- Midland Exploration (MD) has signed an alliance with agreement with Rio Algom limited, a wholly owned subsidiary of mining giant BHP
- The agreement will help the companies identify, test and develop exploration targets in Canada’s under explored Nunavik territory
- Through the strategic alliance BHP will cover 100 per cent of the initial funding for the group, which will kickstart the first generative exploration phase
- The second phase of the agreement will move on to test mineralisation, with BHP and Midland splitting the costs 75 per cent and 25 per cent, respectively.
- Midland Exploration (MD) is up 4.1 per cent and is trading at C$1.00 per share
Midland Exploration (MD) has signed an alliance with agreement with Rio Algom limited, a wholly owned subsidiary of mining giant BHP.
Through the strategic alliance BHP will cover 100 per cent of the initial funding for the group, which will kickstart the companies’ generative exploration phase.
The agreement will help the companies identify, test and develop exploration targets within the Nunavik territory.
Nunavik is the northernmost portion of Quebec and remains its most wild and under explored region.
BHP is hoping it can leverage Midland’s experience in the region to uncover a substantial gold discovery.
In order to achieve this, BHP and Midland have formed a technical steering committee, which will pool historical databases on exploration properties in Nunavik and attempt to determine high grade gold trends that other explorers have overlooked.
Midland will act as the operator for this region-wide exploration endeavour, and BHP will fund C$1.4 million annually for the next two years. In second phase of the agreement, testing will be split between the two companies.
This will range up to a total of C$4 million per project, with a minimum of C$700,000 spend in the first year, with BHP and Midland splitting the costs 75 per cent and 25 per cent, respectively.
Midland Exploration (MD) ) is up 4.1 per cent and is trading at $1.00 per share at 1:30 pm EDT.