RIO Tinto IN Partnership with Midland Completes Vtem Survey and Identifies Several New Conductors ON the Tête Nord Ni-Cu Project
RIO TINTO IN PARTNERSHIP WITH MIDLAND COMPLETES VTEM SURVEY AND
IDENTIFIES SEVERAL NEW CONDUCTORS ON THE TÊTE NORD NI-CU PROJECT
Montreal, August 3, 2022. Midland Exploration Inc. (“Midland”) (TSX -V: MD) is pleased to
report that the heliborne VTEM -type (“VTEM”) electromagnetic survey launched last March has
been completed on the Tête Nord nickel-copper (“Ni-Cu”) property. This property is currently wholly
owned by Midland but has been under option since December 2021 by Rio Tinto Exploration Canada
Inc. (“RTEC”) and is located near the town of La Tuque, Quebec.
Regional VTEM survey completed
The VTEM survey totalled 6,635 line kilometres and covered the majority of the optioned claim
blocks, with flight lines spaced 100 metres apart and locally 50 metres apart on more detailed grids.
Following the review of the preliminary results, a new block of 39 claims (Bonhomme block) was
map-designated approximately 12 kilom etres north of the former Lac Edouard (Ni -Cu) mine . This
claim block will be included in the partnership between RTEC and Midland.
New strategically positioned VTEM conductors
Preliminary results from the VTEM survey led to the identification of several new conductors,
strategically positioned proximal to or along the extensions of know n Ni-Cu occurrences such as the
Rochette, Savane, Lac Matte and Ghyslaine showings, as well as on the new Bonhomme claim block.
Teams of RTEC geologists are currently in the field, prospecting and mapping the areas where new
conductors were identified. An initial budget of $900,000 was allocated to conduct the VTEM survey
and follow-up fieldwork during the summer of 202 2, in preparation for a drilling program scheduled
for later in 2022-2023. RTEC is project operator.
About the Tete Nord Ni-Cu property
The Tete Nord property comprises 9 75 claims covering a surface area of about 5 35 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 showin g (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.
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.
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., Pr obe Metals 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 a greements 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 Explorati on 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.
1
Midland / Rio Tinto Tete Nord Location
Midland / Rio Tinto
Tete Nord Option (Ni-Cu)
La Tuque
Montreal
Quebec
2
2022 VTEM Survey Coverage
2
Midland claims : Option Agreement Rio Tinto
New claims : Option Agreement Rio Tinto
Rio Tinto Properties
Other Competitors - claims
VTEM survey covering Midland’s claims
La Tuque
Lac Édouard
Lac Bouchette
Lac Edouard Mine Ni-Cu
Rochette Ni-Cu
Tête-Nord Zn-Cu-Au (VMS)
Savane Ni-Cu
Main Showings
Mine (closed)
Lac Matte Ni-Cu
Cabouron Cu
Lac Curé Ni-Cu
Kiskissink Ni-Cu
Kennedy Ni-Cu
Ghislaine Cu