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Midland Exploration and Probe Metals Begin Geophysical (IP) Surveys on the La Peltrie Gold Project Prior to Drilling
MONTREAL, July 28, 2021 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD), in partnership with Probe Metals Inc. (“Probe”), is pleased to ann
About this update from Midland Exploration Inc.
[{"type":"text","content":" MONTREAL, July 28, 2021 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD), in partnership with Probe Metals Inc. (“Probe”), is pleased to announce the start of an important geophysical program on the La Peltrie project, consisting of several induced polarization (“IP”) surveys covering new geochemical anomalies recently identified on the La Peltrie project. This project, wholly owned by Midland and under option since July 2020 by Probe (see press release by Midland dated July 9, 2020), is located along the Lower Detour Fault southeast of Zone 58N held by Kirkland Lake Gold Ltd. Pursuant to the option agreement, Probe issued 32,544 common shares to Midland for the second payment for a total value of $55,000 based on a 5-day weighted average price of $1.69 per share on the TSX Venture Exchange. In addition, exploration work totalling at least $500,000 will be completed by July 31, 2021, in order to fulfil the firm commitment for the first year of the agreement. IP surveys totalling approximately 45 kilometres in three (3) grids of approximately 15 kilometres each will cover gold and/or copper geochemical anomalies located along the perimeter of a syntectonic intrusion. Pending the results of this work, a first drilling campaign in partnership with Probe will be planned to test the best targets identified. The La Peltrie property is located approximately 25 kilometres southeast of the high-grade Lower Detour Zone 58N gold deposit held by Kirkland Lake Gold Ltd, which hosts indicated resources totalling 2.87 million tonnes at a grade of 5.8 g/t Au (534,300 oz Au) and inferred resources totalling 0.97 million tonnes at a grade of 4.35 g/t Au (136,100 oz Au) (Source: NI 43-101 report from Kirkland Lake Gold effective on December 31, 2020). It is also located proximal to the B26 deposit held by SOQUEM, where indicated resources are estimated at 6.97 million tonnes grading 1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43.0 g/t Ag, and inferred resources at 4.41 million tonnes grading 2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9.0 g/t Ag (Source : NI 43101 report from SGS for SOQUEM effective on January 31, 2018). The La Peltrie property is also located 25 kilometres northwest of the former Selbaie mine, which historically produced 56.5 million tonnes of ore grading 1.9% Zn, 0.9% Cu, 38.0 g/t Ag and 0.6 g/t Au. Cautiona...