TORONTO, ONTARIO--(Marketwired - Sep 3, 2014) - Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX) announces the completion of three drill holes from the Phase 1 exploration program and reports significant assay results from drilling on its Parlozi project in Serbia.
Summary
- Phase 1 exploration program successful and nearing completion.
- Core drill results over apparent drill widths include:
- 2.2% lead, 5.6% zinc and 42 g/t silver over 2.55 metres,
- 2.5% lead, 3.8% zinc and 174 g/t silver over 2.95 metres (340 g/t silver equivalent),
- 2.4% lead, 4.0% zinc and 34 g/t silver over 2.70 metres,
- 2.8% lead, 2.7% zinc and 40 g/t silver over 1.70 metres,
- 5.3% lead, 0.1% zinc and 623 g/t silver over 1.10 metres (780 g/t silver equivalent).
- Geophysical orientation, cultural and hydrological baseline surveys successfully completed.
The Company is encouraged by the drill results and will continue with the Phase 1 exploration program which is expected to complete by mid-September. The objectives of the Phase 1 drill program were to further validate the historic resource at the Parlozi prospect, to test the up dip extension, and to drill test below the Plandiste prospect underground workings. Towards these objectives, Midlands has successfully validated a drill hole in the historic resource and drilled two holes below the Plandiste underground workings. Midlands is currently preparing to test the up dip extension of the historic resource using the remaining metreage with the fourth hole in the Phase 1 drill program.
Craig Pearman, President and CEO stated: "The Phase 1 drill results are important to the Company in that they continue to validate the historic resource and also underline Midlands' belief that Parlozi is a district scale zinc-lead-silver opportunity with significant potential to host mineralization outside of the historic resource area. The Company will continue to deliver on the Phase 1 objectives by drilling the remaining budgeted metres to test the up dip extension of the Parlozi prospect mineralization and to test the application of detailed gravity in this environment."
Parlozi prospect
Drill hole 14-PA-001 was drilled to a depth of 645 metres near historic drill hole BK-15 and approximately 80m south of Reservoir's PA-1 drill hole. The top of hole 14-PA-001 was re-drilled as 14-PA-001A to a depth of 124.80 metres due to poor core recovery in the upper part of the initial drill hole.
Core drilling at the Parlozi prospect was successful in confirming the presence of multiple high-grade veins combined with wide zones of carbonate replacement mineralization in the area of the historic resource (Figures 1, 2 and 3). Highlights of the results are in Table 1. The Company is encouraged to see an increase in the width of some of the mineralized zones when compared to individual intercepts in the historic data on this drill section.
| Hole ID |
From
m |
To
m |
Interval
m |
Pb
% |
Zn
% |
Cu
% |
Ag
g/t |
Au
g/t |
| 14-PA-001 |
154.00 |
156.45 |
2.45 |
2.21 |
0.19 |
0.71 |
291.4 |
0.73 |
| 14-PA-001 |
291.10 |
295.75 |
4.65 |
1.77 |
3.95 |
0.03 |
30.1 |
0.02 |
| 14-PA-001 |
301.65 |
304.60 |
2.95 |
2.52 |
3.81 |
0.03 |
173.9 |
0.05 |
| 14-PA-001 |
381.40 |
384.10 |
2.70 |
2.38 |
3.97 |
0.02 |
33.6 |
0.14 |
| 14-PA-001 |
434.00 |
438.70 |
4.70 |
2.42 |
2.36 |
0.02 |
33.9 |
0.12 |
| 14-PA-001 |
537.00 |
539.50 |
2.50 |
2.00 |
0.50 |
0.08 |
567.2 |
0.96 |
| 14-PA-001 |
609.00 |
615.50 |
6.50 |
1.71 |
1.43 |
0.35 |
102.8 |
0.09 |
| 14-PA-001A |
60.20 |
71.60 |
11.4 |
1.09 |
0.05 |
0.34 |
40.7 |
0.40 |
| Table 1: Highlights of drill intercepts at Parlozi (full list of composites in Table 3). |
| Note: Drill intervals are apparent thicknesses. |
The objective of the remaining drill hole in the Phase 1 drill program will be to test the up dip extension of the polymetallic mineralization at a distance of about 100 metres from mineralization included in the historic resource at the Parlozi prospect.
Parlozi is estimated to host historical resources, classified as C1 and C2 resources in accordance with the Yugoslav reporting system, of 6.5 million tonnes at an average grade of 4.1% lead, 2.1% zinc, 0.3% copper and 130 g/t silver. This historical resource estimate was not estimated under the guidance of National Instrument (NI) 43-101 and does not meet the CIM definition standard. Investors are further cautioned that a qualified person has not yet completed, on behalf of Midlands, sufficient work to be able to verify the historical resource estimate, and therefore they should not be relied upon. The historical resource estimate is only considered as relevant as a guide to future exploration.
Plandiste prospect
Core drilling at the Plandiste prospect, located 1.4 kilometres west of the Parlozi prospect, tested the geometry and tenor of mineralization beneath the underground workings (Figures 1, 4 & 5). The 233 metre long drill hole 14-PA-002 intersected a 5.25 metre wide zone of old workings in the northern group of mineralized veins, and a number of unmined veins corresponding to the southern group. As such the drill assays for the northern group are not considered representative and the grade and width of the northern vein set in the area of 14-PA002 remains unknown. The 259.90 metre long drill hole 14-PA-003 intersected several veins corresponding to the downdip extension of both groups of mineralized veins. Highlights of the results are in Table 2.
| Hole ID |
From
m |
To
m |
Interval
m |
Pb
% |
Zn
% |
Cu
% |
Ag
g/t |
Au
g/t |
| 14-PA-002 |
93.10 |
95.40 |
2.30 |
2.46 |
0.15 |
0.01 |
25.5 |
0.07 |
| 14-PA-003 |
136.90 |
139.00 |
2.10 |
4.25 |
0.07 |
0.02 |
355.3 |
0.18 |
| 14-PA-003 |
223.80 |
224.80 |
1.00 |
0.66 |
0.60 |
0.04 |
110.0 |
0.04 |
| Table 2: Highlights of drill intercepts at Plandiste (full list of composites in Table 3). |
| Note: Drill intervals are apparent thicknesses. |
The two Phase 1 drill holes at the Plandiste prospect adequately tested the area below the underground workings in the plane of the drill section. Preliminary structural data from the oriented core however reveals that further structural and geophysical work is required to ensure that the high-grade vein set that was assayed in the underground workings was intersected by these drill holes. Pursuant to further orientation work, drilling at Plandiste may then follow.
General
Table 3 lists the composites for significant Phase 1 drill intercepts (>150 AgEq x m) to date from the Parlozi and Plandiste prospects.
| HoleID |
From
m |
To
m |
Interval
m |
Pb
% |
Zn
% |
Cu
% |
Ag
g/t |
Au
g/t |
Pb+Zn
% |
Ag Eq
g/t |
| 14-PA-001 |
63.10 |
67.70 |
4.60 |
1.42 |
0.05 |
0.11 |
10.5 |
0.94 |
1.47 |
|
| including |
63.10 |
63.60 |
0.50 |
2.91 |
0.10 |
0.12 |
57.8 |
5.32 |
3.01 |
|
| 14-PA-001 |
154.00 |
156.45 |
2.45 |
2.21 |
0.19 |
0.71 |
291.4 |
0.73 |
2.40 |
457.9 |
| 14-PA-001 |
209.80 |
210.90 |
1.10 |
0.45 |
0.22 |
0.23 |
82.0 |
0.54 |
0.66 |
148.9 |
| 14-PA-001 |
262.30 |
262.80 |
0.50 |
7.35 |
4.51 |
0.08 |
37.0 |
0.15 |
11.86 |
|
| 14-PA-001 |
283.90 |
295.75 |
11.85 |
1.03 |
2.22 |
0.02 |
17.1 |
0.02 |
3.25 |
|
| including |
291.10 |
295.75 |
4.65 |
1.77 |
3.95 |
0.03 |
30.1 |
0.02 |
5.72 |
|
| and |
292.10 |
294.65 |
2.55 |
2.22 |
5.64 |
0.04 |
42.4 |
0.03 |
7.85 |
|
| 14-PA-001 |
301.65 |
304.60 |
2.95 |
2.52 |
3.81 |
0.03 |
173.9 |
0.05 |
6.33 |
340.3 |
| including |
301.65 |
302.60 |
0.95 |
6.10 |
9.53 |
0.05 |
506.0 |
0.14 |
15.63 |
914.8 |
| 14-PA-001 |
377.70 |
384.10 |
6.40 |
1.66 |
1.81 |
0.01 |
19.9 |
0.17 |
3.47 |
|
| including |
377.70 |
378.50 |
0.80 |
5.23 |
1.05 |
0.02 |
43.0 |
0.15 |
6.28 |
|
| and |
381.40 |
384.10 |
2.70 |
2.38 |
3.97 |
0.02 |
33.6 |
0.14 |
6.35 |
|
| 14-PA-001 |
419.00 |
420.70 |
1.70 |
2.76 |
2.66 |
0.04 |
40.2 |
0.11 |
5.42 |
|
| 14-PA-001 |
434.00 |
438.70 |
4.70 |
2.42 |
2.26 |
0.02 |
33.9 |
0.12 |
4.68 |
|
| including |
434.70 |
435.55 |
0.85 |
6.43 |
6.40 |
0.03 |
77.0 |
0.22 |
12.83 |
|
| 14-PA-001 |
504.00 |
510.50 |
6.50 |
1.16 |
1.13 |
0.07 |
61.8 |
0.09 |
2.29 |
131.9 |
| including |
509.75 |
510.50 |
0.75 |
0.98 |
0.18 |
0.21 |
170.0 |
0.07 |
1.16 |
222.7 |
| 14-PA-001 |
516.55 |
517.35 |
0.80 |
1.84 |
2.55 |
0.23 |
120.0 |
0.06 |
4.39 |
256.0 |
| 14-PA-001 |
534.40 |
539.50 |
5.10 |
1.15 |
0.26 |
0.11 |
298.9 |
0.51 |
1.41 |
372.9 |
| including |
537.00 |
539.50 |
2.50 |
2.00 |
0.50 |
0.08 |
567.2 |
0.96 |
2.51 |
691.4 |
| 14-PA-001 |
609.00 |
615.50 |
6.50 |
1.71 |
1.43 |
0.35 |
102.8 |
0.09 |
3.14 |
|
| 14-PA-001A |
60.20 |
71.60 |
11.40 |
1.09 |
0.05 |
0.34 |
40.7 |
0.40 |
1.14 |
|
| including |
61.40 |
64.60 |
3.20 |
1.24 |
0.04 |
0.17 |
18.9 |
1.10 |
1.28 |
|
| and |
61.40 |
63.00 |
1.60 |
1.75 |
0.06 |
0.31 |
31.0 |
2.12 |
1.81 |
|
| and |
65.50 |
66.40 |
0.90 |
1.77 |
0.03 |
0.36 |
197.0 |
0.15 |
1.80 |
285.1 |
| 14-PA-001A |
73.60 |
75.20 |
1.60 |
2.01 |
0.07 |
0.03 |
35.2 |
0.51 |
2.08 |
|
| 14-PA-001A |
90.20 |
93.40 |
3.20 |
1.93 |
0.19 |
0.05 |
15.7 |
0.15 |
2.12 |
|
| 14-PA-002 |
93.10 |
95.40 |
2.30 |
2.46 |
0.15 |
0.01 |
25.5 |
0.07 |
2.61 |
|
| 14-PA-003 |
136.90 |
139.00 |
2.10 |
4.25 |
0.07 |
0.02 |
355.3 |
0.18 |
4.32 |
480.1 |
| including |
137.90 |
139.00 |
1.10 |
5.30 |
0.09 |
0.04 |
623.0 |
0.24 |
5.39 |
779.9 |
| Table 3: Comprehensive table of composites of significant Phase 1 drill intercepts at Parlozi and Plandiste. |
The composite is calculated as a silver equivalent based on the rounded average of each metal price over the last 5 years (2009-2013): Pb $2,100/t; Zn $2,000/t; Cu $7,300/t; Ag $25.0/oz; Au $1,350/oz. Only composites greater than 150 g/t AgEq x m (silver equivalent in g/t multiplied by metres of intercepts) are listed. Drill intervals are apparent thicknesses.
Ground geophysical tests combined with the interpretation of historical induced polarization (IP) surveys also confirmed that IP could be an effective exploration method for the other undrilled targets in the license. In addition, preliminary transient electromagnetic (TEM) tests on the core of PA-1 indicated that TEM may be more effective than IP in locating mineralization at greater depths. A detailed ground gravity orientation test has just commenced and will complete the surveys budgeted for the Phase 1 exploration program.
To view Figure 1, please visit the following link: http://www.midlandsminerals.com/i/news/2014-09-02-Figure-1-PA-PL-Drill-Holes.jpg
To view Figure 2, please visit the following link: http://www.midlandsminerals.com/i/news/2014-09-02-Figure-2-Parlozi.jpg
To view Figure 3, please visit the following link: http://www.midlandsminerals.com/i/news/2014-09-02-Figure-3-Section%2014-PA-001.jpg
To view Figure 4, please visit the following link: http://www.midlandsminerals.com/i/news/2014-09-02-Figure-4-Plandiste-DDH.jpg
To view Figure 5, please visit the following link: http://www.midlandsminerals.com/i/news/2014-09-02-Figure-5-Plandiste.jpg
Systematic QA/QC protocols are followed on the project including insertion of duplicate, blank and standard samples in all sample batches. The samples were submitted to SGS laboratory located in Bor, Serbia for preparation and assaying for gold using a standard 30 gram fire assay method with atomic absorption finish. Sample pulps with 85% of content lower than 75 microns were analyzed at SGS laboratory in Bor as well for 49 elements using ICP-MS following digestion by 4 acids. Samples with results greater than 100 g/t silver or greater than 1% lead, zinc or copper in the ICP-MS results were re-analyzed using 4 acid digestion and atomic absorption finish.
Additional information is found on SEDAR (www.sedar.com), in the updated NI 43-101-compliant Independent Technical Report on the Parlozi property filed on April 24, 2014. Dr. Dominique Fournier, EurGeol, a "Qualified Person" as defined by National Instrument 43-101, has reviewed and approved the technical information and data included in this press release.
About Midlands Minerals Corporation
Midlands has an option agreement with Reservoir Minerals ("Reservoir") (TSX VENTURE:RMC) to earn up to a 75% interest in Reservoir's Parlozi zinc-lead-silver project in Serbia announced April 24, 2014.
Midlands is a Canadian resource company with common shares that trade on the TSX Venture Exchange under the symbol "MEX". The Parlozi Project, the Company's flagship, is a 91 square kilometre exploration permit which is conveniently located 35 kilometres south of Belgrade, the capital of Serbia. The Parlozi permit covers occurrences of historical lead-zinc-silver mining in the Kosmaj-Babe area of the Sumadija mining district in central Serbia. The mineralization in the permit comprises silver-bearing vein and replacement-type lead-zinc sulphides hosted by carbonate sedimentary rocks associated with intrusive Tertiary quartz latite dykes and volcanic breccias. This type of mineralization has long supported lead-zinc-silver mining operations in the region. Additional information on Midlands can be viewed under the Company's profile at www.sedar.com or on Midlands' website: www.midlandsminerals.com.
On behalf of the Board of Directors of Midlands Minerals Corporation,
Craig Pearman, President and CEO
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the completion of the Transaction, the receipt of regulatory approvals, the Company's future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.