Midland Exploration Inc., in collaboration with Probe Metals Inc. (Probe), announced the start of a significant drilling program totaling more than 3,125 m on the La Peltrie project to test new high-priority targets.
This project, which is fully owned by Midland and has been under option by Probe since July 2020, is situated along the Lower Detour Fault, about 25 km southeast of Agnico Eagle Mines Limited’s Zone 58N.
- New drilling targets identified — Geological, geophysical and geochemical targets
- More than 3,125 m of drilling planned; Nine drilling targets
- Targets close to the Lower Detour Fault in the region
- Drilling will start at the end of the current month (two helicopter-supported drill rigs)
New High-Priority Drilling Targets Proximal to The Lower Detour Fault
Probe carried out a systematic biogeochemical survey spanning the entire property and accomplished several localized induced polarization grids to cover the best gold anomalies following the execution of the option agreement on the La Peltrie property in the summer of 2020.
This activity resulted in the discovery of nine (9) new high-priority drilling targets, which will be tested during the 3,125 m maiden drilling program set to begin at the end of May. Over 20 additional targets have been identified and will be evaluated after the first phase of drilling is completed.
The La Peltrie property is about 25 km southeast of Agnico Eagle Mines Limited’s high-grade Lower Detour Zone 58N gold deposit, which has indicated resources of 2.87 million tons at a grade of 5.8 g/t Au (534,300 oz Au) and inferred resources totaling 0.97 million tons at a grade of 4.35 g/t Au (136,100 oz Au).
It is also close to SOQUEM’s B26 deposit, which has indicated resources of 6.97 million tons grading 1.32% Cu, 1.80% Zn, 0.60 g/t Au, and 43.0 g/t Ag, as well as inferred resources of 4.41 million tons grading 2.03% Cu, 0.22% Zn, 1.07 g/t Au, and 9.0 g/t Ag.
The former Selbaie mine, which produced 56.5 million tons of ore grading 1.9% Zn, 0.9% Cu, 38.0 g/t Ag, and 0.6 g/t Au, is also located 25 km northwest of the La Peltrie property.
Mineralization noticed at Zone 58N and B26 deposits is not necessarily an indication of mineralization found on the La Peltrie project held by Midland/Probe.
Terms of the Agreement
Probe may earn a 50% interest in the La Peltrie property over a four-year period in exchange for the following:
- $400,000 in cash (two payments totaling $105,000 were paid by the issuance of 70,423 Probe common shares); and
- $3,500,000 in exploration costs (including a clear mandate of $500,000 for the first year that is completed).
- After earning 50% interest under the first option, Probe may enhance its interest to 65% (the Second Option) over a two-year period in exchange for $5,000,000.00 in exploration expenditures or cash payments.