Midland Options TWO Properties to Brunswick FOR Lithium Exploration IN the James BAY Region, Near Patriot Battery’S Corvette Project
MIDLAND OPTIONS TWO PROPERTIES TO BRUNSWICK FOR LITHIUM
EXPLORATION IN THE JAMES BAY REGION, NEAR PATRIOT BATTERY’S
CORVETTE PROJECT
Montreal, November 10, 2022. Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to
announce the execution of a new option agreement with Brunswick Exploration Inc. (“Brunswick”)
for lithium exploration on two properties wholly owned by Midland and located in the Eeyou Istchee
James Bay region , Quebec. The two claim bloc ks, including Mythril and Elrond , total 513 c laims
covering a surface area of approximately 263 square kilometres.
Midland has granted to Brunswick the option to acquire exploration rights for critical mineral s
including lithium (excluding copper, nickel, zinc, lead, gold, silver, platinum and pallad ium) on these
two properties.
Under this new agreement, Brunswick may acquire an initial 50% interest ("Option 1") in the Mythril
property over a three-year period, at the following conditions:
• Overall consideration of $500,000 payable according to the following schedule:
o At closing: $25,000 in cash and $25,000 in shares;
o 1st anniversary: $50,000 in cash and $50,000 in shares;
o 2nd anniversary: $70,000 in cash and $70,000 in shares; and
o 3rd anniversary: $210,000 in shares;
• Requirement to spend an a mount of $1,500,000 in exploration expenditures according to the
following schedule:
o 1st anniversary: amount of $300,000 firm, in exploration expenses;
o 2nd anniversary: additional amount of $300,000 in exploration expenses; and
o 3rd anniversary: additional amount of $900,000 in exploration expenses;
Option to earn an additional 35% undivided inter est in the claims (the "Option 2") in the Mythril
property over an additional two-year period, at the following conditions:
• Aggregate consideration of $200,000 payable according to the following schedule:
o 1st Anniversary: $100,000 in cash or stock, at BRW's option;
o 2nd anniversary: $100,000 in cash or stock, at BRW's option;
• Requirement to spend an additional amount of $2,000,000 in exploration expenditures, in cash
or in shares, at BRW's option, according to the following schedule:
o 1st anniversary after exercising Option 1: amount of $1,000,000; and
o 2nd anniversary after exercising Option 1: additional amount of $1,000,000.
Brunswick would hold a right of first refusal on the 15% remaining interest held by Midland and
Midland would not be required to participate in explora tion and development expe nditures until a
mine is constructed to extract all metals or minerals except precious metals (gold, platinum, palladium
and silver) and base metals (copper, zinc, nickel and lead).
The Eeyou Istchee James Bay region is cur rently the focus of an explorat ion rush for lithium
pegmatites. One of the targeted proper ties is located 1. 5 kilometre s north of lithium peg matites
discovered on Corvette as reported by Patriot Battery Metals Inc. in a press release dated August 31,
2022, with drill intercepts including 1.65% Li2O and 193 ppm Ta2O5 over 159.7 metres.
Cautionary statement:
Mineralization occurring on the Corvette project held by Patriot Battery Metals Inc. is not necessarily
indicative of mineralization that may be identified on properties h eld by Mid land 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, platinum group elements and base metals. Midland is proud to co unt on reputable
partners such as Brunswick Exploration, BHP Canada Inc., Rio Tinto Exploration Canada Inc., Probe
Metals Inc. , Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Development
Corp.., SOQUEM Inc., Nunavik Mineral Exploration Fund, and Abc ourt Mines Inc. Midland prefers
to work in partnership and intends to quickly concl ude additional agreements in re gard 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.Ge o., 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 Provi der (as that term is defined in the
policies of the TSX Venture Exchange ) accepts responsibility for the ade quacy or accuracy of this
release.
This press release may contain forward -looking statements that are subject to known and unknown
risks and uncerta inties that could cause actual results to vary materially from targeted results. Such
risks and uncertaintie s 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.
1
Projects Location - Brunswick Agreement
Newmont
Éléonore Gold Mine
Eastmain Ressources Inc.
Eau Claire Gold Deposit
Mythril
Mythril Regional
Projects
Cu-Au-Mo-Ag
Stornoway Diamond Corp.
Renard Mine
Sirios Ressources Inc.
Cheechoo Gold Deposit
QPMC.
La Pointe Gold Deposit
Azimut Exploration Inc.
Patwon project
Patriot Battery Metals
Corvette Project
Tonalitic Unit
Gneiss
Metavolcanic
Metasediment
Granite
Elrond
Au
1
2
Mythril Location - Brunswick Agreement
2
Patriot project
Midland projects
Other projects
Mythril Cu-Mo-Au-Ag
Lithium showing
Patriot Battery Metals
1.65% Li2O and 193 ppm Ta2O5
over 159.7 m (from 131.8 m
downhole), including 4.12% Li2O
and 162 ppm Ta2O5 over
9.0 m(CV22-042)
Little Whale Showing
Boulder Field
Boulder 1: Grab 10.25 g/t Au, 8.02 g/t Ag
Boulder 2: Grab 7.99 g/t Au, 166 g/t Ag,
Tonalitic Unit
Gneiss
Metavolcanic
Metasediment
Granite
Mythril
Cu-Au-Mo-Ag
3
Elrond Location - Brunswick Agreement
3
Midland projects
Other projects
Lithium showing
Tonalitic Unit
Gneiss
Metavolcanic
Metasediment
Granite
Elrond
Harfang Exploration
Up-to 0.14% Li , 998 ppm
Cs, and 173 ppm Ta in
pegmatite samples (October
5th,2022 newsletter)