0,88 M
Net cash 2019 12,8 M 9,88 M 9,88 M
P/E ratio 2019 -47,4x
Yield 2019 -
Capitalization 64,7 M 49,8 M 49,8 M
EV / Sales 2018 300x
EV / Sales 2019 1 296x
Nbr of Employees -
Free-Float 95,7%
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Managers
NameTitle
Gino Roger President, Chief Executive Officer & Director
Jean-Pierre Janson Chairman
Ingrid Martin Chief Financial Officer
Robert Irwin Valliant Independent Director
Germain Carrière Independent Director
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