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Midland Exploration Inc
Symbol MD
Shares Issued 60,376,411
Close 2018-08-16 C$ 0.80
Market Cap C$ 48,301,129
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Midland, Altius resume summer exploration at James Bay

2018-08-16 09:24 ET - News Release

Also News Release (C-ALS) Altius Minerals Corp

Mr. Gino Roger of Midland reports

MIDLAND STARTS A FIRST TRENCHING PROGRAM ON ITS BASE METALS PROJECTS WITH ALTIUS AND AMENDED THE STRATEGIC ALLIANCE

Midland Exploration Inc. and Altius Minerals Corp. will resume summer 2018 exploration work on their James Bay base metal exploration projects, namely Shire (zinc) and Moria (nickel/copper/cobalt). Exploration will consist of mechanical trenching of high-grade showings and geophysical anomalies identified in 2017, soil sampling, as well as prospecting and geological mapping.

The Shire zinc project is located in an underexplored area about 80 kilometres east of Nemaska, Eeyou Istchee, Que. The project was initiated following the discovery in July, 2017, of a high-grade zinc showing (O'Connor showing) inferred to be an exhalative horizon from a volcanogenic massive sulphide (VMS) system, which returned up to 7.53 per cent zinc in grab sampling (note that grab samples are selective by nature and values reported are not be representative). Channel sampling at O'Connor in October, 2017, yielded up to 4.85 per cent zinc over 1.17 metres in massive sulphide and quartz-rich exhalite (note that all thicknesses reported in this press release are apparent thicknesses; true thicknesses cannot be determined at this time). The zinc-bearing sulphide zone is still open to the north and east, under thicker overburden. A mechanical trenching campaign will start in the next following days to test possible extensions of the mineralized zone undercover at O'Connor.

A helicopter-borne electromagnetic (versatile time-domain electromagnetic (VTEM)) survey flown in October, 2017, at Shire demonstrates that the O'Connor showing is located on a regional-scale conductive unit that is at least 15 kilometres long and is open to the east. Field follow-up of select VTEM anomalies in October, 2017, identified massive pyrite/pyrrhotite and stratabound quartz/pyrite/pyrrhotite at other locations along the regional electromagnetic conductor, 2.5 kilometres and 4.5 kilometres east of the O'Connor showing, respectively. In the next following weeks, systematic soil sampling will be performed over the conductive target unit. Soils will be analyzed in real time by portable XRF (X-ray fluorescence). The best combined VTEM and soil geochemical anomalies will then be immediately followed up by mechanical trenching. Additional prospecting and geological mapping will also be done on the remainder of the largely unexplored greenstone to the east.

The Moria nickel-copper-cobalt project is located about 12 kilometres southeast of the Clearwater gold deposit and 25 kilometres east of Hydro-Quebec's Eastmain-1 dam. The project was initiated in August, 2017, with the discovery of the Gimli showing, which returned up to 1.13 per cent nickel, 0.11 per cent copper and 0.07 per cent cobalt in grab samples (note that grab samples are selective by nature and values reported are not be representative) and 0.80 per cent nickel, 0.06 per cent cobalt and 0.075 per cent copper over 0.8 metre in channels (note that all thicknesses reported in this press release are apparent thicknesses; true thicknesses cannot be determined at this time). The mineralized zone found in channels at Gimli is open to the north under thicker overburden. The Gloin showing, located 100 metres east of Gimli, also returned up to 0.78 per cent nickel in grab sampling (note that grab samples are selective by nature and values reported are not be representative). Assay results indicate a perfect nickel-sulphur correlation, which suggests that most of the nickel is found in sulphides and not in refractory silicates. This was confirmed with petrographic observations which show abundant pentlandite. Calculated nickel tenors (grades normalized to 100 per cent sulphides) at Gimli and Gloin are around 14 per cent nickel. The trenching on Moria will focus on mechanical trenching to extend the mineralized zones at Gimli and to explore the 100-metre-wide gap between the Gimli and Gloin showings.

The helicopter-borne VTEM survey performed in October, 2017, on Moria indicates that the Gimli and Gloin showings are located on a distinct northeast-southwest-trending magnetic anomaly, which is about 3.5 kilometres long and coincides with a magnetic meta-pyroxenite dike that hosts the mineralization. Select VTEM anomalies located close to the dike will be trenched. A second meta-pyroxenite dyke identified on the VTEM survey was also later confirmed by fieldwork, and VTEM anomalies associated with it will also be investigated by trenching.

Strategic alliance amendment

Midland has amended the James Bay strategic alliance memorandum of understanding signed on March 30, 2017, as follows:

  • Altius agrees to exchange its 50-per-cent interest in the designated projects -- Elrond, Gondor, Helms Deep, Isengard, Minas Tirith, Moria and Shire -- for 461,487 common shares of Midland valued at $507,636, which corresponds to Altius's portion of the accumulated expenditures on the designated projects.
  • Altius will subscribe 198,386 common shares of Midland at $1.10, which corresponds to Altius's portion of the phase 2 approved exploration budget of 2018.
  • Altius will subscribe additional common shares for its portion of future work program on the designated projects, at market price; all designated projects share require the registration of a 2-per-cent net smelter return royalty, 50 per cent each held by the respective parties (alliance royalty), with a mutual right of first offer on the sale of any interest in the alliance royalty.

The memorandum of understanding expires Dec. 31, 2019, with an option to continue the alliance for two additional years. The duration of this memorandum of understanding can be reduced or extended by mutual consent.

Quality control

Rock samples on the project are assayed by standard 30-gram fire assaying with AA or gravimetric finish at ALS Minerals' laboratories in Val d'Or, Que., or Sudbury, Ont. All samples are also analyzed for multielements, using four-acid ICP-AES method. Samples that exceed 1 per cent zinc or nickel are reanalyzed by four-acid ICP-AES optimized for high grades. 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.

The technical or scientific information in this press release has been prepared by Sylvain Trepanier, PGeo, vice-president, exploration, for James Bay and Northern Quebec at Midland, a qualified person as defined by National Instrument 43-101.

About Midland Exploration Inc.

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 Agnico Eagle Mines Ltd., Iamgold Corp., Osisko Mining Inc., Altius Minerals Corp., SOQUEM Inc., NioBay Metals Inc., Nunavik Mineral Exploration Fund and Abcourt Mines Inc.

About Altius Minerals Corp.

Altius directly and indirectly holds diversified royalties and streams that generate revenue from 15 operating mines. These are located in Canada and Brazil and produce copper, zinc, nickel, cobalt, iron ore, potash, and thermal (electrical) and metallurgical coal.

We seek Safe Harbor.

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