- Midland Exploration (TSXV:MD) has optioned its Casault Gold Property in Quebec to Wallbridge Mining Company
- Midland will give up a 50 per cent interest in the project in exchange for a total exploration commitment of C$5 million and a cash payment of $600,000
- The Casualt gold property lies 10 kilometres west of Wallbridge’s 100 per cent owned Fenelon gold project
- The Casualt property previously returned assays of 1.38 grams per tonne over 26.2 meters, which included 7.9 grams per tonne over 2.2 metres
- Midland Exploration (MD) is up 4.8 per cent and is trading at $0.86 per share
Midland Exploration (TSXV:MD) has optioned its Casault Gold Property in Quebec to Wallbridge Mining Company.
The property, which is currently entirely owned by Midland, is made up of 322 claims, which cover 177 square kilometres and cover more than 20 kilometres of measured strike.
The project also lies just 10 kilometres west of Wallbridge’s Fenelon property, which recently retuned assays up to 22.73 grams per tonne of gold over 48 meters.
Wallbridge has also recently acquired another nearby property previously owned by Balmoral Resources. The property hosted the Reaper discovery, which returned high assays at 308 grams per tonne over 2.97 meters, which also included 858 grams per tonne gold over 1.06 metres.
According to the agreement, Wallbridge can earn a 50 per cent interest in Casualt by paying C$600,000 in cash over four years, along with exploration expenditures totalling $5 million.
Wallbridge must complete at least $750,000 of exploration work in the first year of the agreement, along with an upfront cash payment of $100,000 within five days of signing the agreement.
Wallbridge will come onboard as the project operator at Casault and is planning a major exploration program to test targets on the property. Chief amongst the targets will be the Vortex zone, a mineralised zone discovery in 2017 by Midland.
Results at Vortex have returned assays that reached 1.38 grams per tonne over 26.2 metres, including 7.9 grams per tonne over 2.2 metres.
Midland Exploration (MD) is trading up 4.8 per cent and is trading at $0.86 per share at 12:50 pm EDT.