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Midland Provides an Overview of Its 2024 Exploration Activities With Its Partners and Also Follow-Up on Its New Discoveries

MONTREAL, Feb. 14, 2024 (GLOBE NEWSWIRE) — Midland Exploration Inc. (Midland) (TSX-V: MD) is pleased to give an overview of its exploration activities planned for 2024 in Quebec, including on its several projects in partnership for gold in the Abitibi belt, lithium in James Bay region, nickel-copper in the Nunavik and Grenville regions and copper-gold in the Labrador Trough. The exploration activities aim at following up on new discoveries made throughout 2023.

In 2023, Midland continued to apply its business model as a “Project Generator” with the recent acquisition of several new high-quality properties and the formation of several new partnerships across Quebec. With an exploration budget of more than $19M ($3M Midland – $16M Partners), and nearly 25,000 metres of drilling, Midland will be very busy working to advance several projects in partnership with major companies such as BHP Canada Inc. (“BHP”), Rio Tinto Exploration Canada Inc. (“RTEC”), Barrick Gold Corporation (“Barrick”), SOQUEM Inc. (“SOQUEM”), Brunswick Exploration Inc. (“Brunswick”), Probe Gold Inc. (“Probe”), Wallbridge Mining Company Ltd. (“Wallbridge”) and Cosmos Exploration Limited (“Cosmos”).

Highlights:

  • New copper-gold discovery on La Peltrie project with Probe (0.20% CuEq*/513.5 m);
  • Till drilling campaign planned with Barrick on Patris project;
  • Drilling planned with RTEC on new lithium showings, Galinée project;
  • Exploration programs for lithium in James Bay with RTEC and Cosmos focussing near Corvette (Patriot Battery Metals Inc.) and James Bay lithium (Arcadium Lithium);
  • New gold discovery with Cosmos of a 42.4 g/t Au boulder on the Lasalle project;
  • Ni-Cu prospecting work in 2023 with BHP has identified potential targets for follow up, in Nunavik;
  • Drilling ongoing with RTEC and following-up the Santos Ni-Cu discovery on Tête Nord;
  • Prospecting and soil sampling planned over new high-grade Cu-Au showings on the Nachicapau project in partnership with SOQUEM;

Gold and Copper Gold Projects (Au, Cu-Au); Abitibi

Patris Project – 100% Midland, in an option agreement with Barrick

The Patris project is located less than 10 kilometres northwest of the prolific Doyon/Westwood-Bousquet-La Ronde gold mining camp, and covers the Manneville Fault over more than 8 kilometres and the La Pause Fault over more than 10 kilometres, both recognized as subsidiary faults to the well-known Destor-Porcupine Fault Zone. A VTEM helicopter-borne electromagnetic survey completed in 2023 is used to map overburden thicknesses and its variations in preparation for an upcoming till drilling campaign. A total of 4000 metres of Sonic drilling is planned in 115 drill holes to characterize geochemical dispersion trains in the glacial till overlain by lacustrine clays.

La Peltrie Project – 100% Midland, in an option agreement with Probe

The La Peltrie project is located 15 kilometres southeast of Agnico Eagle’s Zone 58N gold deposit and approximately 25 kilometres west of the former Selbaie mine. The 2022 new copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”) mineralization intersected in drill hole LAP-22-012 was extended and returned 0.13% Cu (0.20% CuEq*) over 513.50 metres, core length (see press release by Midland dated January 23, 2024). Another drill hole, LAP-23-18, approximately 150 metres east of the drill hole LAP-22-12, intersected a Cu-Au-Mo-Ag mineralized interval grading 0.11% Cu (0.15% CuEq*) over 363.00 metres, including a high-grade zone with grades of 1.18% Cu (1.33% CuEq*) over 9.50 metres.

A follow-up drilling campaign aiming for higher grades is currently in planning for 2024.

Casault Project – 100% Midland, in an option agreement with Wallbridge

In 2023, Wallbridge completed a high-resolution magnetic survey on select areas over the western portion of the property, as well as a till sampling program (Sonic drilling) in the eastern part of the property. The final interpretations of the programs are in progress, but anomalous gold grain counts were identified along the northern contact of the Sunday Lake deformation corridor, and also included the presence of pristine gold grains. Exploration targets are being generated for future drill testing. Additionally, several quality drill targets remain to be tested on the entire Casault property, several of which are located in the area surrounding ​​the Vortex showing discovered in 2017, which is open at depth, and along a NW- SE structure that returned 6.85 g/t Au over 2.0 metres in hole CAS-21-123.

Lewis Project – 100% Midland

The Lewis project is located approximately 60 kilometres southwest of the town of Chapais, in the Eeyou Istchee James Bay region. Exploration work by Midland, since 2020, identified two (2) new gold showings named Red Giant and Golden Nest which returned respectively 0.35 g/t Au over 9.0 metres and 0.65 g/t over 6.0 metres in channel sampling. Grab sampling on Golden Nest returned up to 10.2 g/t Au (see press release by Midland dated August 19, 2021). Induced Polarization (“IP”) anomalies associated with or near the showings were also identified.

A 725-metre drilling program has commenced on the project and targets the showings and IP anomalies.

Lithium Projects (Li); James Bay

Galinée Project – 100% Midland, in an option agreement with RTEC

The Galinée project is located approximately 4 kilometres due east of the Adina showing held by Winsome Resources. This showing is located at the contact between amphibolites of the Trieste Formation to the south and felsic intrusives to the north and is marked by a major structure that likely controlled the emplacement of pegmatites at the Adina showing. The same highly favourable contact zone is present on the property over more than 7 kilometres, and the new Iceberg lithium showing was discovered along this contact (see press release by Midland dated September 19, 2023).

The Iceberg showing consists of a series of spodumene exposures outcrop, now over a 600m east-west strike intermixed with amphibolite and granodiorite. High-grade grab samples on the Iceberg showing returned up to 7.2 % Li2O, including 6 samples grading between 5.0 % Li2O and 7.2 % Li2O (see press release by Midland dated November 2, 2023). Two other new lithium showings, Iceberg Southwest and Iceberg South, were located respectively 900 and 500 metres from the main Iceberg showing. The Iceberg Southwest spodumene-bearing outcrop returned three (3) samples grading between 3.0% Li2O and 3.6% Li2O. Moreover, a spodumene-bearing boulder located 100 metres west of this showing returned 4.1% Li2O. The Iceberg South Showing consists of a pegmatite subcrop and returned an anomalous lithium value of 0.7% Li2O (see press release by Midland dated January 15, 2024).

Data from a recently completed high-resolution airborne magnetic and radiometric survey is currently being used to identify structures that could host spodumene pegmatites and provide drilling targets. The received LiDAR data will also guide future work to expand the footprint of spodumene outcrops on Galinée. A maiden drilling campaign is currently confirmed and being planned on Galinée for early summer 2024 and will include diamond and possibly the addition of reverse circulation drilling to test the showing and its extensions.

Elrond and Mythril Projects – 100% Midland, in an option agreement with Brunswick

The Elrond project is located 90 kilometres southeast of the town of Radisson while the Mythril project is near Corvettes’ lithium deposit owned by Patriot Battery Metals Inc. The first phase of prospecting successfully discovered the new spodumene-pegmatite Arwen Showing on the Elrond project. No lithium phases were initially highlighted on the Mythril project as the focus shifted towards the Arwen discovery. The Arwen showing is exposed over an area of approximately 250 metres by 100 metres and is shallowly dipping to the north. The Arwen showing includes a 75-by-15-metre zone visually containing up to 30% spodumene (see press release by Midland dated October 3, 2023).

Brunswick is planning to drill-test this new showing in 2024.

Corvette, Chisaayuu and Mythril East Projects – 100% Midland, in option agreement with RTEC

These projects are located northeast and southeast of the Corvette deposit held by Patriot Battery Metals Inc. with an estimated inferred resource of 109.2 Mt at 1.42% Li2O (see press release by Patriot Battery Metals Inc. dated September 8, 2023). New lithium anomalies in lake-bottom sediments have been identified on Chisaayuu and Corvette following a regional statistical treatment of more than 23,000 analysis and completed by Midland (see press release by Midland dated March 6, 2023).

A first exploration program including LiDAR surveys as well as prospecting and mapping work was successful in identifying several pegmatites. No lithium phases were observed so far, but geochemistry of these pegmatites is underway to determine their full potential to further vector future work. For 2024, further prospecting and mapping work, for lithium mineralization, is planned on these projects.

Komo Project – 100% Midland, in an option agreement with RTEC

The Komo Project is located approximately 20 kilometres west of James Bay lithium deposit (Arcadium Lithium) which contains indicated resources of 54.3 Mt at 1.30% Li20 and inferred resources of 55.9 Mt at 1.29% Li20 (see press release by Allkem Limited dated September 25, 2023).

Komo and the James Bay lithium deposit are both located at the contact between the La Grande and Nemiscau geological subprovinces. This contact is a major structure that likely play a critical role in the emplacement of the James Bay lithium host pegmatite and is present over nearly 30 kilometres on the Komo project. Furthermore, a new lake bottom lithium anomaly was identified following the regional statistical treatment completed by Midland (see press release by Midland dated March 6, 2023). A LiDAR survey completed in the summer of 2023 will assist in a follow-up prospecting and geological mapping campaign planned in 2024.

Shire, Picard, Warp and Sulu Projects – 100% Midland, in option agreement with RTEC

The Shire project is located within amphibolites of the Lac des Montagnes geological Group, which hosts the Whabouchi lithium deposit about 60 kilometres southwest of Shire. The Whabouchi lithium deposit is characterized by a pegmatite intrusion assigned to the Senay granitic Suite, which also occurs on the Shire project. This project is also located at the boundary between the La Grande and Opatica geological subprovinces, a major structure that could be critical for the emplacement of lithium-bearing pegmatites in the area. A regional statistical treatment completed by Midland identified several strong lake bottom sediment lithium anomalies on the Shire, Picard, Warp and Sulu projects (see press release by Midland dated March 6, 2023).

Prospecting and geological mapping programs are planned on these projects.

Lasalle Project – 100% Midland, in an option agreement with Cosmos

An interpretation of high-resolution magnetic surveys as well as the analysis of imagery data, LiDAR and hyper-spectral data were completed and made it possible to identify three (3) new target areas characterized by the possible presence of pegmatites for a field follow-up which was recently completed. The first short phase of exploration did not highlight lithium mineral phases; however, several pegmatites sampled, mostly boulders, indicate the presence of pegmatitic intrusions on the project. While exploring for lithium, a mafic mineralized boulder returned 42.4 g/t Au. Another exploration and follow-up campaign is currently being planned for 2024.

Nickel-Copper and Copper-Gold Projects (Ni-Cu, Cu-Au); Nunavik and Labrador Through

Nunavik Nickel Project – Strategic Alliance with BHP

The 2023 exploration program focused on a major crustal-scale structure that has been identified by the 2022 regional MT survey. This previously poorly recognized structure is potentially favourable for nickel-copper mineralization and was thus followed up with a 1,534-sample lake sediment survey, an airborne Z-Tipper axis electromagnetic survey (“ZTEM”) and also two phases of prospecting and geological mapping. Results from these surveys have identified new potential targets for follow up with more detailed geophysics and a field campaign.

Nachicapau Project – Strategic Alliance with SOQUEM

The Nachicapau project is located in the Labrador Trough, Nunavik, in the Nachicapau Lake area. The 2023 exploration efforts were focused on the Cu-Au-Ag mineralized zone discovered in the summer of 2022, which graded up to 25.6% Cu, 4.90 g/t Au and 162 g/t Ag on grab samples (see press release by Midland dated October 4, 2022). Soil sampling followed by prospecting in 2023 successfully identified six (6) new mineralized veins and fourteen (14) boulders over an area of seven (7) square kilometres. Digenite-bornite-malachite mineralization occurs in calcite-clinochlore veins with grab sample returning grades of 13.80% Cu and 1.71% Cu on outcrops, and up to 20.40% Cu in boulders (see press release by Midland dated December 7, 2023). One (1) boulder also returned 3.98 g/t Au (3,33% Cu and 28.2 g/t Ag).

Geological and structural studies combined with a high resolution geophysical magnetic drone survey is currently planned to further comprehend and generate targets. A prospecting and soil geochemical survey is planned for the 2024 field season.

Nickel-Copper Project (Ni-Cu); Grenville

Tête Nord Project – 100% Midland, in an option agreement with RTEC

The Tête Nord property covers mafic and ultramafic rocks of the La Bostonnais Complex north of La Tuque, which hosts the former Lac Edouard mine that historically produced 50,000 tonnes of ore grading 1.50% Ni and 0.50% Cu (source: SIGÉOM NTS sheet 31P/09). The new Santos Ni-Cu zone was discovered in early 2023, about 8 kilometres north of the former Lac Edouard deposit, following the drill testing of an electromagnetic VTEM anomaly during a 3,450 total metres drilling campaign over sixteen (16) drill holes. The discovery hole (MDLD0015) intersected, from 14 metres to 80 metres downhole depth, several layers with Ni-Cu mineralization within altered gabbro horizons. From 20.11 to 22.79 metres, the drill hole intersected 1.10% Ni and 0.71% Cu over 2.68 metres. Further down, from 33.02 to 43.39 metres, a mineralized interval graded 0.45% Ni and 0.18% Cu over 10.37 metres (see press release by Midland dated April 27, 2023).

A second shallow hole was drilled in July 2023 on the Santos zone, approximately 50 metres west of the discovery hole. After going through 11.66 metres of overburden, drill hole MDLD0018 intersected a mineralized zone grading 0.33% Ni and 0.12% Cu over 39.73 metres, from 11.66 to 51.39 metres downhole depth (see press release by Midland dated October 12, 2023). The interval exhibits impressive magmatic breccias with decimetre-scale semi-massive sulphide zones, indicative of a dynamic magmatic system at Santos. A target similar to Santos occurs 770 metres to the south. The Santos South target consists of a subtle airborne EM located in a very similar fold structure as the Santos occurrence.

The drilling program is currently underway and four (4) drill holes are completed in the Santos area for a total of 984.70 metres. One (1) drill hole totalizing 306.00 metres was also completed on the Santos South target. Drilling continues for additional selected targets (5-7 drill holes) in the Bonhomme and Cutaway-East areas. Results are pending.

Evaluation of other Ni-Cu targets at the regional scale will also continue in 2024.

Cautionary statements

Grab samples are selective by nature and reported values are not necessarily indicative of mineralized zones. The true thickness of reported channel and drilling intervals cannot be determined with the information currently available; intervals are thus reported in core length and channel length.

Mineralization occurring at deposits and former mines mentioned in this press release is not necessarily indicative of mineralization that may be intersected on projects held by Midland described in this press release.

Copper equivalent (“CuEq*”) values herein were calculated using the following metal prices: Au $1,500.00/oz, Cu $3.25/lb, Ag $15.00/oz, Mo $15.00/lb. CuEq* values are used for exploration purposes only and do not include estimations of metallurgical recovery.

About Midland
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 BHP Canada Inc., Rio Tinto Exploration Canada Inc., Barrick Gold Corporation, Wallbridge Mining Company Ltd, Probe Gold Inc., Agnico Eagle Mines Limited, Electric Element Mining Corp., SOQUEM INC., Nunavik Mineral Exploration Fund, Cosmos Exploration Limited 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.

Qualified Person and Chief Geologist Jean-François Larivière, P. Geo, Ph.D., prepared this press release and verified the project’s data as Midland’s qualified person (QP) within the meaning of National Instrument 43-101.

For further information, please consult Midland’s website or contact:

Gino Roger, President, and Chief Executive Officer
Tel.: 450 420-5977
Fax: 450 420-5978
Email: [email protected]
Website: www.midlandexploration.com

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.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/92be6e15-2a9d-4f8d-b7af-75c30cae9558
https://www.globenewswire.com/NewsRoom/AttachmentNg/51345e5f-8570-4972-8661-519f2de04b33
https://www.globenewswire.com/NewsRoom/AttachmentNg/23ea1720-1ec1-4c52-9698-cdc9ecd6b64e
https://www.globenewswire.com/NewsRoom/AttachmentNg/54c54439-baf1-4aa8-97c6-58b46bbe234f
https://www.globenewswire.com/NewsRoom/AttachmentNg/8853ab5b-0b32-447f-874f-33855bf7622c


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