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Midland-Wallbridge Casault Option
Casault Option - Property Geology
Casault Option - 1st Magnetic Derivative
MONTREAL, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD), in partnership with Wallbridge Mining Company Ltd (“Wallbridge”), is pleased to announce the successful completion of an approximately 5,300-metre exploration drill program at its Casault Gold Property (“Casault” or the “Property”), testing various grassroots exploration targets 4 to 12 kilometres west of Wallbridge’s Martiniere Gold Project ("Martiniere") and 34 to 41 kilometres west of Wallbridge’s flagship Fenelon Gold Property ("Fenelon").
The first drill hole (CAS-21-123), for which assay results have been received so far, has intersected new gold mineralization with a visible gold-bearing interval returning 6.85 g/t Au over 2.00 metres from 254.50 to 256.50 metres. This intersection is considered significant, as it is located in the northern, largely untested part of the Casault property, where no gold zone has been known so far, approximately 2 kilometres from the nearest anomalous gold intersections both on the Casault and Martiniere properties.
“This intersection of encouraging gold mineralization in the first drill hole of our Casault program in an entirely grassroots area is not only a testament to our growing understanding of the regional controls on gold deposition in the Detour-Fenelon area but also to the prospectivity of the over 900 square kilometer land package along this underexplored belt,” stated Marz Kord, President & CEO of Wallbridge. “We are keenly awaiting the assay results of other completed holes and are looking forward to following-up this intersection, working toward a discovery at Casault, near our existing Martiniere gold deposit.”
Drill Program Completed
Between July and September 2021, Wallbridge completed a drill program totaling 13 drill holes, testing a variety of grassroots exploration targets at Casault. Drilling has focused on the unexplored northern part of the Property, within 1 to 2 kilometres north of the Sunday Lake Deformation Zone (“SLDZ”), on the same assemblage of rocks that also host Wallbridge’s Martiniere gold system, 5 kilometres east of the closest target tested in the 2021 program, which hosts historic indicated resources of approximately 591,000 gold ounces with an updated resource estimate currently underway.
Hole CAS-21-123, the first drill hole of the program, was testing a prominent NW-SE oriented structure interpreted from airborne magnetics. This structural orientation is known to control gold mineralization at Fenelon and Martiniere, and a series of large structures of this trend also transects the Casault property. The particular structure tested by CAS-21-123 extends for an approximately 8 kilometres across Wallbridge’s Martiniere, Casault and Doigt properties and was historically tested by one drill hole on Martiniere, yielding 30.40 g/t Au over 0.44 metre, which has not been followed-up since.
The intersection of 6.85 g/t Au over 2.00 metres in CAS-21-123 is associated with a mineralized zone consisting of chalcopyrite, pyrite, pyrrhotite, and electrum, a gold-silver mineral phase, within deformed and heavily carbonate-altered host rocks.
The other 12 drill holes of the completed program have also intersected strong shear and alteration zones with sulfide mineralization that are interpreted to potentially be part of gold-bearing systems. Assay results of these drill holes are currently pending and will be released as they become available. A technical meeting will be held in the following weeks to discuss the next follow-up program over this new gold bearing zone.
The true thickness of reported intervals cannot be determined with the information currently available; intervals are thus reported in core length.
Mineralization occurring on the Fenelon Gold and Martiniere/Bug Lake projects held by Wallbridge are not necessarily indicative of mineralization that may be found on the Casault property held by Midland.
Casault Gold Property
The Casault property is located approximately 110 kilometres west of the town of Matagami, between Wallbridge’s Martiniere and Detour East gold properties. Wallbridge has an option to acquire up to a 65% interest in the 177 km2 project from Midland Exploration (see Wallbridge News Release dated June 18, 2020). Casault covers more than 20 kilometres of the SLDZ, along which Wallbridge’s Martiniere and Fenelon gold deposits are located and which also hosts Kirkland Lake Gold’s world-class Detour Lake Mine.
The Casault property also hosts the Vortex Zone, a syenite-associated disseminated gold system with drill hole intersections grading up to 1.38 g/t Au over 26.5 metres that was traced over a distance of 1.5 kilometre.
Drill core samples from the 2021 drill program at Casault were cut and bagged on site and transported to AGAT Laboratories Ltd. for analysis. Samples are crushed to 75% less than 2mm. A 250g riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control.
Wallbridge is currently advancing the exploration and development of its 100%‒owned Fenelon Gold property located along the Detour‒Fenelon Gold Trend, an emerging gold belt in northwestern Québec. The Company completed approximately 102,000 metres of drilling in 2020 and is currently conducting a fully‒funded 2021 program of approximately 150,000-170,000 metres of drilling and 2,500 metres of underground exploration development (Phase 1 of a 10,000‒metre program). The Company intends to complete a maiden mineral resource estimate on the Fenelon Gold System in October 2021.
Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. Wallbridge's land holdings in Québec along the Detour‒Fenelon Gold Trend total more than 900.0 km2, improving Wallbridge's potential for further discoveries along a 90‒kilometre strike length in this underexplored belt.
Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately‒held company with a portfolio of nickel, copper, and platinum‒group metals (PGM) projects in Ontario's Sudbury Basin.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as Wallbridge Mining Company Ltd BHP Canada Inc., Probe Metals Inc., Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM Inc., Nunavik Mineral Exploration Fund, and Abcourt Mines 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 Corporation portfolio and generate shareholder value.
This press release was prepared by Mario Masson. P.Geo., VP Exploration for Midland and Qualified Person as defined by NI 43-101 in conjunction with Wallbridge technical team.
For further information, please consult Midland’s website or contact:
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.
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.
Photos accompanying this announcement are available at