MONTREAL, QUEBEC–(Marketwired – Nov. 30, 2017) – Midland Exploration Inc. (“Midland”) (TSX VENTURE:MD) and Altius Minerals Corporation (“Altius”) (TSX:ALS) are pleased to announce the results of channel sampling from their Moria nickel and Shire zinc projects in the James Bay area.
The Shire Project is located in an underexplored area about 80 kilometers east of Nemaska, Quebec. It was initiated following the discovery of a Zn-bearing exhalative horizon in July 2017 (O’Connor showing) that returned up to 7.53% Zn in grab sampling (note that grab samples are selective by nature and values reported may not be representative). Several channel samples were collected at O’Connor in October. The easternmost channel yielded 4.85% Zn over 1.17 m. This includes a section of pyrrhotite-pyrite-sphalerite massive sulfides that yielded 5.46% Zn, 0.11% Cu, 11 g/t Ag over 0.73 m, and a quartz-sphalerite-pyrite exhalite that yielded 3.88% Zn over 0.45 m (note that all thicknesses reported in this press release are apparent thicknesses; true thicknesses cannot be determined at this time). The zinc-bearing sulfide zone is open to the north (across strike) and east (along strike), under thicker overburden. Other channels to the west sampled intervals of massive pyrrhotite-pyrite as well as a quartz-pyrite exhalite that returned anomalous base metal values. Based on these new results, zinc mineralization at O’Connor is now interpreted as the edge of a volcanogenic massive sulfide (“VMS”) orebody.
The Moria project is located about 12 kilometers southeast of the Clearwater Au deposit and 25 kilometers east of Hydro-Quebec’s Eastmain-1 dam. The project was initiated in August 2017 with the discovery of the Gimli Ni-Cu-Co showing that returned up to 1.13% Ni, 0.11% Cu, 0.07% Co in grab samples. The area was mapped as a large dioritic intrusion that had been overlooked in past exploration campaigns. Channel sampling on Gimli in October yielded 0.80% Ni, 0.06% Co, 0.075% Cu over 0.8 m in a weakly mineralized meta-pyroxenite. The zone is open to the north under thicker overburden. The rest of the discovery outcrop contains lower grade nickel mineralization, with 0.19% Ni / 0.5 m on the last sample to the south. Assay results indicate a perfect nickel-sulfur correlation, which suggests that most of the nickel is found in sulfides and not in refractory silicates. Calculated metal tenors (grades normalized to 100% sulfides) at Gimli are around 14% Ni (see details in the table at the end of this release).
Midland and Altius are very pleased by the results of the fall exploration campaign on Moria and Shire. A mechanical trenching campaign on the Gimli nickel and O’Connor zinc showings is being planned and will be conducted at the earliest time next spring. The campaign will also include mechanical trenching of highly potential electromagnetic anomalies outlined in the VTEM survey completed in October (see November 1st press release for details).
Maps of the channel samples as well as photos of the mineralization are available at: http://media3.marketwire.com/docs/MIDLAND_3011.pdf
Grades for Channel #1 on the O’Connor showing
|Sample||From m||To m||Length m||Zn %||Cu %||Ag g/t|
Grades for the Gimli showing channel, with calculated Ni tenors* (grades normalized to 100% sulfides)
|Sample||From m||To m||Length m||Ni %||Co %||Cu %||S %||% Ni at 100% sulfides*|
*Ni tenors were calculated according to Barnes and Lightfoot (2005), using the formula: Concentration (100% sulfides of a chalcophile element) = Concentration (whole-rock of the chalcophile element) * 100 / (2.527 * S% + 0.3408 * Cu% + 0.4715 * Ni%). –: S values too low for 100% recalculation.
Rock samples on the project are assayed by standard 30 gram fire-assaying with AA or gravimetric finish at ALS Minerals laboratories in Val d’Or, Québec or Sudbury, Ontario. All samples are also analysed for multi-elements, using four-acid ICP-AES method. Samples that exceed 1% zinc or nickel are reanalyzed by four-acid ICP-AES optimized for high grades. Exploration program design and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with industry best practices, including the use of standards and blanks with every 20 samples.
Altius directly and indirectly holds diversified royalties and streams that generate revenue from 15 operating mines. These are located in Canada and Brazil and produce copper, zinc, nickel, cobalt, iron ore, potash and thermal (electrical) and metallurgical coal. The portfolio also includes numerous pre‐development stage royalties covering a wide spectrum of mineral commodities and jurisdictions. In addition, Altius holds a large portfolio of exploration stage projects which it has generated for deal making with industry partners that results in newly created royalties and equity and minority interests.
Altius has 43,208,291 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange under the trading symbol ALS. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements, base metals and rare earth elements. Midland is proud to count on reputable partners such as Altius Resources Inc., Agnico Eagle Mines Limited, Teck Resources Limited, IAMGOLD Corporation, Osisko Mining Inc., SOQUEM INC., Altius Minerals Corporation, Japan Oil Gas and Metals National Corporation, NioBay Metals Inc. 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 Company portfolio and generate shareholder value.
This press release has been prepared by Sylvain Trepanier, P.Geo., VP Exploration for James Bay and Northern Quebec at Midland, a “qualified person” as defined by NI 43-101. For further information, please consult Midland’s website: www.explorationmidland.com.
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.
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