TORONTO, ONTARIO--(Marketwired - Oct 30, 2014) - Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX) announces new high-grade silver assays from the Plandiste prospect on its Parlozi project in Serbia, and the successful completion of the initial commitment to Reservoir Minerals Inc. ("Reservoir") (TSX VENTURE:RMC) allowing the Company to appraise the next phase of exploration work.
Highlights
- Drilling at the Plandiste prospect, the first of six untested targets, intersected seven zones of old underground workings and three additional unmined, mineralized structures. New drill results over apparent thicknesses at Plandiste include:
- 178 g/t silver and 1.0% lead over 2.30 metres (216 g/t silver equivalent)
- 210 g/t silver and 0.9% lead over 1.40 metres (241 g/t silver equivalent)
- Drilling successfully validated the intercepts in the historic resource at the Parlozi prospect.
- The Company is currently reviewing the exploration work that would be required to advance the project from the information obtained in the Phase 1 work program.
- Midlands currently has $2 million in the treasury.
Craig Pearman, President and CEO stated: "This drill program has achieved its purpose in providing the Company an opportunity to further evaluate the Parlozi project in a cost-effective and sound manner, and meeting the minimum spend commitment. It has enabled us to take significant steps forward in our geological modeling and we continue to see evidence for a large polymetallic mineralization system. The Company is currently appraising the implications of these Phase 1 drill results on a Phase 2 exploration program and operational budget which will be the subject of a future release."
Drill program
Subsequent to the news release of September 3, 2014, two additional core holes for 451.7 metres completed the first phase of exploration. Core drilling in Phase 1 has therefore totaled 1,714.4 metres in six drill holes and exceeded the drill commitment to Reservoir by 214.4 metres. The location and status of the Phase 1 drill holes are presented in Table 1 and Figure 1. All reported composites are listed in Table 3.
| Drill Hole ID |
Depth
(m) |
Azimuth
(°) |
Dip
(°) |
|
Prospect |
Comment |
| 14-PA-001 |
645.0 |
95 |
-62 |
|
Parlozi |
Results released on Sept 3 |
| 14-PA-001A |
124.8 |
97 |
-66 |
|
Parlozi |
Results released on Sept 3 |
| 14-PA-002 |
233.0 |
203 |
-64 |
|
Plandiste |
Results released on Sept 3 |
| 14-PA-003 |
259.9 |
201 |
-65 |
|
Plandiste |
Results released on Sept 3 |
| 14-PA-004 |
240.0 |
90 |
-65 |
|
Parlozi |
This release |
| 14-PA-005 |
211.7 |
155 |
-50 |
|
Plandiste |
This release |
| Table 1: Holes drilled during Phase 1 |
Parlozi prospect
Drill hole 14-PA-004 tested the up-dip extension towards surface of the polymetallic mineralization at distance from the Parlozi historic resource. A hydrothermal breccia zone of 4.8 metres thickness, and averaging 0.78% lead and 0.32% zinc, was intersected at a down-hole depth of 67.9 metres close to the zone of the ancient surface workings at Parlozi (Table 3). In addition, 14-PA-004 also intersected a zone of 1.4 g/t gold over 0.7 metres at a down-hole depth of 173.7 metres (Table 3). The mineralization in the drill hole is interpreted as distal and is not representative of the mineralization in the area of the historic resources.
Drill hole 14-PA-001 had previously successfully confirmed the presence of multiple high-grade veins combined with wide zones of carbonate replacement mineralization in the area of the historic resource (reported in the press-release of September 3, 2014) with intercepts over apparent widths of:
- 291 g/t silver, 2.2% lead and 0.2% zinc over 2.45 metres from 154.0 metres (458 g/t silver equivalent)
- 174 g/t silver, 2.5% lead and 3.8% zinc over 2.95 metres from 301.65 metres (340 g/t silver equivalent)
- 299 g/t silver, 1.1% lead and 0.3% zinc over 5.10 metres from 534.4 metres (373 g/t silver equivalent)
In 1986, a resource estimate at the Parlozi prospect based on ten of the drill holes (totaling 4507.8 metres) is reported in a report by Radulovic titled "Geological-economic evaluation of ore bearing structure Parlozi in Babe deposit on the level of prospecting exploration" (unpublished report from Serbian Ministry of Mines and Energy). The historical resource estimate is based on five mineralized horizons along a strike length of approximately 450 metres and between 200 and 500 metres below surface. This historical resource classified as C1 plus C2 resources in accordance with the Yugoslav reporting system, is estimated to contain 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. A qualified person as defined by NI 43-101 has not undertaken sufficient work to classify these figures as mineral resources or mineral reserves, and additional drilling is require to do so. Midlands is not treating them as current mineral resources or mineral reserves. The historical resource estimate is only considered as relevant as a guide to future exploration.
Plandiste prospect
Drill hole 14-PA-005 was added to the drill program following recent structural analysis which indicated the possibility that 14-PA-002 and 14-PA-003 may not have fully tested the downdip extension of the high-grade mineralization that was sampled in an adit (671 g/t silver and 20.8% lead over 6.0 metres) and reported in the press release of May 13, 2014.
Drill hole 14-PA-005 successfully intersected ten separate structures, all of which are interpreted to be zones of mineralization. Seven of these intersections are represented as underground workings, and an additional three newly defined mineralized structures were intercepted which returned the composite assays listed in Table 2.
| Hole ID |
From
m |
To
m |
Interval
m |
Pb
% |
Zn
% |
Cu
% |
Ag
g/t |
Au
g/t |
AgEq
g/t |
| 14-PA-005 |
136.60 |
137.70 |
1.10 |
3.51 |
0.02 |
0.02 |
64.8 |
0.07 |
162.4 |
| 14-PA-005* |
171.20 |
173.50 |
2.30 |
1.03 |
0.12 |
0.02 |
177.8 |
0.12 |
216.0 |
| 14-PA-005 |
187.00 |
188.40 |
1.40 |
0.91 |
0.10 |
0.00 |
210.0 |
0.09 |
241.4 |
| Table 2: Drill intercepts at Plandiste (full list of composites in Table 3). |
| |
| Note: Drill intervals are apparent thicknesses Additional drilling is required to establish true thicknesses. Silver equivalents are based on the rounded average of each metal price over the last 5 years (2009-2013), assuming 100% recovery: Pb $2,100/t; Zn $2,000/t; Cu $7,300/t; Ag $25.0/oz; Au $1,350/oz. |
| * Mine fill material was intersected in underground workings. It is interpreted as collapsed material from the top of the workings. |
Drill hole 14-PA-005 therefore drilled through a zone of intense historical mining, of significantly greater importance than recorded in any historical data. This has provided useful information on the focus of the historical mining at Plandiste and makes a significant contribution to the developing geological model at the Plandiste prospect. It is anticipated that subsequent to, and pursuant on results from a ground geophysical survey, the swarm of interpreted mineralized structures intercepted by hole 14-PA-005 at Plandiste would need to be drilled in future to obtain clean intercepts away from historic mining. Importantly, it appears that the Plandiste intercepts represent distal mineralization which provides added encouragement to test Plandiste to depth in Phase 2 drilling.
Other targets
Midlands is currently obtaining quotes for an induced polarization (IP) geophysical survey to cover the southern prospects of the Parlozi licence (Kukac, Maxim, Gomilice and Glavcine exploration targets). This data will be merged with the individual Phase 1 geophysical surveys that were already completed over the Plandiste and Parlozi prospects. These surveys, in combination with structural mapping would precede and facilitate Phase 2 drill planning.
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 Independent Technical Report on the Parlozi property prepared in compliance with NI 43-101 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.
To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/MEX1030.pdf
| HoleID |
From
m |
To
m |
Inter-
val
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 |
219.6 |
| 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 |
|
| 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 |
| 14-PA-004(1) |
67.90 |
72.7 |
4.80 |
0.78 |
0.32 |
0.03 |
3.47 |
0.12 |
1.10 |
|
| 14-PA-004 |
173.70 |
174.40 |
0.70 |
0.23 |
0.23 |
0.00 |
0.7 |
1.40 |
0.46 |
|
| 14-PA-005 |
136.60 |
137.70 |
1.10 |
3.51 |
0.02 |
0.02 |
64.8 |
0.07 |
3.53 |
162.4 |
| 14-PA-005(2) |
171.20 |
173.50 |
2.30 |
1.03 |
0.12 |
0.02 |
177.8 |
0.12 |
1.15 |
216.0 |
| 14-PA-005 |
187.00 |
188.40 |
1.40 |
0.91 |
0.10 |
0.00 |
210.0 |
0.09 |
1.01 |
241.4 |
| Table 3: Comprehensive table of composites of significant Phase 1 drill intercepts at the Parlozi and Plandiste prospects. |
| |
| 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*m (silver equivalent in g/t multiplied by metres of intercepts) are listed. Drill intervals are apparent thicknesses. |
| (1) Intercept below the 150 g/t AgEq*m cut-off |
| (2) Mine fill material was intersected in underground workings. It is interpreted as collapsed material from the top of the workings. |
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.