Midland Exploration has started a 1,500-metre drilling program on the Lewis gold project in Quebec. Barrick Gold can earn up to a 70% stake under a 2022 option deal.
Midland Exploration has kicked off a 1,500-metre drilling program on the Lewis gold project, roughly 60 kilometres northwest of IAMGOLD's Nelligan deposit in Quebec. The company is working with Barrick Gold under a 2022 option deal that lets Barrick earn up to a 70% stake in the project.
The first phase targets a deformation corridor near the Guercheville-Opawica zone. The company plans to collect 167 till samples in September, spaced at 300 metres along lines 1,000 metres apart. The sampling is designed to track gold dispersal trails left by southwest glacial ice flow.
Lewis sits about 10 kilometres east of the former Lac Shortt mine, which produced 2.7 million tonnes at 4.6 g/t gold before closing. The Nelligan deposit, held by IAMGOLD, hosts 106.4 million tonnes of inferred resources at 0.96 g/t Au and 102.8 million tonnes of indicated resources at 0.85 g/t Au. Midland cautioned that mineralization at neighbouring deposits does not guarantee similar results on its own ground.
Chief Geologist Jean-François Larivière, the qualified person under NI 43-101, reviewed the release.
Midland's strategy relies on joint ventures with larger producers. Its partner list includes Barrick, Rio Tinto Exploration Canada, BHP Canada, Centerra Gold, Agnico Eagle Mines, Wallbridge Mining, Fresnillo, Electric Elements Mining, SOQUEM, and the Nunavik Mineral Exploration Fund. The company said it expects to add more partnerships on newly acquired properties.
President and CEO Gino Roger said management is reviewing additional opportunities to build the portfolio and generate shareholder value. The company warned in its forward-looking statements that results could differ materially from projections due to commodity prices, permitting delays, and regulatory changes.
Midland trades on the TSX Venture Exchange.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.