The objective is to test the extensions of the high grade platinum group elements (« PGE ») new showing named Athena, as well as the extensions of the best PGE mineralized zones found during the summer 2014. The Pallas properties are located between 60 and 80 kilometres west and south from the town of Kuujjuaq, Quebec.
The drill program will comprise 7 holes for a total of approximately 1000 metres (« m ») to test the best showings yet discovered. The first showing to be drilled is Athena which had returned 12.6 and 2.76 g/t PGE plus gold (« PGE + Au ») and a second showing 500 m north, that returned up to 3.2 g/t PGE +Au. The third target to be tested is the Enish showing that returned 4.9, 2.9 and 2.8 g/t PGE + Au along a 100 m long mineralized corridor. The next fourth and fifth targets to be drilled are on the Ceres claim block, to test a channel returning 2.2 g/t PGE + Au over 1.0 m and a mineralized zone, farther north, returning up to 4.3 g/t PGE +Au. Finally, the last two holes will test the best channel samples on the Palladin Property that returned 2.9 g/t PGE + Au over 1.76 m (including 4.5 g/t PGE + Au over 0.80 m) and 1.94 g/t PGE + Au over 2.1 m (including 2.65 g/t PGE + Au over 0.75 m); both channels are open on each side. Jointly with the drill program, more prospecting and channel sampling will also be completed on other very good PGE occurrences.
The Pallas Project comprises 479 claims covering more than 210 square kilometres of mineral rights in the Labrador Trough. These new claims cover a large folded pluri-kilometric ultramafic-mafic complex known, in this section of the Trough, for its strong exploration potential for PGE.
Exploration Agreement Terms
JOGMEC has the option to acquire 50% interest in the Pallas project prior to March 31, 2016 by funding $2,000,000 in expenditures. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project.
