Midnight Sun Mining Corp. Announces Cooperative Oxide-Copper Exploration Plan
Vancouver, April 23, 2024 - Midnight Sun Mining Corp. (TSXV: MMA) (OTC Pink: MDNGF) (the "Company" or "Midnight Sun") is pleased to announce that a cooperative exploration plan has been established between the Company and First Quantum Minerals Ltd. ("First Quantum") to jointly define potential feed sources for First Quantum's SX/EW oxide copper circuit at the Kansanshi Mine. Midnight Sun will work closely with First Quantum to delineate and evaluate the potential grade and metallurgy of the possible oxide ore types. Exploration work on oxide copper targets across the Solwezi Project is anticipated to start in Q2 2024, with an initial focus on the Kazhiba Dome target, where previous drilling intercepted 14.2 metres of 5.71% Cu, 24 metres of 3.15% Cu, and 8 metres of 5.14% Cu*. Prior work on the Solwezi Project outlined multiple high-grade zones of oxide copper mineralization.
"Through exploration work carried out across our Solwezi Project, we have outlined numerous areas of high-grade oxide copper mineralization at or near surface. Previously, we had considered oxide intercepts as pathfinders in our exploration for large sedimentary copper targets at depth. Now, a remarkable opportunity to utilize this oxide material has been identified, which could put Midnight Sun in a position to become a near-term producer," stated Al Fabbro, Midnight Sun's President & CEO. "First Quantum's Kansanshi Mine has depleted oxide reserves and is transitioning to a large sulphide development. In the meantime, they have capacity potential to process oxide ore. Our property is just a few kilometres from their mine gate, and an existing haul road owned by First Quantum connects the two. Using oxide copper ore from our property, First Quantum may be able to enhance feed grades and utilize sulfuric acid produced by their on-site smelter. In turn, Midnight Sun would be in a position to receive significant near-term positive cash flow from the throughput of material from our property. We are thrilled to have found a win-win situation that represents such significant benefits to both Midnight Sun and First Quantum."
In parallel with KoBold Metals' ("KoBold") work on the Dumbwa Target area, Midnight Sun's 2024 exploration plans will be focused on this cooperative exploration program to delineate oxide copper on multiple areas of our Solwezi Project. Phase one of this program is expected to begin at the Kazhiba Dome, which is located less than 10 kilometres from the Kansanshi Mine gate.
*All results have been previously reported. Stated widths are downhole widths. True widths are estimated to be 70%-90% of downhole widths
Qualified Person: Darin Labrenz, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.
About Midnight Sun
Midnight Sun is focused on exploring our flagship Solwezi Project, located in Zambia. Situated in the heart of the Zambia-Congo Copperbelt, the second largest copper producing region in the world, our property is vast and highly prospective. Our Solwezi Project is surrounded by world-class producing copper mines, including Africa's largest copper mining complex right next door, First Quantum's Kansanshi Mine. Led by an experienced geological team with multiple discoveries and mines around the world to their credit, Midnight Sun intends to find and develop Zambia's next generational copper deposit.
ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.
Al Fabbro
President & CEO
For Further Information Contact:
Adrian O'Brien
Director of Marketing and Communications
Tel: +1 604 809 6890
Em: adrian@midnightsunmining.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This news release contains "forward-looking statements" within the meaning of the applicable Canadian securities legislation that are based on expectations, estimates, assumptions and projections as at the date of this news release. The information in this news release about the timing and ability of the Company and the earn-in agreement with KoBold; and any other information herein that is not a historical fact may be "forward-looking statements". Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (which may, but not always, include phrases such as "anticipates", "plans", "scheduled", "believed" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements and are intended to identify forward-looking statements.
Although the forward-looking statements contained in this news release are based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking statements. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
