MONTREAL, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Midland Exploration Inc. ("Midland" or the "Corporation") (TSX-V: MD) is pleased to announce the start of a first exploration program for lithium mineralization on its Mythril project, operated by Brunswick Exploration Inc. ("Brunswick"). The Mythril project is under an option agreement with Brunswick since November 2022 (see Midland press release of November 10, 2022). The Mythril project is located in the Eeyou Istchee James Bay region immediately north of Patriot Battery Metals Inc.'s ("Patriot") Corvette project.
Highlights
- New structural interpretation, derived from magnetic data, reveals north-east trending structures, oriented like Patriot's CV13 pegmatites;
- Lithium lake bottom anomalies were identified on the Mythril project following statistical treatment;
- Well located immediately north of Patriot's CV5 spodumene pegmatite with inferred 109.2 Mt at 1.42% Li2O (0.40% Li2O cut-off).
The Eeyou Istchee James Bay region is currently the focus of an exploration rush for lithium pegmatites. The Mythril project is located about 1.5 kilometres north of lithium pegmatites discovered on Corvette as reported by Patriot. The Mythril project consists of 380 claims totalling 193.7 square kilometres. A recent maiden resource estimate by Patriot on its CV5 pegmatite (see Patriot's press release dated July 30, 2023) yielded inferred resources of 109.2 Mt at a grade of 1.42% Li2O with a cut-off grade of 0.40%, leading to establish CV5 as the largest lithium pegmatite resource in the Americas.
New targets and Mythril exploration program for lithium
Initially, the program will mainly focus on the southern part of the project, near Corvettes' lithium discoveries. Several important structural trends were identified by Brunswick and interpreted from high-resolution magnetic data on the Mythril project. These targeted north-east trending structures share the same orientation as Patriot's CV13 spodumene pegmatites. These structures will be targeted by a helicopter-supported prospecting and mapping exploration program, as well as a LiDAR survey.
Furthermore, two new lake bottom lithium anomalies were identified south on the project, following a regional statistical treatment of more than 23,000 analyses and completed by Midland (see Midland's press release of March 6, 2023). The Mythril project has not yet specifically been explored for lithium.
Cautionary statement:
Mineralization occurring on the Corvette project held by Patriot is not necessarily indicative of mineralization that may be identified on properties held by Midland discussed in this press release.
About Midland
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold and critical metals. Midland is proud to count on reputable partners such as Brunswick, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Barrick Gold Corporation, Probe Gold Inc., Wallbridge Mining Company Ltd, 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 Company portfolio and generate shareholder value.
This press release was prepared by Mario Masson, VP Exploration for Midland, certified geologist 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: info@midlandexploration.com
Website: 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.
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2e4db170-5d1b-40ae-943d-ca3dc92f27d7
https://www.globenewswire.com/NewsRoom/AttachmentNg/921de3e2-0645-4075-b400-1cdfd1d61fcc
