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Thu, December 17, 2009
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Tue, December 15, 2009
Midland Acquires New Gold Property and Found New Gold Zones in the Goldcorp's Eleonore Area
MONTREAL, QUEBEC--(Marketwire - Dec. 15, 2009) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce it has acquired, by map staking, 100% interest in 121 claims (Eleonore Centre Property) covering a surface area of about 65 square kilometres in the highly prospective Opinaca reservoir region. Midland's ground is strategically located in the vicinity of several significant known gold occurrences and the company is thereby poised to take advantage of the potential for new discoveries within the Goldcorp's Eleonore emerging mining camp. Recent prospecting on this property conducted by Midland highlighted the presence of new gold zones with values up to 13.60 g/t Au.
The property is located approximately 30 kilometres southwest of Goldcorp Inc.'s Roberto deposit on the Eleonore property. This world-class gold deposit contains a indicated gold resource of 7.05 Mt at an average grade of 10.05 g/t Au (2.3 million ounces of gold) and a inferred gold resources of 7,39 Mt at an average grade of 12.75 g/t Au (3.0 million ounces). The Roberto deposit has been traced by drilling over a strike length of 1,900 metres and a depth of 1,300 metres, and remains open in all directions.
Other significant gold occurrences in the region are adjacent east and north of the Midland new property where new gold zones have been found on Virgina Mines Regional property. One of these zones consists of a 500 square metres mineralized boulder field found 1,000 metres NE of Midland's property. Up to 9.0 g/t Au has been found in greywacke boulders which may originate from a recently mapped metasedimentary unit striking south towards the Midland Property.
Recent exploration work completed by Midland on its Eleonore Centre property, lead to the discovery of several new gold zones. Forty four grab samples returned values averaging 0.62 g/t Au and locally values up to 13.6 g/t Au. The best gold mineralization is hosted in a metapelite injected with sulfide bearing quartz veinlets near the contact with a metamafic volcanic. The four other auriferous new zones were found along the shore of the Opinaca reservoir with gold values ranging from 0.30 to 1.91 g/t Au. Gold mineralization is associated with dissiminated to semi-massif sulfides hosted in sheared meta-conglomerates and metapelites. Along the reservoir shore the mineralization is sporadically exposed over a distance of 1200 metres.
Midland's property is immediately west of a large tonalite-diorite intrusion within the contact zone between the La Grande and Opinaca Sub-provinces. The intrusion is bounded to the west by recently mapped polygenic conglomerates in contact with basaltic units similar to that of Goldcorp's Eleonore property. Airborne geophysic signatures and mapping appear to indicate the presence of a large southerly trending large isoclinal synform suggesting the favourable stratigraphy is repeated twice on the Eleonore Centre Property.
Midland's Eleonore Centre is one property of a group of four distinct claim blocks forming the Eleonore Project. Two blocks are located north of the Opinaca Reservoir within 15 kilometres from the Roberto Deposit and one southeast 30 kilometres further along strike. The four claim blocks of the Eleonore Project are located in a geological environment similar of the Goldcorp's Eleonore property and include portions of several broad gold (Au) lake bottom sediment anomalies in the close vicinity of auriferous occurrences compiled by the Ministere des Ressources naturelles, et de la Faune. The Eleonore Project encompasses a group of 578 claims covering highly prospective area of approximately 303 square kilometres. A regional location map is available on Midland's website.
Quality Control
The Eleonore Centre exploration program is under the supervision of Robert Banville, Midland registered senior geologist and a qualified person as defined by National Instrument 43-101. All analysis were performed according to industry standards by ALS Chemex in Val-d'Or, Quebec where all samples were analysed for gold by fire assay with an ICP final over a 30g fraction whereas minors and trace elements were analysed by ICP. Repeats were carried out by fire-assay followed by gravimetry finish on each sample containing 500 ppb gold or more.
About Midland Exploration
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, uranium and REE. Midland is proud to count on reputable partners such as Agnico-Eagle Mines Limited, Osisko Mining Corporation, North American Palladium Limited 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 Robert Banville, Midland registered senior geologist and a Qualified Person as defined by NI 43-101. For further information, please consult Midland's website or contact Gino Roger, President and Chief Executive Officer.
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.
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.
