MD.V · 2023-05-09 12:00:00

Midland Completes Its Evaluation of the Excellent Lithium Potential ON Komo Near the Allkem New Discovery

Exploration Programs

MIDLAND COMPLETES ITS EVALUATION OF THE EXCELLENT LITHIUM

POTENTIAL ON KOMO NEAR THE ALLKEM NEW DISCOVERY

Montreal, May 9, 2023. Midland Exploration Inc. (“Midland” or the “Corporation”) (TSX-V: MD)

has now completed a geological evaluation for the excellent potential for lithium on its wholly owned

Komo project. The Komo project is located about 20 kilometers west of the James Bay lithium deposit

owned by Allkem Limite d (“Allkem”) and is striki ngly similar to it in terms of lithological a nd

structural characteristics. Allkem recently announced a new discovery o f spodumene-bearing

pegmatites swarms to the northwest of their lithium deposit. One of the best intersections returned up

to 1.70% Li2O over 125 metres (see press release f rom Allkem dated May 4 , 2023). Following these

observations and evaluation, the Komo project has been significantly expanded, with the addition of

151 new claims covering the favorable areas.

Highlights

• Komo located 20 km west of the James Bay lithium deposit (Allkem);

• Komo located on the same major ge ological structure that hosts the James Bay lithium

deposit (La Grande-Nemiscau subprovinces boundary);

• Komo shares striking lithological similarities with the James Bay Li deposit:

o Proximity to a large S -type granitoid bath olith of the favorable Cau sabiscau suite,

that could be the source of the Li-Ta-Be pegmatites in both cases;

o Located at a “Goldilocks” distance of 1 to 4 kilometers f rom the bathol ith in both

cases;

o Presence of favorable contacts between amphibolites and metasediments;

• New occurrence of Li-Ta-Be mineralization on Komo: pegmatite outcrop grab sample that

returned 0.04% Li2O, 159 ppm Ta, 396 ppm Be (2022).

The Komo project is located about 20 kilometres west of the James Bay lithium deposit (Allkem

Limited). The James Bay lit hium depos it (Allkem) is e stimated to contain 40.3 Mt at 1.4 % Li 2O

(mineral resources) and 37.2 Mt at 1.3% Li2O (mineral reserves) (source: 2021 Feasibility Study and

Maiden Ore Reserve NI 43-101 by Allkem, published on December 21st, 2021).

Both the Komo project and the James B ay lithium deposit lie at the contact between the La Grande

and Nemiscau geological subprovinces. This boundary is a major structure that likely played a critical

role in the emplacement of the Ja mes Bay lith ium pegmatite. This maj or lithotectonic boundary is

present 30 kilometers on the Komo project and is the most important structural feature of entire area.

Lithium deposits are very often associated with large S -type granite batholiths, that are the u ltimate

source for the lithium. Lithium deposits a re usually not found in the bath oliths themselves, however,

but rather at a critical distance of 1 to 4 kilometers away from the source batholiths (also called the

“Goldilocks zone”). The James Bay lithium deposit is a very good example of that relationshi p. It is

located 3 kilometers north of a large S -type granitoid bathol ith of the Cau sabiscau suite, right within

the “Goldilocks” zone. A large S-type granite batholith of the same favorable Causabiscau suite is also

present just south of the Komo project . Most of the Komo project is actually located right in the heart

of the “Goldilocks” zone of that favorable S-type granit e bathol ith. This setting is considered to be

highly favorable for lithium mineralization.

The James Bay lithium deposit more specifically found in a small pegmatite intrusio n that is squeezed

between a metasediment ary unit to the south and amp hibolites to the north . Contacts between two

different rock types, especially amphibolites with others, are often found to be favorable for large Li

pegmatite bodies as the competency contrasts between them create openings for large intrusions. The

Komo project features several identical amphibolites -metasediments contacts that are thus deeme d

very favorable for large Li-Ta-Be pegmatites.

Prospecting for gold on Komo in 2022 uncovered a Li-Ta-Be pegmatite outcrop that returned 0.04%

Li2O, 1 59 ppm Ta, 396 ppm Be in a grab sample . The new Li -Ta-Be occurrence is located in the

“Goldilocks” zone of a large S-type batholith, a few kilometers south of the La Grande – Nemiscau

boundary. This new Li-Ta-Be occurrence further supports the lithium potential of the project.

The Komo project consists of 465 claims covering a total of 245 square kilometres. Historically, this

project was worked for its gold and base metals potential and has never been explored for its excellent

lithium potential. Midland is currently planning an exploration program that will be launched in the

coming weeks.

Cautionary statements:

Note that grade s determined from grab samples and erratic boulders may not be representative of

mineralized zones.

Mineralization o f the James Bay Lithium deposit mentioned in this press rel ease may not be

representative of mineralization that could be found on the Komo project.

Quality control

Rock samples from project mentioned have been analyze d by an ICP -MS method with a fou r-acids

dissolution (ME -MS61) at ALS Lab oratories (Vancouver, BC). Exploration programs are designed,

and results are interpreted by Q ualified Persons e mploying a Quality Assurance/Quality Control

program consistent with industry best practices, including the use of stan dards and blanks with every

batch of 20 samples.

About Midland

Midland targets the excellent mineral potential of Quebe c to make the discovery of new world -class

deposits of g old and critical met als. Midland is proud to count on re putable part ners such a s BHP

Canada Inc., Rio Tinto Exploration Canada Inc., Barrick Gold Inc., Wallbridge Mining Company Ltd,

Probe Gold Inc., Agnico Eagle Mines Limited, Osisko Development Corp. , SOQUEM Inc.,

Brunswick Exploration Inc., Nunavik Mineral Explora tion F und, and Abcourt Mine s Inc. Mi dland

prefers to w ork in partn ership and intends to quic kly conclude additional a greements in regard to

newly acquired properties. Manage ment is currently reviewing other oppor tunities and projects to

build up the Corporation portfolio and generate shareholder value.

This press release was prepared by Mario Ma sson. P.Geo., VP Exploration for Midland and Qualified

Person as defined by NI 43-101, who also approved the technical content of this press release.

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: www.midlandexploration.com

Neither TSX Venture E xchange nor its R egulation Services Provider (as that te rm is defi ned in the

policies of the TS X Ventur e Ex change) a ccepts res ponsibility fo r the ade quacy or accur acy of this

release.

This press release may contain for ward-looking statements that are subject to known and u nknown

risks and unce rtainties that cou ld cause a ctual results to vary materially from targeted results. Such

risks an d uncertainties incl ude thos e described in Mid land’s p eriodic repor ts including the annual

report or in the filings made by Midland from time to time with securities regulatory authorities.

James Bay: Main Lithium Prospects and Midland Projects

Whabouchi

Li Deposit

(Nemaska)

James Bay

Li Deposit

(Allkem)

Corvette Li

pegmatites (Patriot

Battery Metals)

Rose Li

Deposit

Sirmac Li

Deposit

Moblan Li

Deposit

Komo

project

Shire

project

Galinée

project

Mythril

Regional project

Mythril

Regional project

Mythril

Regional project

Stornoway Diamond Corp.

Renard Mine

New Li Discovery

Adina (Winsome)

Komo project: Lithium potential

• Well located about 20km west of the James Bay

lithium deposit

• On the same major lithotectonic boundary that

hosts the James Bay lithium deposit → La Grande –

Nemiscau subprovinces boundary (Red)

• Proximity to favorable large S-type batholiths of the

Causabiscau suite that are likely sources for the Li-

bearing pegmatites

• The most favorable area for Li pegmatites is 1-4

kilometers north and away from the source

batholiths (“Goldilocks zone” - Orange)

• Contacts between amphibolites (green) and other

rocks especially favorable

• New Li-Ta-Be pegmatite found by prospection in

2022 (outcrop grab sample)

• 0.04% Li2O, 159 ppm Ta, 396 ppm Be

James Bay Li Deposit

(Allkem)

40 Mt @ 1.4% Li2O

Nemiscau SP

La Grande – Nemiscau

subprovinces contact

(RED)

Komo

project

Favorable S-type

batholiths of the

Causabiscau suite

Favorable S-type

batholiths of the

Causabiscau suite →

Source of Li pegmatites

« Goldilocks zone »

for Li pegmatites

(orange)

« Goldilocks zone »

for Li pegmatites

(orange)

Li-Ta-Be?

Li-Ta-Be Li-Ta-Be

New Li-Ta-Be

pegmatite

2022

La Grande SP

Komo project: Lithium potential

La Grande – Nemiscau

subprovinces contact

(RED)

« Goldilocks zone »

for Li pegmatites

(orange)

« Goldilocks zone »

for Li pegmatites

(orange)

New Li-Ta-Be

pegmatite

2022

Komo

project

James Bay

Li deposit

S-type batholith

(Causabiscau suite)

S-type batholith

(Causabiscau suite)

Amphibolites

AmphibolitesMetasediments

Metasediments

La Grande – Nemiscau

subprovinces contact

(RED)

James Bay Li Deposit

(Allkem)

40 Mt @ 1.4% Li2O

Li-Ta-Be Li-Ta-Be Li-Ta-BeLi-Ta-Be Allkem New

Discovery

125m @ 1,7% Li2O

Goldilocks Zone for Lithium Pegmatites Around

a Source S-type Intrusion

https://www.asx.com.au/asxpdf/20160817/pdf/439d026rx9z2ld.pdf

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