Jun 19 2020
Midland Exploration Inc. has reported that it has signed an option agreement with Wallbridge Mining Company Limited concerning its Casault gold property.
Casault Option to Wallbridge. Image Credit: Midland Exploration Inc.
Fully owned by Midland Exploration, the Casault gold property contains 322 claims (177 km2) and spans—across a strike length of over 20 km—the Sunday Lake Fault located about 10 km west of a new discovery made by Wallbridge Mining Company Limited, where the latter announced drill intercepts on Fenelon, that is, Tabasco Zone, grading up to 22.73 g/t gold (Au) across 48.01 m.
In the recent past, the Reaper discovery south of Fenelon yielded high gold grades reaching 308 g/t Au across 2.97 m, including 858 g/t Au across 1.06 m south of Area 51. The Reaper discovery was earlier drilled by Balmoral Resources Ltd and later procured by Wallbridge Mining Company Limited.
The Casault gold property is also situated about 40 km east of the Detour Lake mine. Kirkland Lake Gold Ltd. owns this open-pit mine that hosts probable and proven mineral reserves totaling 12.64 million ounces of gold and containing 397.7 million tons at a grade of 0.99 g/t Au, as of December 31st, 2019.
Cautionary Statements
Mineralization that occurs on the Fenelon project/Tabasco zone and at the Detour Lake mine is not essentially representative of mineralization that may be discovered on the Casault gold property. Here, the actual thickness of drill intercepts cannot be established with the currently available data; hence, intervals are reported in core length.
Wallbridge Mining Company Limited may earn a 50% interest in the Casault gold property across a four-year period in lieu of the following:
- Exploration costs totaling $5,000,000, including a solid commitment of $750,000 during the initial year.
- Cash payments totaling $600,000, including a lump sum payment of $100,000 within a period of five days of signing
Wallbridge Mining Company Limited will exercise this first option to earn a 50% interest and then raise its interest rate to 65% (the second option) over a two-year period in lieu of the following:
- Cash payments or exploration costs totaling $6,000,000.
Midland Exploration is happy to collaborate with the forces once again, especially with a reliable partner such as Wallbridge Mining Company Limited. The latter will act as a project operator and will soon start an important exploration program to test the quality targets located in the Vortex zone, and also other targets situated elsewhere on the property close to the Sunday Lake Fault.
The Vortex zone, discovered in 2017, is a prime gold-bearing system related to alkaline intrusions along the Sunday Lake Fault. This zone yielded drill results reaching 1.38 g/t Au across 26.2 m from 155.80 to 182.00 m, including 7.9 g/t Au across 2.2 m from 179.80 to 182.00 m.
Mines and Deposits Situated Close to Midland Projects in the Detour Belt
Detour Lake mine (owned by Kirkland Lake Gold—based on data available from the company’s website): The Detour Lake open-pit mine hosts 12.64 million ounces of gold in probable and proven mineral reserves, containing 397.7 million tons grading 0.99 g/t Au, as of December 31st, 2019.
Fenelon (owned by Wallbridge Mining Company Limited—based on data from the company’s website): The 2018-2019 bulk sample yielded 33,233 tons at 18.49 g/t Au.
Martiniere/Bug Lake (owned by Wallbridge Mining Company Limited—based on data from the company’s website): This deposit hosts underground indicated resources totaling 1,092,000 tons at a grade of 4.54 g/t Au (159,000 oz Au) and pit-constrained indicated resources totaling 6,827,000 tons at a grade of 1.96 g/t Au (431,000 oz Au).
Cautionary Statements
Mineralization that occurs at the Martiniere /Bug Lake deposits, the Fenelon project/Tabasco Zone, and the Detour Lake mine is not essentially representative of mineralization that may be identified on the Casault gold property.
Source: https://www.midlandexploration.com/