Midland Starts First Trenching Program on its Base Metals Projects with Altius

- August 16th, 2018

Midland also announced that it had amended the strategic alliance with Altius.

Midland Exploration (TSXV:MD) and Altius Minerals (TSX:ALS) have announced that summer 2018 exploration work will resume on their James Bay base metals exploration projects, namely Shire (zinc), and Moria (nickel-copper-cobalt).

According to the release exploration will consist of mechanical trenching of high-grade showings and geophysical anomalies identified in 2017, soil sampling, as well as prospecting and geological mapping.

Midland also announced that it had amended the strategic alliance with Altius.

  • Altius agrees to exchange its 50 percent interest in the designated projects: Elrond, Gondor, Helms Deep, Isengard, Minas Tirith, Moria and Shire for 461,487 common shares of Midland valued at C$507,636, which corresponds to Altius’ portion of the accumulated expenditures on the designated projects;
  • Altius will subscribe 198,386 common shares of Midland at C$1.10 which corresponds to Altius’ portion of the phase 2 approved exploration budget of 2018;
  • Altius will subscribe additional common shares for its portion of future work program on the Designated Projects, at market price;
  • All designated projects share require the registration of a 2 percent net smelter return royalty, 50 percent 50 percent held by the respective parties, with a mutual right of first offer on the sale of any interest in the alliance royalty.

Click here to read the full Midland Exploration (TSXV:MD) and Altius Minerals (TSX:ALS) press release.

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