Midland and SOQUEM Start IP Survey on High-Grade Copper-Gold Zone

Midland Exploration and SOQUEM are moving ahead with a follow-up campaign on the Malaco Mountain project in Quebec's Labrador Trough, following a 2025 discovery that returned up to 31.6% copper and 6.92 g/t gold in outcrop samples.

The program includes a 15-line-kilometre induced polarization survey covering the mineralized outcrop, a sedimentary mudstone unit, and a fold axis. Prospecting and soil sampling will run alongside the geophysical work. The IP survey uses a pole-dipole array designed to detect the strong electrical contrasts that petrophysical testing identified on massive sulphide and disseminated chalcopyrite samples from the site.

Malaco Mountain sits in the Churchill Province of northern Quebec, a region better known for iron ore than for copper-gold-rare earth mineralization. The 2025 discovery changed that picture. Three grab samples from a single outcrop graded 31.6% copper, 6.92 g/t gold, and 0.57% rare earth elements. Two transects of 10 and 13 metres, sampled at one-metre intervals, returned consistent copper values. Of 25 grab samples collected, 18 ran above 0.1% copper and 10 exceeded 1% copper, with a peak of 27.6% copper. Gold values ranged from 61 to 877 ppb, silver hit 32.4 g/t, and REEs – lanthanum and cerium – reached 1.77%.

Mineralization occurs as stratiform horizons with chalcopyrite, pyrite, malachite, azurite, and digenite aligned parallel to bedding in mudstone, and as massive discordant veins linked to fractures and breccia zones. The system is associated with silica, albite, and carbonate alteration. The strong electrical contrast between sulphide zones and the host rock makes IP an effective targeting tool.

The Strategic Alliance

Midland and SOQUEM formed their strategic alliance in November 2021, covering the Labrador Trough, the Rachel-Laporte Zone, and the Kuujjuaq Domain – a large area extending from Schefferville north to roughly 100 km northwest of Kangirsuk. The initial agreement called for up to $4 million in exploration spending over four years. For 2026, the partners confirmed a joint annual budget of $1 million, split 50-50, for the Malaco Mountain and Nachicapau projects.

SOQUEM, a subsidiary of Investissement Québec, has been active in mineral exploration since 1965 and has helped bring seven mines into production. Its involvement gives the Malaco project access to deep local knowledge and government-backed funding.

Partner Exposure

Midland's partner list reads like a who's who of mining. The company counts on BHP, Centerra Gold, Agnico Eagle Mines, Rio Tinto Exploration Canada, Barrick Mining Corporation, Fresnillo, and others as partners on various projects. While none of those companies have direct exposure to Malaco Mountain itself, their willingness to work with Midland validates the junior's ability to generate quality targets.

Among the partners, BHP carries an Alpha Score of 73, Agnico Eagle Mines scores 71, and Centerra Gold comes in at 66. All three are rated Moderate on the AlphaScala scale, reflecting solid fundamentals in the basic materials sector.

What the IP Survey Could Deliver

The IP survey is designed to map the extent of the sulphide mineralization below surface and along strike. If it identifies strong chargeability anomalies coincident with the mapped geology, the next step would be diamond drilling to test the depth and continuity of the high-grade zone. The strong electrical contrasts measured in petrophysical tests give the geophysics a reasonable chance of success.

A failure to generate clear targets would not kill the project – the outcrop grades alone justify follow-up – but it would slow the timeline and force a shift to other methods. The current program runs through the 2026 field season.

Richard D. St-Cyr, P.Geo., Midland's Exploration Director and Qualified Person under NI 43-101, reviewed and approved the press release and project data.

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