Midland starts exploration at Gaudet, stock jumps
Midland Exploration (TSXV: MD) has begun its first exploration campaign on the Gaudet gold project in Quebec, consisting of a high-resolution aeromagnetic survey totalling 1,200 kilometres, as well as an induced polarization survey on its Jeremie project.
The two projects are located near the Fenelon/Tabasco deposit and the recent Area 51 and Reaper discoveries held by Wallbridge Mining Company.
The Gaudet property consists of 94 claims and covers a volcano-sedimentary sequence located between the Sunday Lake and Lower Detour faults. Last December, Wallbridge announced drill results on Fenelon (Tabasco zone) with values up to 22.73 g/t Au over 48.01 metres.
More recently, the discovery of the Reaper showing by Balmoral Resources, subsequently acquired by Wallbridge in March, yielded high grades reaching 308 g/t Au over 2.97 metres, including 858 g/t Au over 0.60 metre south of Area 51.
The Jeremie project consists of 42 claims located approximately 15 kilometres northwest of Fenelon. Several VTEM axes, some of which have never been drill-tested, were identified on the property during a survey conducted in 2015.
Many of these axes exhibit orientations similar to the Tabasco zone held by Wallbridge, and these VTEM axes will be the focus of localized IP surveys this summer in an effort to better define the next drilling targets, the company said.
Midland has been actively exploring in the Detour belt since 2009, with a portfolio of seven gold properties totalling 1,491 claims. The company has various partnerships and option agreements on its projects with industry players including Agnico Eagle Mines, Teck Resources and IAMGOLD.
Shares of Midland jumped 10.7% to a six-month high midday Tuesday on the TSX. The Quebec-focused miner has a market capitalization of C$64.7 million.