Mr. Gino Roger reports

MIDLAND AND SOQUEM DISCOVER NEW HIGH-GRADE COPPER-GOLD SHOWINGS ON NACHICAPAU IN NUNAVIK

Midland Exploration Inc., in partnership with SOQUEM Inc., has released new results from its 2023 exploration campaign in Nunavik. Exploration efforts mainly focused on the high-grade copper-gold-silver mineralized system discovered in the summer of 2022 in the Nachicapau Lake area, which graded up to 25.6 per cent Cu, 4.90 grams per tonne Au and 162 g/t Ag (29.97 per cent copper equivalent) (see press release by Midland dated Oct. 4, 2022). These new results are reported under the strategic alliance between Midland and SOQUEM in the Labrador Trough in Nunavik, Que.

Highlights:

• Discovery of six new mineralized veins at surface and numerous erratic boulders with copper and gold mineralization spread over an area of seven square kilometres.
• Twenty-three samples, including nine on outcrops, yielded grades greater than 0.1 per cent Cu and six samples yielded grades greater than 1 per cent Cu, up to 20.4 per cent Cu.
• The best gold grade, at 3.98 g/t Au, 3.33 per cent Cu and 28.2 g/t Ag, is associated with a boulder located 300 metres north of Cu-Au horizons discovered in 2022.
• A new deformation zone, observed at surface and highlighted by geochemical and geophysical data, represents a new metallotect.

A geochemistry sampling campaign was conducted in the late summer of 2023, during which a total of 227 rock samples and 1,018 soil samples (B-horizon) were collected on the Nachicapau property. Real-time X-ray fluorescence analysis of soil samples led to the identification of anomalous areas and the discovery of six new mineralized veins at surface. These veins, mainly composed of calcite and clinochlore, are injected in rocks of the Murdoch formation and host copper mineralization with digenite, bornite and malachite. On outcrops, best results associated with these veins are 13.8 per cent Cu and 1.71 per cent Cu. They are located, respectively, 1.4 km and 2.6 km south of Cu-Au horizons discovered in 2022. The best copper grade reaching up to 20.4 per cent Cu is associated with a vein mineralized with malachite and bornite in a plurimetric boulder. Gold grades reaching up to 3.98 g/t Au are occasionally associated with these veins and confirm the gold potential of the area. Field observations also led to the identification of a new deformation zone located 500 metres east of the Cu-Au horizons discovered in 2022. This discontinuity is also defined by geochemical and geophysical data; it affects lithological units of the Murdoch formation and may have played a role in the emplacement of mineral occurrences.

These results, combined with the series of discoveries made in 2022, highlight this area as a prime exploration target in the Labrador Trough. Exploration work in 2024 will focus on improving the geological and structural understanding of this mineralized system, namely by conducting a magnetic drone survey. Exploration will continue southward to determine the extent of the system. The B-horizon geochemistry survey with real-time XRF analysis, which yielded excellent results in 2023, will also be continued in 2024 by extending the survey to the south and detailing specific areas of interest. This surface program is planned in preparation for a drilling program pending positive results.

Quality assurance/quality control

Rock samples from the project are analyzed at Actlabs laboratories in Ancaster, Ont., using different analytical methods for various elements, either neutron activation on 30-gram fractions, or inductively coupled plasma mass spectrometry with four-acid digestion. Exploration programs are designed, and results are interpreted by, qualified persons employing a quality assurance/quality control program consistent with industry best practices, including the use of standards and blanks for every 20 samples.

About the strategic alliance with SOQUEM

The strategic alliance enables Midland and SOQUEM to combine their efforts and expertise to jointly explore the excellent potential for gold and strategic minerals of the vast and underexplored Labrador Trough. The area of interest defined under the alliance is located in Nunavik. Geologically, it covers the Labrador Trough, the Rachel-Laporte zone and the Kuujjuaq domain. The area of interest extends from Schefferville in the south up to approximately 100 km northwest of Kangirsuk. This agreement calls for investments in exploration reaching up to $5-million over a period of four years, with a firm commitment of $2-million within the first two years of the agreement. For 2024, a joint annual budget of $1-million (50 per cent Midland and 50 per cent SOQUEM) has been planned to complete the work program.

About Midland Exploration Inc.

Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold and critical metals. Midland is proud to count on reputable partners such as SOQUEM, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Barrick Gold Corp., Wallbridge Mining Company Ltd., Probe Gold Inc., Agnico Eagle Mines Ltd., Osisko Development Corp., Brunswick Exploration Inc., Nunavik Mineral Exploration Fund, Cosmos Exploration Ltd. 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.

This press release was reviewed and approved by Mario Masson, vice-president, exploration, for Midland, certified geologist and qualified person as defined by National Instrument 43-101.

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