Midland Exploration Inc. ("Midland") is pleased to announce, in partnership with Japan Oil, Gas and Metals National Corporation ("JOGMEC") beginning field exploration program on the Pallas Platinum Group Elements ("PGE") project in the Labrador Trough ("Trough"). Entering into the second year of the agreement, this field exploration program will involve prospecting guided by airborne magnetic targeting, and channel sampling of our best known PGE occurrences.
The Pallas Project comprises 479 claims covering more than 210 square kilometres of mineral rights in the Trough some 80 kilometres west of Kuujjuaq, Québec. These new claims cover a large folded pluri-kilometric ultramafic-mafic complex known, in this section of the Trough, for its strong exploration potential for PGE.
Midland has completed a short reconnaissance program late last year. In only a week of prospecting, several new PGE + Au bearing outcrops were discovered (more than 10) with values ranging from 1.0 to 3.9 g/t PGE + Au. Overall, the project counts currently more than 20 mineralized showings returning more than 1.0 g/t PGE + Au. Each of those showings, associated with disseminated sulfides, were found in vari-textured gabbro (gabbro with textures and crystals varying in sizes) over several of meter in thickness within layered gabbro. In order to help tracing these mineralized gabbroic horizons, a detail heli-borne magnetic survey has been completed on each of the 4 Midland claim blocks. Currently, these data are been processed combining high resolution satellite imagery for target generation.
Midland is very trilled by this project which demonstrates the great potential of the region to host significant PGE + Au mineralization. The PGE's prices has maintained a continuous increase since 2000 due to the growing demand from emerging countries as Brazil, Russia, India and China which have recently agreed to control their pollutant emissions that will require abundant PGE to control.
Exploration Agreement Terms
JOGMEC has the option to acquire 50% interest in the Pallas project prior to March 31, 2016 by funding $2,000,000 in expenditures. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project.
JOGMEC was established in February, 2004, following the integration of the former Japan National Oil Corporation (JNOC) and Metal Mining Agency of Japan (MMAJ). It is a corporation under the Japanese Ministry of Economy, Trade and Industry (METI), with a mandate of investing in developing minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, PGE, base metals and rare earth elements. Midland is proud to count on reputable partners such as Japan Oil, Gas and Metals National Corporation, Teck Resources Limited, Agnico Eagle Mines Limited, Donner Metals Ltd, Maudore Minerals Limited, and SOQUEM 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.
This press release was prepared by Robert Banville, senior geologist for Midland and Qualified Person as defined by NI 43-101.