|February 02, 2012|
Midlands Minerals Drills 16 Metres Grading 1.05 gpt Gold at Mmooho, Expands Gold Resource Potential
|Toronto, Ontario - February 2, 2012: Midlands Minerals Corp. ("Midlands" or the "Company") (TSX-V:MEX; OTCQX:MDLXF) is pleased to announce new drill results from its Mmooho target on its Kaniago gold project in Ghana. Midlands completed an additional 29 reverse circulation ("RC") drill holes totalling 4,320 metres in the Mmooho target in late 2011. Significant new intercepts drilled at Mmooho include:|
KNRC-11-029 9 metres grading 1.12 gpt gold (from 96 metres)
KNRC-11-035 9 metres grading 1.06 gpt gold (from 91 metres)
KNRC-11-039 16 metres grading 1.05 gpt gold (from 132 metres)
These drill results, combined with previously announced drill results from the Mmooho target (please see Midlands press release dated August 24, 2011, shown below), confirm the exploration potential of the Mmooho target and establish the presence of a large, potentially bulk-minable gold deposit.
KNRC-11-012 12 metres grading 1.04 gpt gold (from 88 metres)
KNRC-11-015 10 metres grading 1.18 gpt gold (from 78 metres)
KNRC-11-018 21 metres grading 1.48 gpt gold (from 22 metres)
and 7 metres grading 1.45 gpt gold (from 51 metres)
The Mmooho prospect is defined by three discrete parallel soil gold anomalies of >100 ppb gold, which highlight the possibility of encountering parallel mineralized zones at depth. Mmooho is situated within a NE-SW-oriented gold-enriched corridor of shearing (the "Esaase-Kaniago West Shear Zone"). This shear zone is generally over one kilometre wide and hosts Keegan Resources' Esaase gold deposit (4.9M oz) and PMI Gold Corporation's Abore gold deposit (560,000 oz). Midland's Kaniago project, including the Mmooho target, covers seven kilometres of strike length on the shear, the full length of which displays an enriched soil gold background and numerous >50ppb soil gold anomalies.
Three-dimensional modeling using Leapfrog software has provided insight into the geometry of the Mmooho deposit. The deposit has been drilled along strike of 520 metres and to an average vertical depth of 120 meters (see diagram below). The mineralization is hosted by auriferous sheeted quartz veins which dip at approximately 33 degrees to the WNW. Mineralization is continuous at 0.7 gpt gold within a gold mineralized shoot defined by the +1 gpt gold grade shell. The mineralized zone is plunging shallowly to the SSW (10 degrees towards 204 degrees). Gold mineralization daylights at the northern end of the drill area which is coincident with the peak of the soil geochemical anomaly. Many of the RC holes in the early phase of drilling ended in mineralization and this has been interpreted as a parallel zone intersected at 100-150 metre drill depth.
Craig Pearman, President and CEO of Midlands commented: "The new drill results and updated geologic model are significant because they advance Mmooho from an exploration drill target to a defined mineralized zone with considerable expansion potential. The continuous nature of gold mineralization shown in the Leapfrog model, combined with the shallow dip of gold mineralized zones, underscores the bulk minable potential of the Mmooho target. These new results reinforce Midlands' conviction to continue drilling extensions to Mmooho in this rapidly advancing gold district. The Company believes that the entire Kaniago project has excellent potential to grow gold resources, highlighting the potential of this district."
Summary Table of Significant Intercepts at Mmooho to date:
*denotes holes previously reported in August 24, 2011 press release. These intercepts have been slightly modified from the previous release due to the application of different lower cut and dilution parameters in their calculation.
1. All quoted intersections were drilled using reverse circulation.
2. All intercept widths are uncorrected due to the use of RC.
3. Drill results are for 1m interval riffle split RC samples and are quoted to 2 decimal places. Results are preliminary and are subject to additional QA-QC procedures.
4. Intercepts reported are all greater than 3 gram meters and are constrained with a 0.5 gpt lower cut-off grade, no high cut-off grade, and up to 3m (consecutive) of internal dilution (less than 0.5 gpt). Any "included" intercepts were calculated using a lower cut of 1 gpt.
5. Drilling was conducted towards magnetic azimuths of 135 degrees and scissor holes were drilled towards 315 degrees and at inclinations of 55 degrees (except KNRC-11-057 at 70 degrees).
6. Downhole surveys have only been performed on KNRC-11-054, KNRC-11-055, KNRC-11-56 and KNRC-11-057 using Reflex EZ-shot.
7. Internationally recognised standard reference materials, duplicate samples and blank samples were routinely inserted into the sample sequence on a 10% basis. Additional QAQC is underway and these are preliminary results.
8. Laboratory sample preparation comprised of drying and jaw crushing of a greater than 2kg RC sample, followed by pulverising of a riffle-split 2kg sub-sample. Samples were assayed at SGS Laboratory in Tarkwa, Ghana using 50g Fire Assay with Atomic Absorption Spectrometry (AAS) finish.
3-D oblique view of the Mmooho deposit showing the 0.5 gpt and 0.7 gpt gold grade shells.
About Midlands Minerals:
Midlands Minerals is focused on developing a portfolio of high quality gold exploration projects in Ghana and Tanzania, countries with exceptional histories of gold production and home to some of the most profitable gold mines in Africa. Midland's flagship gold property is the Sian project, site of a past producing open pit gold mine located in the Ashanti gold belt. Sian has NI 43-101 compliant Indicated gold resources of 2.6 million tonnes grading 2.33 gpt gold (192,400 ounces) and Inferred gold resources of 2.7 million tonnes grading 2.35 gpt gold (203,350 ounces). Extensions to these resources are open along strike and at depth, highlighting the potential to grow the gold resource at Sian. Midlands' Kaniago gold project is located in Ghana's Asankrangwa gold belt and is contiguous to two past open pit gold producers: Abore to the north and Obotan to the south. Recent drilling and exploration has produced encouraging results, demonstrating the gold resource potential of the project.
Midlands also holds licences for gold and diamonds in two regions in Tanzania. The first is found in the Lake Victoria Goldfields region and includes its advanced Itilima Gold Project, which lies within the Geita-Bulyanhulu-Sekenke Trend, which hosts over 40 million ounces in gold reserves. The second region lies within the Kilindi-Handeni Trend and includes the New Kilindi-Handeni prospecting licences.
Please note: mineral resources that are not mineral reserves do not have demonstrated economic viability. Craig Pearman, President and CEO of Midlands, is a "qualified person" as defined by National Instrument 43-101, and has reviewed and approved the technical information and data included in this press release. Additional information on Midlands can be viewed under the Company's profile at www.sedar.com or on Midlands' website: www.midlandsminerals.com.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
President and CEO
Telephone: +233 24 4323820
Telephone: +1 416 987 0855
Telephone: +1 530 414 4400
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 relating to the potential mineralization and geological merits of the company's projects and other future plans, objectives or expectations of Midlands Minerals Corp. (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 actual results of current exploration activities, 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.
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