🕐08.09.10 - 23:27 Uhr
Midland Exploration and JOGMECs Airborne Survey Reveals the Presence of Several
New Rare Earth Targets on the Ytterby Project
Marketwire
http://www.ccnmatthews.com/logos/20070301-MidlandBIG.jpg
Midland Exploration Inc.
TSX VENTURE:
MD
Other
Recent News
September 8, 2010
Midland Exploration and JOGMECs Airborne Survey Reveals the Presence of
Several New Rare Earth Targets on the Ytterby Project
MONTREAL, QUEBEC--(Marketwire - Sept.
8, 2010) - Midland Exploration Inc.
("Midland") (TSX VENTURE:MD) is pleased to announce, in partnership with
Japan Oil, Gas and Metals National Corporation ("JOGMEC") that several new
promising rare earth elements ("REE") targets were identified following a
3,143 line kilometres magnetic and radiometric airborne survey recently
completed on its Ytterby project.
JOGMEC approved an additional $200,000
budget over the initial first year commitment of $1,000,000.
A 300
kilometres ground magnetic and radiometric survey was immediately initiated
to better evaluate the best airborne REE targets identified.
Several strong airborne radiometric anomalies were outlined on Ytterby 1, 2
and 3 respectively.
Ytterby 1 claim block encompasses more than 11 anomalies
that have strike extents varying from 1000 metres to 3500 metres.
Ytterby 2
block is marked, in its central part, by a 4.5 square kilometres prominent
discrete northwest trending anomalies which mimics a magnetic low.
Ytterby 3
encompasses 8 airborne anomalies that have strike extents varying from 800
metres to 2500 metres and up to 1500 metres wide.
The latest anomalies are
found within an area also manifests by a 9-km diameter magnetic low.
Combination of strong radiometric anomalies within circular magnetic low are
common airborne geophysical features associated with known REE alkaline
deposits found elsewhere in the world.
A ground prospection and mapping program is currently in progress over these
newly identified airborne REE targets.
Markedly anomalous scintillator and
spectrometer readings were noted on each of the claim blocks.
More than 500
rock samples were recently collected and send for analysis.
Results are
pending.
The project, currently held 100% by Midland, consists of 1885 claims
covering a surface area of about 659 square kilometres.
The Ytterby project
comprises 4 distinct claim blocks located between 200 to 230 kilometres east
and northeast of Schefferville, Quebec.
Midlands Ytterby 1 main claim block
is strategically well located 5 kilometres south of the Strange Lake REE
deposit and the B-Zone REE new deposit discovered by Quest Rare Metals Ltd.
Diamond drilling completed in 2009 defined a 43-101 Inferred Resource of
114.8 million tonnes grading 0.999% TREO, 1.973% zirconium oxide, 0.208%
niobium pentoxide, 0.053% hafnium oxide and 0.082% beryllium oxide (See
press release dated April 7, 2010).
A peralkaline granitic pluton hosts the
B-Zone and the Strange Lake REE deposits (historical resource estimate,
pre-National Instrument 43-101 with 52 million tonnes @ 3.25% ZrO2, 0.56%
Nb2O5, 0.66% Y2O3, 0.12% BeO and 1.30% TREO).
Midland and JOGMEC are very encouraged by these results that could conduct
to new REE discoveries within the Strange Lake district area which may soon
emerge as a future world class source of rare earth metals.
Terms of the Exploration Agreement
JOGMEC has the option to acquire 50% interest in the Ytterby project prior
to March 31, 2012 by funding $2,500,000 in exploration expenditures
including $1,000,000 in work expenditures during the first year.
Midland
will be operator as long as it will hold an interest equal to or higher than
50% in the project.
JOGMEC also has the right to transfer its interests in
the Ytterby project, in whole or in part, to one or more Japanese companies
or a consortium of Japanese companies.
About JOGMEC
JOGMEC was established in February, 2004, following the integration of the
former Japan National Oil Corporation (JNOC) and Metal Mining Agency of
Japan (MMAJ).
It is a corporation under the Japanese Ministry of Economy,
Trade and Industry (METI), with a mandate of investing in developing
minerals projects worldwide to help secure a stable supply of natural
resources for Japanese industry.
About Midland
Midland targets the excellent mineral potential and the favourable
investment climate of Quebec to make the discovery of new world-class
deposits of gold, base metals and REE.
Midland is proud to count on
reputable partners such as Japan Oil, Gas and Metals National Corporation ,
Agnico-Eagle Mines Limited, Osisko Mining Corporation, North American
Palladium Limited, Zincore Metals Inc.
and SOQUEM Inc.
Midland prefers to
work in partnership and intends to quickly conclude additional agreements in
regard to newly acquired properties.
Midland is currently evaluating new
opportunities and other projects in order to increase the portfolio of the
Company.
This press release was prepared by Gino Roger, registered engineer and
Qualified Person as defined by NI 43-101.
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 Midlands periodic reports including the annual
report or in the filings made by Midland from time to time with securities
regulatory authorities.
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.
CONTACT INFORMATION:
Midland Exploration Inc.
Gino Roger
President and Chief Executive Officer
450-420-5977
Fax: 450-420-5978
www.midlandexploration.com
INDUSTRY: Manufacturing and Production - Mining and Metals
Footer
If you no longer want to receive announcements from us, please do not reply
to this e-mail.
Instead simply click here.