🕐22.02.11 - 18:00 Uhr
Midland and Osisko Resume Drilling on the Dunn Property
Marketwire
http://www.ccnmatthews.com/logos/20070301-MidlandBIG.jpg
Midland Exploration Inc.
TSX VENTURE:
MD
Other Recent News
February 22, 2011
Midland and Osisko Resume Drilling on the Dunn Property
MONTREAL, QUEBEC--(Marketwire - Feb.
22, 2011) - Midland Exploration Inc.
("Midland") (TSX VENTURE:MD), in partnership with Osisko Mining Corporation
("Osisko"), is pleased to announce the resumption of drilling on the Dunn
property following the identification of a new potassic alteration system
affecting porphyry intrusions and sediments of the Lac Caste Formation.
The
Dunn property is located about 35 kilometres northeast of Rouyn-Noranda in
the Abitibi region of Quebec.
During the drilling campaign carried out in 2010, 9 drill holes totaling
1,251 metres were completed to test several new frequency-domain induced
polarization ("IP") anomalies.
The drilling has led to the identification of
a major system of pyritized porphyry intrusions showing potassic and
siliceous alterations.
The identification of these alterations at a regional
scale is considered very promising in the aim of discovering porphyry-type
gold mineralization in the central portion of the Dunn property, where the
Lac Caste Formation sediments remain untested over more than 4 kilometres.
Initially, this new drilling program on the Dunn project will consist in 6
drill holes totaling approximately 1,000 metres and is set to begin in the
next few weeks.
These drill holes will test IP anomalies, locally wide,
within the untested portion of the Lac Caste Formation sediments in the
central part of the Dunn property.
This IP survey largely focused on an
8-kilometre stretch along the Lac Caste Formation sediments, in order to
detect porphyry-type gold mineralization similar to deposits in the Malartic
area, as well as Harker/Holloway-type gold-bearing structures associated
with ultramafic volcanic rocks near the Destor-Porcupine Fault.
The Dunn property offers excellent potential for gold mineralization as it
covers an 8-kilometre-long stretch of the Manneville fault zone, a secondary
splay fault that is an offshoot of the well-known Destor-Porcupine fault, a
major gold-bearing structure in the Abitibi.
The geological setting on the
Dunn property is similar to that of the South Barnat deposit on Osiskos
Canadian Malartic property, i.e.
fault-juxtaposed clastic sediments and
ultramafics cut by a porphyry dyke swarm.
Gold showings occur east and west
of the property along the Manneville fault, including relatively recent
finds by Typhoon Exploration and Cartier Resources.
This 8 kilometre stretch
of the fault structure on the property has seen less than twenty drill holes
from previous exploration programs.
Terms of the Exploration Agreement
Osisko can earn 50% of Midlands interest in the property by spending a
total of $1,300,000 in exploration work and making payments totalling
$140,000 over a period of three years.
Midland will be project operator
until completion of a positive pre-feasibility study.
Upon acquiring an
initial 50% interest, Osisko will have the option to acquire an additional
15% interest, by delivering a bankable feasibility study, making annual cash
payments of $40,000 and spending a minimum of $200,000 in exploration each
year, up to the delivery of a bankable feasibility study within three years;
or by solely assuming all exploration, development and mining operations on
the Dunn property, earning 1% additional interest for each $1,000,000
invested on the property (up to 15% interest by spending $15,000,000).
About Osisko
Osisko Mining Corporation is currently developing the Canadian Malartic gold
deposit and evaluating adjacent areas for a large-scale open pit,
bulk-tonnage mining operation.
The Canadian Malartic deposit currently
represents one the biggest gold reserves in Canada for a single deposit, and
is still growing through ongoing drilling on new mineralized zones.
About Midland
Midland targets the excellent mineral potential and the favourable
investment climate of Quebec to make the discovery of new world-class
deposits of gold, base metals and rare earth elements.
Midland is proud to
count on reputable partners such as Osisko Mining Corporation, Agnico-Eagle
Mines Limited, Aurizon Mines Ltd., North American Palladium Limited, Japan
Oil, Gas and Metals National Corporation, Zincore Metals Inc.
and SOQUEM
Inc.
Midland prefers to work in partnership and intends to quickly conclude
additional agreements in regard to newly acquired properties.
Midland is
currently evaluating new opportunities and other projects in order to
increase the portfolio of the Company.
This press release was prepared by Mario Masson, VP Exploration for Midland,
certified geologist and Qualified Person as defined by NI 43-101.
For
further information, please consult Midlands website or contact:
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 Midlands periodic reports including the annual
report or in the filings made by Midland from time to time with securities
regulatory authorities.
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.
CONTACT INFORMATION:
Midland Exploration Inc.
Gino Roger
President and Chief Executive Officer
450-420-5977
Fax: 450-420-5978
www.midlandexploration.com
INDUSTRY: Manufacturing and Production - Mining and Metals
Footer
If you no longer want to receive announcements from us, please do not reply
to this e-mail.
Instead simply click here.