Business
Midland Exploration Inc. Options Its Tete Nord Ni-Cu Property to Rio Tinto
MONTREAL, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Midland Exploration Inc. ("Midland") (TSX-V: MD) is pleased to announce the signing of a new option agreement with R
About this update from Midland Exploration Inc.
[{"type":"text","content":" MONTREAL, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (\"Midland\") (TSX-V: MD) is pleased to announce the signing of a new option agreement with Rio Tinto Exploration Canada Inc. (\"RTEC\") for its Tete Nord nickel-copper property, currently wholly owned by Midland and located near the town of La Tuque, Quebec. Under this new agreement, RTEC may earn an initial 50% interest (First Option) in the Tete Nord property over a period of four years, by fulfilling the following conditions: Exploration expenditures totalling $4,000,000, including a minimum of $500,000 in the first year. Cash payments totalling $500,000, including $100,000 within 30 days of execution of the agreement After earning an initial 50% interest, RTEC may elect to increase its interest to 70% (Second Option) over a period of four years by fulfilling the following conditions: Exploration expenditures totalling up to $10,000,000 and cash payments totalling $500,000, gaining interest on the following schedule: An additional 1% interest (for a total of 51%) by funding an additional $250,000 of exploration expenditures; An additional 1% interest for each additional $500,000 of exploration expenditures (for a total of up to 69%) ; An additional 1% (for a total of 70%) by funding an additional $750,000 of exploration expenditures. RTEC retains right to act as operator for the First and the Second Option; or at its discretion elects to have Midland act as operator on RTEC’s behalf. About the Tete Nord Ni-Cu property The Tete Nord property comprises 935 claims covering a surface area of about 515 square kilometres in mafic and ultramafic rocks of the La Bostonnais Complex north of La Tuque. The largest claim block is located south of the former Lac Edouard mine, which historically produced 50,000 tonnes grading 1.50% Ni and 0.50% Cu (Source: SIGEOM NTS sheet 31P09). This property hosts a few mineral occurrences, including the Savane showing, located approximately 25 kilometres south of the former Lac Edouard mine, consisting of a Ni-Cu showing discovered by prospecting in 1995 in a pyroxenite, where historical values of 1.80% Ni and 0.20% Cu were reported in grab samples. Another grab sample from a subcropping boulder also yielded grades of 1.98% Ni and 0.46% Cu about 250 metres north of the Savane showing (Source: SIGEOM NTS she...