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Rio Tinto and Partner Midland Exploration Begin an Important Regional VTEM Survey on the Tete Nord Ni-Cu Project
MONTREAL, March 15, 2022 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the commencement of an important helicopter
About this update from Midland Exploration Inc.
[{"type":"text","content":" MONTREAL, March 15, 2022 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the commencement of an important helicopter-borne electromagnetic VTEM-type (“VTEM”) survey covering the Tete Nord nickel-copper (“Ni-Cu”) property. This property, currently wholly owned by Midland, is subject to an option agreement signed in December 2021 with Rio Tinto Exploration Canada Inc. (“RTEC”) and is located near the town of La Tuque in Quebec. Regional VTEM survey The VTEM survey is scheduled to begin mid-March and will total approximately 6,700-line kilometres, covering the entire property under option with flight lines at a 100-metre spacing. A budget of $900,000 has been set aside for the survey and for follow-up field work in the summer of 2022, in preparation for a drilling campaign to come later in 2022-2023. Rio Tinto is project operator. About the Tete Nord Ni-Cu property The Tete Nord property comprises 936 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 sheet 31P07; GM55352). Calculated nickel tenors (grades normalized to 100% sulfides) of historical sampling at the Savane showing reaches up to 3.5% Ni (see Midland press release dated February 23 2021). Bedrock exposures in the Savane area exhibit undeformed magmatic breccia textures, indicative of a dynamic system conducive to the emplacement of Ni-Cu mineralization. No historical drilling has been reported in this highly favorable area. Option Agreement with RTEC 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 fulfill...