Midnight Sun Mining Corp. Drills 24 Meters Grading 3.26% Copper at Solwezi Property, Zambia
December 09 2013 - 9:00AM
Marketwired
Midnight Sun Mining Corp. Drills 24 Meters Grading 3.26% Copper at
Solwezi Property, Zambia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 9, 2013) -
Midnight Sun Mining Corp. (the "Company" or "Midnight Sun")
(TSX-VENTURE:MMA) announces the results from the first four holes
of the reverse circulation ("RC") drilling program on the Solwezi
copper property in northwest Zambia which commenced in
mid-November.
Hole # |
From(m) |
To (m) |
Width (m) |
Est True (m) |
% Cu |
SLZ-RC-13-001 |
No Significant Results |
SLZ-RC-13-002 |
20.0 |
44.0 |
24.0 |
20.0 |
3.26% |
SLZ-RC-13-003 |
12.0 |
16.0 |
4.0 |
4.0 |
2.25% |
SLZ-RC-13-004 |
18.0 |
30.0 |
12.0 |
12.0 |
0.68% |
These results confirm the presence of high grade, near surface
copper mineralization in this location. Three additional holes were
drilled in this area and assays are pending. All assays in excess
of 2% were tested for acid solubility and these generally exceeded
95% acid soluble copper.
The remaining holes in the Solwezi Northwest program will test
anomalies from a recently completed geophysical survey using an
electromagnetic system (NSAMT) and from soil geochemical programs.
All targets are within 10km of the Kansanshi mine, the largest
copper mine in Africa, which is operated by First Quantum Minerals
(FQM-T).
The Company also intends to drill the significant Kifubwe nickel
and copper soil anomalies overlying the favourable Upper and Lower
Roan Formations. These geological formations host numerous deposits
in the Zambian Copperbelt.
The Company's recently prepared NI 43-101 compliant report
entitled "Technical Report on the Geology and Exploration Summary
of the Solwezi Group of Prospecting Licences" is available on the
company's website here, as well as on www.sedar.com.
All drilling is being carried out by Layne Drilling, a world
leader in RC drilling, and assaying is being completed by Genalysis
Laboratory Services, an accredited lab located in South Africa.
Qualified
Person: Adrian Karolko, P.Geo, a Qualified Person under NI
43-101, has reviewed and approved the technical data and contents
of this release.
TSX Venture
Approval: The TSX Venture Exchange ("TSX-V") has given final
approval to the property option agreement (the "Agreement") between
Midnight Sun and Kam Chuen Resource Holdings Ltd. ("Kam Chuen")
regarding the acquisition of a 60% interest in the Solweizi
Licences in Zambia. Pursuant to the Agreement, Midnight Sun will be
issuing 1,333,333 shares in the Company to Kam Chuen at this time.
Full details of the Agreement are described in the November 29,
2013 news release, available here.
The TSX-V has also given final approval to the closing of the
previously announced non-brokered private placement (the "Private
Placement") as described in the November 6 and 26, 2013 news
releases available here.
The Company has issued a total of 4,329,350 units at a price of
$0.16 per unit for gross proceeds of $692,696. Each unit consisted
of one (1) common share ("Common Share") and one (1) transferable
common share purchase warrant ("Warrant"). Each Warrant entitles
the holder to purchase one Common Share of the Company for a period
of eighteen months from the closing of the offering, at a price of
$0.30.
All securities issued pursuant to the first tranche, including
the Common Shares underlying the Warrants, are subject to a
statutory hold period which expires on March 7, 2014 and all
securities issued pursuant to the second tranche on March 27,
2014.
Finder's fees of $18,304 are payable in cash and 114,400
Broker's Warrants are issuable in connection with the Private
Placement. Each Broker's Warrant entitles the holder to purchase
one common share at a price of $0.30 for a period of 18 month,
expiring on May 27, 2015.
Insiders have participated in the first tranche of the Offering
by purchasing 1,084,350 units and the second tranche by purchasing
220,000 units, for a total of 1,304,350 units and gross proceeds of
$208,696.
About Midnight
Sun: Midnight Sun is a mineral exploration company with an
African focus. On November 29, 2013 the Company announced that it
entered into a definitive agreement to option a 60% interest in the
Solwezi Licences in Zambia. This option agreement is a part of an
ongoing strategic alliance with Kam Chuen Resource Holdings Ltd.
Kam Chuen holds an exclusive prospecting license portfolio of over
150 exploration permits covering over 100,000 km2 in five African
countries. As a result of this Strategic Alliance, Kam Chuen has
agreed to provide Midnight Sun with full access to its portfolio,
as well as first right of refusal regarding the optioning of any of
Kam Chuen's exploration permits. In exchange, Midnight Sun has
agreed to offer Kam Chuen technical expertise in the management and
selection of properties.
ON BEHALF OF THE BOARD
Robert Sibthorpe B.Sc.(Geology), M.B.A., President & CEO
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 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 the price of gold,
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.
Al FabbroDirector604-351-8850
Midnight Sun Mining (TSXV:MMA)
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