MONTREAL, QUEBEC--(Marketwired - Jan. 20, 2016) - Midland Exploration Inc. (« Midland ») (TSX VENTURE:MD) is pleased to announce the identification of new exploration targets following a soil geochemical survey completed on its Heva gold project. This project 100% owned by Midland is located close to the prolific Cadillac Break about 5 km northwest of the Malartic gold mine owned in joint venture by Agnico Eagle Mines Ltd and Yamana Gold Inc. which contains proven and probable reserves of 8.6 million ounces of gold. The Heva project, acquired by Midland in May 2013 from d'Arianne Resources Inc., consists of two blocks named Heva West and Heva East, and totals 32 claims covering an area of over 1,200 hectares.
During the fall of 2015, Midland's exploration team completed a soil geochemical survey (B-horizon) in the western part of the Heva East block where several interesting gold results were obtained during the 2015 summer exploration program. Following these recent works, the best results returned values of 18.0 g / t Au and 5.1 g / t Au from sampling of an old blasted trench and dating back more than twenty years which was found during reconnaissance work and a value of 5.6 g / t Au obtained in sampling mineralized ore masses found near the old Dempsey-Cadillac showing from 1930 (see press release dated October 28, 2015).
On top of detecting the two main gold-bearing horizons already known in this area, the soil geochemical survey identified two (2) new axes that are anomalous in gold and in arsenic on hundreds meters of extension and parallel to the known gold-bearing horizons. Moreover, these two new axes coincide largely with still unexplained historic induced polarization anomalies.
Midland is currently planning more prospecting and mechanical trenching work for next summer to explain these new promising targets in the extension of a subsidiary structure to the Cadillac Break oriented east-west and interpreted from geophysical and geological survey. This structure, which remains largely unexplored, covers a horizon of deformed conglomerate containing mineralized quartz veins with pyrite and arsenopyrite and is altered in silica and locally in sericite over 4 kilometers. These conglomerates contain the majority of the historic gold showings, including the Dempsey-Cadillac showing, as well as new identified showings during the 2015 summer campaign.
Maps showing the soil geochem survey on the Heva project may be consulted using the following link: http://media3.marketwire.com/docs/Heva_1040109.pdf
Quality Control
All analysis were performed by ALS Minerals in Val-d'Or, Quebec and all multi-element ICP-MS analysis were completed by ALS Minerals in Vancouver. For quality control, ALS Minerals uses a strict program including the insertion of certified standards, duplicates and blanks at regular intervals throughout the sample sequence. The data was reviewed by Mario Masson, VP Exploration for Midland, certified geologist and Qualified Person as defined by NI 43-101.
Amendment to stock option plan
Midland announces that it has amended its stock option plan (the "Stock Option Plan"). The amendment increases the maximum number of shares issuable upon exercise of the options granted to directors, officers, key employees and consultants of the Midland pursuant to the Stock Option Plan from 4,000,000 to 5,400,000. Such number represents less than 10% of the total number of shares issued and outstanding. The amendment was conditionally approved by the TSX Venture Exchange.
About Midland Exploration
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements, base metals and rare earth elements. Midland is proud to count on reputable partners such as Agnico Eagle Mines Limited, Teck Resources Limited, SOQUEM INC., Maudore Minerals Ltd and Japan Oil and Gas and Metals National Corporation. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing opportunities and projects to build up the Company portfolio and generate shareholder value.
This press release was prepared by Mario Masson, Midland's VP Exploration, certified geologist and Qualified Person as defined by NI 43-101. For further information, please consult Midland's website.
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 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.