Rio Tinto in Partnership With Midland Begins First Drilling Program on New Targets on the Tête Nord Ni-Cu Project

MONTREAL, Nov. 15, 2022 (GLOBE NEWSWIRE) — Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the start of a maiden drilling program by Rio Tinto Exploration Canada Inc. (“RTEC”) on the Tête Nord nickel-copper (“Ni-Cu”) property. This property, located near the town of La Tuque, Quebec, is currently wholly owned by Midland but is under option by RTEC since December 2021.

Highlights:

  • Commencement of a drilling program totalling 3,750 metres on 10 new VTEM targets including extensions of several known showings.
  • Five (5) areas of interest: Bonhomme, Savane, Rochette, Cabouron, and Tête Sud.
  • Rochette Ni-Cu showings grading up to 0.84% Ni and 0.16% Cu (grab sample)
  • Whole-rock geochemistry from most Lac Matte samples and some samples from Savane, Rochette, and Flamengo (a prospect found 4km south of Bonhomme) plot in opx-cumulate ultramafic field favourable for dynamic conduits.
  • Samples from most showings show evidence of base metal enrichment.
  • Rochette shows both base metal and Pt enrichment.

Following the helicopter-borne VTEM-type electromagnetic survey totalling 6,635 line kilometres that was completed in 2022, a drilling campaign totalling 3,750 metres is set to begin in early December to test 10 new targets, mainly consisting of new VTEM conductors. These conductors are strategically positioned along the extensions, or proximal to historical Ni-Cu occurrences such as Savane and Rochette, or in new areas of interest including the Bonhomme area located north of the former Lac Edouard Ni-Cu mine, as well as the Cabouron and Tête Sud areas.

RTEC geology crews were very active in the field during the summer of 2022, prospecting and mapping prospective areas where new VTEM conductors were identified. The Rochette showing returned 0.84% Ni and 0.16% Cu (Tenor of 4.26% Ni calculated at 100% sulfides) in a grab sample. The Lac Matte showing returned a grab sample grading 0.36% Ni and 0.18% Cu (Tenor of 6.96% Ni calculated at 100% sulfides).

Prospecting in the Bonhomme area north of Lac Edouard former mine led to the identification of several anomalous values in Ni-Cu in ultramafic intrusions. This area is also characterized by the presence of several untested VTEM conductors that will be tested during this drilling program.

Whole-rock lithogeochemistry results indicate that most of the Lac Matte samples and some of the Savane, Rochette and Flamengo samples (a new prospect found 4km south of Bonhomme) plot in orthopyroxene-cumulate ultramafic field favorable for dynamic conduits. Samples from most showings show evidence of base metal enrichment. The Rochette showing shows both base metal and platinum (Pt) enrichment.

A budget of US$2.6 million has been approved for this drilling program, which is scheduled to begin in early December 2022 and continue through the first quarter of 2023. First anniversary payment of CAN$100,000 was received. RTEC is project operator.

About the Tete Nord Ni-Cu property

The Tete Nord property comprises 995 claims covering a surface area of about 545 square kilometres in mafic and ultramafic rocks of the La Bostonnais Complex north of La Tuque. The largest claim block is located south of the former Lac Edouard mine, which historically produced 50,000 tonnes grading 1.50% Ni and 0.50% Cu (Source: SIGEOM NTS sheet 31P09).

This property hosts a few mineral occurrences, including the Savane showing, located approximately 25 kilometres south of the former Lac Edouard mine, consisting of a Ni-Cu showing discovered by prospecting in 1995 in a pyroxenite, where historical values of 1.80% Ni and 0.20% Cu were reported in grab samples. Another grab sample from a subcropping boulder also yielded grades of 1.98% Ni and 0.46% Cu about 250 metres north of the Savane showing (Source: SIGEOM NTS sheet 31P07; GM55352). Calculated nickel tenors (grades normalized to 100% sulfides) of historical sampling at the Savane showing reaches up to 3.5% Ni (see Midland press release dated February 23, 2021). Bedrock exposures in the Savane area exhibit undeformed magmatic breccia textures, indicative of a dynamic system conducive to the emplacement of Ni-Cu mineralization. No historical drilling has been reported in this highly favorable area.

Cautionary statements:

Grab samples are selective by nature and reported values are not necessarily indicative of mineralized zones.

Mineralization occurring at the former Lac Edouard mine is not necessarily indicative of mineralization that may be found on the Lewis property held by Midland.

Option Agreement with RTEC

Under this agreement, RTEC may earn an initial 50% interest (First Option) in the Tete Nord property over a period of four years, by fulfilling the following conditions:

  • Exploration expenditures totalling $4,000,000, including a minimum of $500,000 in the first year.
  • Cash payments totalling $500,000, including $100,000 within 60 days of execution of the agreement

After earning an initial 50% interest, RTEC may elect to increase its interest to 70% (Second Option) over a period of four years by fulfilling the following conditions:

  • Exploration expenditures totalling up to $10,000,000 and cash payments totalling $500,000, gaining interest on the following schedule:
    • An additional 1% interest (for a total of 51%) by funding an additional $250,000 of exploration expenditures;
    • An additional 1% interest for each additional $500,000 of exploration expenditures (for a total of up to 69%) ; and
    • An additional 1% (for a total of 70%) by funding an additional $750,000 of exploration expenditures.

Quality Control

Rock samples were sent to ALS Thunder Bay for preparation and ALS Vancouver for analysis. Samples were prepared by the RIORCK package where the entire sample is crushed to 70% less than 2mm using a Boyd crusher-splitter combination, then 1kg of material is pulverized to better than 85% passing 75 microns. This method includes between-sample washes on both the crushers and pulverizers. The samples were analyzed for a full element suite using lithium borate fusions (ME-ICP06 and ME-MS81) with a four acid digestion (ME-4ACD81), S and C by induction furnace (ME-IR08) and Au-Pt-Pd by an ultralow detection 30g fire assay (PGM-MS23L). This batch of 54 samples included 7 CRMs and 1 blank for a QC insertion rate of 15%. The certified reference materials were in-house standards TAM-29B and CL-MG, plus a commercial standard OREAS600 from Ore Research Ltd. ALS included laboratory QC of a range of blank and CRM materials, and 10 RTX samples were analyzed twice as pulp duplicates.

About Midland

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 RTEC, BHP Canada Inc., Probe Metals Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM Inc., Brunswick Exploration 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.

For further information, please consult Midland’s website or contact:

Gino Roger, President and Chief Executive Officer
Tel.: 450 420-5977
Fax: 450 420-5978
Email: [email protected]
Website: https://www.midlandexploration.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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