Base Metals

Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") is pleased to report that Zambian-Congo Copperbelt expert, Dr. Simon Dorling, has agreed to accept and maintain an engagement with the Company. Simon has reviewed the data and results obtained by Rio Tinto Mining and Exploration ("Rio Tinto") on Midnight Sun's Solwezi Licences in Zambia and integrated this information with the data created by Midnight Sun and previous operators as well as incorporating recent research in the region to build a comprehensive database and inclusive interpretation of the structural-geological settings for mineralisation for future targeting.

Dr. Dorling's work has generated several new targets and justification to revisit existing prospects on the licences, including the proposal of structural corridors controlling mineralization around both the Mitu discovery area as well as hole MDD-17-15 on the Mitu Trend which measured 4.23% CuEq over 11.6 metres (see the Company's news release dated July 4, 2017). These corridors suggest a fault-control on mineralisation through re-mobilisation into late northeast-trending faults which leave these mineralized areas open along strike.

"I am very pleased that Dr. Dorling has agreed to work with us. He already has a high degree of familiarity with the Solwezi Licences and is an expert in this region," commented Al Fabbro, President & CEO. "Dr. Dorling's integration of the newly collected information, particularly the geochemical and geophysical surveys, into our existing exploration data has formed the basis of a very compelling exploration campaign for Midnight Sun to undertake once we formally receive control of the licences from Rio Tinto. We are well funded and well situated to capitalize on this opportunity, as well as others that may arise from our work in the region."

Rio Tinto's exploration drilling was interrupted by the COVID-19 pandemic and, ultimately, did not achieve the amount of work expected. Rio Tinto generated highly valuable data sets for the project and its future exploration, but, in the Company's view, did not capitalise on the newly collected information. Rio Tinto's drilling completed on the 22 Zone, Dumbwa, and the Mitu Trend have been incorporated into the Company's database and evaluation study ahead of the 2022 work program and drill targets are refined in preparation of Midnight Sun's return to the field, which is anticipated to be in August 2022 and include 4,000-5,000 metres of drilling.

Newly Identified Target - "Crunch Zone"

One of Dr. Dorling's immediate findings, based on a structural interpretation of new high-quality airborne magnetic data, is the identification of a previously undocumented "high strain" structural zone running between the edges of the Kazhiba Dome in the northwest and the Solwezi Dome in the southeast where the Roan strata have heavily been compressed and faulted and abruptly terminate along faults against the basement domes. This wedged fan of tight geological folds and faults links to the orientations and structures documented in the dome underlying First Quantum's Kansanshi Mine (~10 kilometres away) through a succession of sedimentary host rocks. The hypothesis is that the highly folded and possibly faulted strata could provide pathways and traps for concentrating copper-bearing fluids running between these three domes.

Qualified Person: Richard Mazur, P.Geo., a Director of the Company anda Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.

ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.

Al Fabbro
President & CEO

For Further Information Contact:
Al Fabbro
President & CEO
Tel: +1 604 351 8850

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 NEW RELEASE.

This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127512

News Provided by Newsfile via QuoteMedia

MMA:CA
Midnight Sun Mining

Midnight Sun Mining

Overview

Africa is one the most important sources of copper in the world and is home to two of the world’s top 10 copper-producing countries–– Zambia and the Democratic Republic of Congo. Together, the Zambian-Congo Copper Belt is the largest and most prolific sediment-hosted copper region in the world. The copper belt hosts some of the world’s richest mines, with operators that include Barrick Gold (TSX:ABX), Glencore PLC (LON:GLEN), Ivanhoe Mines (TSX:IVN) and First Quantum Minerals (TSX:FM). As a result, exploration companies with early- to mid-stage copper projects in the copper belt present an exciting opportunity for investors.

Midnight Sun Mining’s (TSXV:MMA,OTCQB:MDNGF) Solwezi licenses in the North-Western province of Zambia span a significant 506 square kilometres in the Zambian-Congo Copper Belt,. The Company’s joint venture partner, Rio Tinto Mining and Exploration (NYSE:RIO), is currently operating the project and has the ability to earn up-to a 75 percent interest in the Solwezi licenses by spending $51 Million USD.

The company is led by a highly experienced management team with a history of discoveries and decades of experience in the exploration and development of high-value mines.

Midnight Sun Mining’s projects are in proximity to multiple producing mines. The Solwezi Licences are adjacent to First Quantum Minerals’ Kansanshi mining complex, one of the world’s largest copper mines and an important gold producer with resources exceeding 1 billion tonnes including copper grades of 0.7 to 0.8 percent and 4 million ounces of gold. Meanwhile, 120 kilometers away is the Sentinel Mine operated by First Quantum Minerals and 60 kilometres away is the Lumwana Mine operated by Barrick Gold. Ivanhoe’s Kamoa-Kakula Mine is less than 200km away, on the DRC side of the border.

Midnight Sun Mining strongly believes that its Solwezi Licences have the potential to host major billion-plus pound discoveries with excellent economics given the proximity to major mines and existing infrastructure.

Company Highlights

  • Midnight Sun Mining is one of very few junior exploration companies in the prolific Zambian-Congo Copper Belt.
  • The region hosts multiple producing mines including Barrick Gold’s Lumwana mine, First Quantum’s Sentinel mine and Kansanshi mines, China Molybdenum’s Tenke Fungurume mine, and Ivanhoe’s Kamoa-Kakula mine.
  • The company’s Solwezi licenses are adjacent to First Quantum Minerals’ Kansanshi mine, which is one of the world’s largest copper mines.
  • The Solwezi Licences span a significant 506 square kilometres and consist of several highly prospective targets including the Mitu Trend, Dumbwa, Kazhiba Dome, Gameno and Western Flank.
  • The Mitu Trend and the Kazhiba Dome targets are high-grade discoveries with drill intercepts of 4.23 percent of copper equivalent and 5.71 percent of copper near the surface, respectively.
  • In April 2020, the company entered into a US$51 million earn-in and joint venture agreement with one of the world’s largest miners, Rio Tinto. The agreement grants Rio Tinto the right to up to a 75 percent interest in the Solwezi Licences.
  • Midnight Sun Mining is led by a highly experienced management team with a history of discoveries and decades of experience in the exploration and development of high-value mines.

Management Team

Al Fabbro – President, CEO and Lead Director

Al Fabbro has over 40 years of experience in both the finance and mining industries. From 1984 to 1990, Fabbro headed the retail trading department of Yorkton Securities. Fabbro then spent six years with Yorkton’s Natural Resources Group. Fabbro spent 10 years as an investment advisor with Canaccord Capital specializing in the natural resource sector. Fabbro then became Lead Director of Roxgold Inc. which was named the top company on the TSX Venture 50. Fabbro helped raise more than $60 million in equity financing at Roxgold Inc. during his tenure.

Robert Sibthorpe – Vice President, Exploration & Director

Robert Sibthorpe has had extensive experience in the mineral exploration sector. Sibthorpe has worked in geology and business development with senior mining companies including Noranda, Falconbridge and Ivanhoe Mines. He also served as a research and corporate finance analyst in the securities industry for Midland Doherty Ltd., Yorkton Securities Inc. and Canaccord Capital Corp. He has been involved in the discovery and financing of numerous important mineral deposits, including Eskay Creek, Petaquilla and Fire Creek. From 2010 to 2012, Sibthorpe was the president and CEO of Roxgold Inc. in which he financed and discovered the Yaramoko deposit in Burkina Faso. Sibthorpe received his Bachelor of Science in Geology in 1972 and Masters of Business Administration in 1979 from the University of Toronto. Sibthorpe also received the Colin Spence Award from AMEBC for excellence in global mineral exploration.

Brett A. Richards – Director

Brett Richards is a natural resources executive with over 34 years of experience in mining and metals. He has a unique background in mining M&A, mine financing, mine development and senior-level operations experience. He brings publicly-listed CEO experience in the mining sector as well global operational experience with a geographic focus in the last 12 years in Africa. Richards has held positions for private equity shareholders in the past, including CEO of African Thunder Platinum, CEO of Renew Resources and CEO of Octéa. Richards is currently the CEO of Banro Corp. He has also previously served as the transition CEO of Roxgold, CEO of Avocet Mining and was part of the five-person start-up of Katanga Mining. Richard’s publicly-listed experience also includes senior executive positions with Kinross Gold and Co-Steel. He is currently the CEO of Goldshore Resources Inc.

Rick Mazur – Director

Rick Mazur is a designated P. Geo geoscientist with an MBA. Mazur has held positions in the international exploration and mining industry for over 40 years. Mazur has worked as a project geologist, financial analyst and senior executive on uranium, gold, base metals, coal and industrial minerals projects around the world. Mazur worked as an analyst for Canamax Resources Inc. from 1985 to 1991 during the development of three Canadian gold mines. Two of these mines –– Bell Creek in Timmins, Ontario and the Island Mine in Wawa, Ontario –– are still in production. Mazur also served as a director of Roxgold Inc. when it was named the top company on the TSX Venture 50 in 2012. Currently, he is a Director of Alto Ventures Ltd., Impact Silver Corp. and Forum Energy Metals Corp.

Wayne Moorhouse – Director

Wayne Moorhouse is a CFA who has held senior management positions with mining and civil construction companies. He has a proven track record at an operating level and as a financial executive covering all stages of a project’s life. Moorhouse’s project life experience includes grassroots exploration through feasibility and engineering studies, strategic planning, project finance, construction, mine expansion, operations and mergers and acquisitions. Moorhouse has acted for several TSX and TSX Venture listed resource companies including Genco Resources Ltd, Stealth Energy Inc. and Roxgold Inc. Moorhouse is currently a director of I-Minerals Inc. and the COO of EnviroLeach Technologies.

R. Stuart (Tookie) Angus – Advisor

Stuart Angus is an independent business advisor to the mining industry and is currently the chair of K92 Mining Inc. He is the former head of the Global Mining Group for Fasken Martineau. For the past 40 years, Angus has focused on structuring and financing significant international exploration, development and mining ventures. More recently, he was the managing director of mergers and acquisitions for Endeavour Financial and was responsible for merger and acquisition mandates. Angus is the former chairman of the Board of BC Sugar Refinery Limited. He has held former director positions at multiple companies, including First Quantum Minerals Ltd. until June 2005, Canico Resource Corp. until its takeover by Brazil’s CVRD in 2005, Bema Gold Corp. until its takeover by Kinross Gold Corporation in 2007, Ventana Gold Corp. until its takeover by AUX Canada Acquisition Inc. in 2011 and Plutonic Power Corporation until its merger with Magma Energy Corp. in 2011. He resigned as chair of Nevsun Resources Ltd. following its acquisition of Reservoir Minerals in 2017.

Matt MacKenzie – VP, Corporate Development and Corporate Secretary

Matt MacKenzie began his career in finance with GE Capital and BMO Capital Markets. At GE Capital and BMO Capital Markets, MacKenzie worked directly with clients in diverse fields including mineral exploration and production, oil and gas services and transportation. Additionally, MacKenzie has conducted consulting projects for the BC Lions Canadian football team, Vancouver Whitecaps of Major League Soccer and Vancouver Island Helicopters. MacKenzie holds a JD and MBA. MacKenzie served as manager of business and legal affairs for Roxgold Inc. before joining Midnight Sun.

Alastair Brownlow – CFO

Alastair Brownlow is a Chartered Professional Accountant and a U.S. Certified Public Accountant (Washington) specializing in resource-focused accounting and finance. Brownlow has accumulated extensive experience working as CFO of TSX Venture Exchange-listed resource companies. Brownlow’s experience spans exploration, development and production stages. Brownlow has also worked as an auditor in the British Virgin Islands. Before this, Brownlow worked for a Canadian chartered professional accountant firm where he specialized in the mining industry. In this role, Brownlow gained significant accounting experience in auditing resource companies with operations throughout the world. Brownlow holds a Bachelor of Business Administration degree with first-class honours from Simon Fraser University.

Midnight Sun Announces Termination of Earn-In Agreement

Midnight Sun Announces Termination of Earn-In Agreement

Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") has received notification of Rio Tinto Mining and Exploration Limited's ("Rio Tinto") intention to terminate the previously announced Earn-In and Joint Venture Agreement (the "Earn-In Agreement") (see the Company's news release dated April 27, 2020). Termination will be effective June 28, 2022.

Under the terms of the Earn-In Agreement, Rio Tinto has not earned any ownership of the Solwezi Licences, and control will be returned to Midnight Sun, along with all samples and data collected while Rio Tinto acted as the project operator.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Midnight Sun Announces DTC Eligibility

Midnight Sun Announces DTC Eligibility

Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") is pleased to announce that common shares of the Company are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States.

DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company's common shares in the United States. With DTC eligibility, existing investors benefit from potentially greater liquidity and execution speeds, as well as giving new investors an opportunity to efficiently participate in the trading of Midnight Sun's common shares where their previous investing platform did not allow for non-DTC investing.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Midnight Sun Announces Uplisting to OTCQB

Midnight Sun Announces Uplisting to OTCQB

Midnight Sun Mining Corp. (TSXV: MMA) (the "Company" or "Midnight Sun") has had the Company's common shares qualified to trade on the OTCQB Venture Market ("OTCQB") under the symbol MDNGF. It is anticipated that Midnight Sun's uplisting to the OTCQB will provide greater liquidity and a more seamless trading experience for U.S. shareholders. Trading on the OTCQB will begin February 9, 2022.

Midnight Sun's common shares will continue to trade on the TSX Venture Exchange under the symbol MMA.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Emerita Engages Integral Wealth as its Market-Maker

Emerita Engages Integral Wealth as its Market-Maker

Emerita Resources Corp. (TSX V: EMO; OTC: EMOTF) (the "Company" or "Emerita") has retained Integral Wealth Securities Limited ("Integral") to provide market-making services in accordance with TSX Venture Exchange policies. Integral will trade shares of the Company on the TSX Venture to maintain an orderly market, improve the liquidity of the Company's shares and provide the Company with market intelligence.

Under the terms of the agreement, Integral will receive a $6,000/month cash fee for a minimum period of three (3) months. After the three (3) months, the agreement may be terminated by the Company at any time upon 30 days' written notice. The Company and Integral are unrelated entities. Integral has no present, direct or indirect interest in the Company or its securities. There are no performance factors in the agreement, and Integral will not receive shares or options as compensation. Integral is a member of the Investment Industry Regulatory Organization of Canada ("IIROC"). Accordingly, Integral can access all Canadian Stock Exchanges and Alternative Trading Systems.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Benton and Sokoman Report Final Results from Recon Drilling at the Kraken Pegmatite Field - Golden Hope Project, SW Newfoundland

Benton and Sokoman Report Final Results from Recon Drilling at the Kraken Pegmatite Field - Golden Hope Project, SW Newfoundland

Li mineralization (spodumene) drilled to a vertical depth of 70 m at the Discovery Dyke; spodumene-bearing dykes, up to 22-m wide, located 600 m to the East of the Discovery Dyke

Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") together, (the "Alliance") are pleased to report the final assay results from the 1,025-m reconnaissance drilling program carried out this past winter and report on recent trenching from the Kraken Pegmatite Field on the Golden Hope Joint Venture Property in southwest Newfoundland.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Pacific Empire Announces Commencement of Diamond Drilling at Jean Marie

Pacific Empire Announces Commencement of Diamond Drilling at Jean Marie

Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) ("Pacific Empire", "PEMC" or the "Company"), a British Columbia copper explorer, is pleased to announce that diamond drilling has now commenced at its flagship Jean Marie copper project, located in north-central British Columbia.

During 2021, PEMC completed a comprehensive exploration program at Jean Marie that was designed to incorporate all existing historical data on the property with data collected during the 2020 and 2021 exploration programs. As a result, PEMC has delineated 2 high priority drill targets for diamond drilling during the 2022 exploration season.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Opawica Completes Arrowhead Drilling Program

Opawica Completes Arrowhead Drilling Program

(TheNewswire)

Opawica Explorations Inc.

Vancouver, B.C. TheNewswire - June 29 th 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce it has completed its maiden drill program on the Arrowhead Property in the Rouyn Noranda camp of the Abitibi in Quebec.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
VVC Confirms Helium Shows Of Up To 1.14% From Its Second Well In Syracuse Project

VVC Confirms Helium Shows Of Up To 1.14% From Its Second Well In Syracuse Project

VVC Exploration Corporation ("VVC" or the "Company") received the gas analysis from the Durler 2-21 well ("the Durler") (see news release of May 25, 2022 ) located in the Company's Syracuse Helium Project. Multiple gas samples from the well were sent to the lab for analysis, which confirmed the presence of 1.14% helium in a gas-stream that can be easily refined into high-grade sales quality helium. The Durler was already connected to VVC's helium & natural gas gathering system pipeline and to the Tumbleweed Pipeline and Processing Plant.

"As Chairman of the Board, I have seen the immense progress of the VVC team over the past year and am excited about continuing to develop the Company's helium assets," said Dr. Terrence Martell, Chairman of the VVC Board. "This gas analysis shows a helium percentage in the upper range for the area, reinforcing our confidence in the project."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
World Copper Arranges $2.5 Million Financing

World Copper Arranges $2.5 Million Financing

World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) ("World Copper" or the "Company") announces a non-brokered private placement (the "Placement") of up to 8,333,333 units (the "Units") at a price of $0.30 per Unit (the "Offering") for gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Company (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one additional share of the Company for a period of two years from the date of issuance at a price of $0.60 per share. Expiry of the Warrants may be accelerated if the closing price of the Company's common shares on the TSX Venture Exchange ("TSXV") is equal to or greater than $1.00 for a minimum of twenty consecutive trading days and a notice of acceleration is provided in accordance with the terms of the Warrants.

Insiders may participate and finders' fees may be payable to qualified arm's length parties that have introduced the Company to certain subscribers participating in the Offering. All securities issued in the Offering are subject to a four-month hold period, during which time the securities may not be traded. Closing of the Offering is subject to the approval of the TSXV.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×