Midland Exploration (MD-V) released very promising high-grade results from a new project in James Bay, with copper, gold, molybdenum and silver showings. The property, called Mythrill, is a new discovery in an underexplored area, though one with excellent infrastructure (a road and electricity). The second set of results on the heels of the initial release extended the strike length of mineralization to 2 km (from 700 meters); it remains open in all directions. The high-grade boulders suggest strong mineralization.
This is very early, with the assays mostly from grab samples and some channel samplings. It is not known yet if the mineralization is continuous. Although the company plans to conduct an IP survey and fly an electromagnetic survey, probably by Christmas, with snow falling, there will likely be little work on the ground and no drilling until spring. The company aims to generate drill targets from its work over the winter.
Midland is well funded, with $11 million cash and no debt. Moreover, in Quebec, there is a rebate of 38 cents for every hard dollar spend on exploration in the province.
The stock price jumped on the news, following both releases, from under 80 cents to over $1.20 before falling back. Given the likely lack of exciting news over the winter, the short-lived gains was not a surprise and the stock will likely further drift back in coming months, giving us an opportunity to more up more shares.
Adrian Day |
