Tuesday, 24th April 2007 (2100 views)

The Maritime Cadillac gold property has witnessed "good drilling results", announced Midland Exploration who is employing Agnico-Eagle Mines to undertake the work.

Of the drill holes created at the property, the most "interesting" were found to be one close to the Pontiac Group which intersected 2.3 grams of gold per tonne over 7.5 metres and one that yielded "narrow silicified and chloritized bands mineralized with pyrite-arsenopyrite".

Maritime Cadillac is contiguous with Agnico-Eagle Mines' Lapa gold mine which has a proven and probable reserve amounting to 1.15 million ounces of gold.

Further drilling is set to take place next month by Agnico-Eagle on the property and the firm is currently in the process of "compiling all the data on the property", Midland Exploration has declared.

An option agreement exists between Midland and Agnico-Eagle relating to the property by which a 50 per cent interest can be earnt by the latter should it decide to invest $1 million (£500,000) up front as well as $100,000 payable over the course of three years.

 

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