Midland and Altius discover new copper-gold-molybdenum-silver and gold showings in James Bay
Midland Exploration inc. (“Midland“) (TSX-V : MD) and Altius Minerals Corporation (“Altius”) (TSX:ALS) are pleased to announce the discovery of new Cu-Mo-Au-Ag and Au showings in James Bay, Quebec. These showings were found during a regional project generation program performed in June.
The new Lothlorien project is located about 7 kilometers south of the Trans-Taïga road. The project, comprising 38 claims, was staked after the discovery of high-grade copper, gold, molybdenum and silver. The area was visited to investigate a Mo-Cu showing found by Quebec government geologists in 2010 (“Pamela” showing), which has not had any additional reported work. The resampling of the original Pamela showing returned 0.47% Mo in a grab sample (note that grab samples are selective by nature and values reported are not representative of mineralized zones).
The new Galadriel showing was found about 50 meters to the west of Pamela. All four grab samples collected on Galadriel returned high-grade Cu-Mo-Au-Ag values, up to 7.19% Cu, 0.70% Mo, 4.3 g/t Au and 61 g/t Ag. It occurs as disseminated to semi-massive chalcopyrite and disseminated molybdenite within garnet-muscovite paragneiss.
Finally, the new Cu-Au-Ag Celeborn showing occurs as subcrop located about 225 meters west of the Pamela showing. Mineralization is found as magnetite-chalcopyrite stringers/clusters and as quartz-chalcopyrite veins in paragneiss. Values up to 2.37% Cu, 21.2 g/t Ag and 0.66 g/t Au were returned from three grab samples. The complete assays are included as a table attached to this press release. The three showings form an E-W mineralized trend that is 225 meters long and is open in both east and west directions. The Cu-Mo-Au-Ag signature of the mineralization points to a magmatic-hydrothermal system associated with felsic intrusions.
The new Fangorn Au project is located about 35 kilometers southeast of Hydro-Quebec’s LG-3 airport and of the Trans-Taïga road. The project was initiated following the discovery of a gold-bearing felsic dyke that returned 5.62 g/t Au associated with high Mo (143 ppm) and Bi (263 ppm) in a grab sample. The dyke is found within a volcanosedimentary sequence that includes paragneisses, iron formations and ultramafic intrusives. The Au-Mo-Bi geochemical signature and the felsic intrusive host rock suggest an intrusion-related gold system. The Fangorn project comprises 16 map-staked claims.
Rock samples on the project are assayed by standard 30-gram fire-assaying with ICP 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% copper, 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.
The technical or scientific information in 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.
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 Agnico Eagle Mines Limited, IAMGOLD Corporation, Osisko Mining Inc., Altius Minerals Corp., SOQUEM INC., NioBay Metals Inc., Nuvavik 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.
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. It also 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 43,215,026 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.
For further information, please consult Midland’s website www.explorationmidland.com
Forward-looking statements apply.