MONTREAL, QUEBEC--(Marketwire - Nov. 19, 2009) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce it has added by map staking 100% interest in 710 new claims to the Ytterby Project bringing its total at 1578 claims covering a surface area of about 578 square kilometres. The Ytterby Project comprises now 4 distinct claim blocks located between 200 to 230 kilometres east and northeast of Schefferville, Quebec. Inscription certificates by Quebec's Ministry of Natural Resources and Wildlife, and the Newfoundland and Labrador Department of Natural Resources are pending.
Three new claim blocks named Ytterby 2, 3 and 4 adds up to the extensive land position (Ytterby 1) Midland has already acquired 5 km south of Strange Lake Rare-Earth Elements REE deposit and the B-Zone REE new discovery announced by Quest Uranium earlier this year (see press release dated August 19, 2009). Moreover, forty one new claims were adjoined to the main Ytterby 1 bloc, 5.2 kilometres east of Strange Lake REE deposit on the Labrador side. With this position, Midland controls almost entirely the Napeu Kainiut Pluton which hosts the Strange Lake Peralkakine Complex.
Recent diamond drilling reported by Quest Uranium, just 5 kilometres north of Midland property boundary, confirms the resource expansion potential of the B-Zone in all directions, particularly at depth and down-plunge to the northeast (See press release dated November 12, 2009). It is anticipated that an inferred resource estimate for the B- Zone and the Main zones will be completed sometimes in the second quarter of 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) which is associated with the Mesoproterozoic Mistastin Batholite. The Strange Lake deposit has been found in the 80's by Iron Ore Company while investigating lake sediment anomalies.
Based on compilation of Provincial and Federal Government lake sediment geochemistry, geological maps, mineral occurrences and airborne geophysical surveys, Midland's Ytterby 2, 3 and 4 properties are all marked by extensive strong unsourced yttrium, uranium, lanthanum and fluorine lake bottom sediment anomalies combined with uranium (eU) and thorium (eTh) airborne radiometric anomalies within the Mistastin Batholiths. All these indications point to the presence of systems similar in nature to the Strange Lake Deposit and signifying that Midland's properties have a high discovery potential for intracratonic intrusion-related REE deposits.
The Strange Lake Area may emerge as a world class future source of rare earth metals. Recent geochemical analysis show the area having a high percentage of the expensive heavy rare earth elements (europium to lutetium, a series of 9 elements in the periodic table) for which the world demand should increase with the emerging green technologies like hybrid and electric vehicles, energy efficient lighting and wind power.
Plan views showing Midland's new REE strategic land position can be consulted by the following links:
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/Ytterby1.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/Ytterby2.pdf
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/Ytterby3.pdf
To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/Ytterby4.pdf
About Midland Exploration
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 uranium. Midland is proud to count on reputable partners such as Agnico-Eagle Mines Limited, Osisko Mining Corporation, North American Palladium Limited 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 Robert Banville, Midland registered senior geologist and a Qualified Person as defined by NI 43-101.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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