|By Marketwired .||
|May 13, 2014 04:30 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/13/14 -- Midlands Minerals Corporation (TSX VENTURE:MEX) -
-- Underground chip sampling provided a true width of 6.0 metres grading 670.6 g/t silver, 20.8% lead, 0.13% zinc and 0.44 g/t gold from the Plandiste prospect. -- A drill program scheduled to begin in May will test the down-dip extension of this mineralized zone.
Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX) announces significant assay results from underground sampling at the Plandiste prospect on its Parlozi project in Serbia which was recently optioned from Reservoir Minerals ("Reservoir") (TSX VENTURE:RMC). The assay results are from a rehabilitated adit driven into a mineralized zone on the Plandiste prospect which is one of six currently known highly prospective target areas on the Parlozi project. These results confirm for Midlands that the Plandiste prospect is capable of yielding high-grade silver-lead mineralization at relatively shallow depths. It is further notable that this mineralization is incremental to the mineralization validated by Reservoir at the Parlozi prospect and this reinforces for the Company the presence of a prolific mineralization system.
Following the successful rehabilitation of part of the underground workings at the Plandiste prospect by Reservoir Minerals, and funded by the Company, chip sampling has generated significant true width mineralized intervals as follows:
-- 6.0 metres grading 670.6 g/t silver, 20.8% lead, 0.13% zinc and 0.44 g/t gold from continuous sampling across a stack of northwest dipping veins -- Including 2.4 metres of 1355.0 g/t silver, 22.9% lead, 0.14% zinc and 0.25 g/t gold; -- 0.8 metres grading 502.0 g/t silver, 17.1% lead, 0.17% zinc and 0.10 g/t gold from the edge of a zone of mined mineralization; -- 0.5 metres grading 568.0 g/t silver, 27.0% lead, 0.14% zinc and 0.33 g/t gold from an east-west vein.
A list of the significant results is presented in Table 1 and the corresponding sample locations are shown in Figure 1. These results confirm the presence of high-grade silver and lead mineralization hosted by three sets of vein-hosting structures and by fractures along bedding planes. Two drill holes are planned to test the down-dip extension of the Plandiste mineralized veins as part of Phase I of the exploration program (as announced in our press release dated April 29, 2014).
The Plandiste prospect is located 1.4 kilometres to the west of the historical resource at the Parlozi prospect 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 for classification as mineral resources or mineral reserves. 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.
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 ALS laboratory located in Bor, Serbia for preparation. Assaying for gold was made at the ALS laboratory in Romania 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 the ALS laboratory in Ireland for 51 elements using ICP-MS following digestion by Aqua Regia. 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 Aqua Regia digestion, ICP-AES or AAS finish. Finally, samples assaying over 20% lead were re-analyzed in Vancouver, Canada using volumetric titration, a suitable method for the determination of high grade lead.
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.
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.
The Company and Reservoir Minerals Inc. entered into an Option Agreement which provides that Midlands can earn an initial 51% interest in the Project by spending CDN$4.5 million on exploration over four years. A minimum spend of CDN$500,000 before September 30, 2014, including reimbursement of exploration expenditures on the project by Reservoir since June 6th, 2013 and 1,500 meters of drilling, are firm commitments. Thereafter, Midlands can earn an additional 14% interest over two years by obtaining a mining exploitation permit from the Serbian Government and a further 10% (for a total of 75%) by completing a bankable feasibility study within two years of obtaining a mining exploitation permit. Midlands has already paid CDN$ 103,757 to Reservoir for the reimbursement of exploration expenditures by Reservoir.
About Midlands Minerals Corporation:
Midlands is a Canadian resource company with common shares that trade on the TSX Venture Exchange under the symbol "MEX". Additional information on Midlands can be viewed under the Company's profile at www.sedar.com or on Midlands' website www.midlandsminerals.com which is currently under re-construction.
To view Figure 1 accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/945616.png
---------------------------------------------------------------------------- Sample True Sample Sample width width Pb Zn Cu Ag Au AgEq No type (m) (m) (%) (%) (%) (g/t) (g/t) (g/t) ---------------------------------------------------------------------------- PA 105436 Grab 0.1 0.1 13.15 0.06 0.02 548.0 0.46 920.2 PA 105442 Chip channel 0.5 0.5 27.03 0.14 0.05 568.0 0.33 1300.1 PA 105451 Grab 6.61 0.25 0.05 70.6 0.24 266.8 PA 105452 Grab 4.18 0.13 0.02 16.0 0.25 143.8 PA 80792 Grab 2.86 0.22 0.02 38.2 0.15 128.4 PA 80794 Chip channel 1.0 0.8 17.10 0.17 0.04 502.0 0.10 961.6 PA 80795 Chip 9.61 0.40 0.02 55.9 0.37 338.8 PA 80797 Chip channel(i) 1.5 1.2 3.99 0.26 0.01 21.1 0.20 143.3 PA 80798 Chip channel(i) 3.0 2.4 22.91 0.14 0.03 1355.0 0.25 1973.3 PA 80799 Chip channel(i) 3.0 2.4 27.08 0.04 0.01 311.0 0.75 1061.2 PA 81123 Chip 6.56 0.10 0.12 42.1 0.18 236.6 PA 81125 Grab 27.97 0.15 0.02 1215.0 0.08 1955.6 PA 81126 Grab 10.30 0.32 0.01 173.0 0.06 453.8 PA 81127 Chip 3.84 0.10 0.01 119.0 0.24 235.5 PA 81128 Chip 4.28 0.13 0.02 146.0 0.16 271.4 ---------------------------------------------------------------------------- (i) Chip channel PA 80797, PA 80798 and PA 80799 are three continuous samples. ---------------------------------------------------------------------------- Chip channel samples were collected as representative chips along an historical channel sampling line. Results of the historical channel sample are unknown. Chip samples were collected by random chips in the sampling area. They are not considered as truly representative and therefore no thickness is assigned. Grab samples are considered unrepresentative samples. Silver equivalent 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. ---------------------------------------------------------------------------- Table 1: Significant sample results of the underground workings at Plandiste
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.
Midlands Minerals Corporation
President and CEO
+1 604 366 2229
Midlands Minerals Corporation
+1 416 987 0855
Midlands Minerals Corporation
+1 604 220 2971
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