Midnight Sun Named as a Top 50 Performer on TSX Venture

Vancouver, British Columbia, February 20th, 2025 – Midnight Sun Mining Corp. (TSXV: MMA / OTC: MDNGF) (“Midnight Sun” or the “Company”) is pleased to announce that it has been included in the 2024 TSX Venture 50TM list. TSX Venture 50TM is an annual ranking of the top-performing companies over the last year on the TSX Venture Exchange, a world-leading capital formation platform for early-stage growth firms. The companies are ranked based on three equally weighted criteria of one-year share price appreciation, market capitalization increase, and Canadian consolidated trading value.

Midnight Sun’s President & CEO, Al Fabbro, stated: “Midnight Sun has navigated a landmark year, and we are incredibly pleased to have been recognized by the TSX Venture Exchange as a 2024 Venture 50 Company. I am thrilled with the reception that Midnight Sun has received from the market over the past year and the increases in both liquidity and market cap we’ve seen as a result. Executing on our plans to explore and make transformative discoveries across our Solwezi Copper Project, while working on the potential to deliver near-term cash flow from oxide copper mineralization, under our Cooperative Exploration Plan with First Quantum, has driven exponential growth for Midnight Sun over the past year, and I believe we are only getting started. I look forward to continuing to deliver for our shareholders, as we bring our vision to life and get the 2025 exploration season underway on our sulfide and oxide copper targets at Dumbwa, Kazhiba and Mitu.”

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 any 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. Such factors include, among others, risks relating to the timing and ability of the Company to obtain and the timing of the approval of relevant regulatory bodies, if at all; risks relating to property interests; risks related to access to the project; risks inherent in mineral exploration, including the fact that any particular phase of exploration may be unsuccessful; geo-political risks; the global economic climate; metal prices; environmental risks; political risks; and community and non-governmental actions. 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.

Midnight Sun to Retain 100% Interest in Dumbwa Target

Midnight Sun Unveils Dumbwa Exploration Plans for 2025 led by Dr. Kevin Bonel

 

Vancouver, British Columbia, February 18th, 2025 – Midnight Sun Mining Corp. (TSXV: MMA / OTC: MDNGF) (“Midnight Sun” or the “Company”) announces that the previously announced Dumbwa earn-in agreement with KoBold Metals Company (“KoBold”) (see news release dated February 20th, 2024) has been terminated. Midnight Sun retains 100% ownership of its flagship Dumbwa Target, one of four key targets on the Company’s Solwezi Project in Zambia. Since announcement of the earn-in, no field work was carried out by KoBold on Dumbwa. Midnight Sun is preparing to launch a 2025 Dumbwa exploration program under the direction of Midnight Sun’s COO, Dr. Kevin Bonel.

Midnight Sun’s President & CEO, Al Fabbro, stated: “Midnight Sun has remained one of the longest standing explorers in the heart of the prolific Domes Region of Zambia. For 13 years, we have explored our vast land package, making significant discoveries of both high-grade oxide copper near surface, and high-grade sulfide copper mineralization at depth. We have never lost sight of the unique position we are in, to explore multiple top-tier copper targets in arguably the top location in the world for copper discovery. The Domes Region of Zambia is undeniably special, as evidenced by the world-class mining companies and the mines they operate surrounding us.

“Dumbwa is a huge, high-grade exploration target, featuring a 20 kilometre long copper-in-soil anomaly that represents an incredible opportunity for Midnight Sun to make a transformative copper discovery. Dumbwa has long been seen as an analog to Barrick’s billion tonne Lumwana Mine, located just west of us, which features almost identical geology. Lumwana has just undergone a major transition, leading to Barrick’s announcement of a new feasibility study for a super-pit expansion at the mine which would lead to doubling the mine’s annual copper production.1

“Dr. Bonel, the geologist responsible for leading the exploration team that transformed Lumwana into a tier-one asset, joined our team this past year. We now have his expertise driving Midnight Sun’s exploration at Dumbwa. Beyond Lumwana, Kevin has a career’s worth of experience in the belt, and several major discoveries to his credit. We have already seen his effectiveness, having recently led the successful drilling campaign completed on our Kazhiba Target, confirming very high-grade oxide copper mineralization, identifying extensions and additional targets, and firmly establishing proof of concept for our oxide copper plans with First Quantum.

“With Kevin at the helm of our geological team, we have the proven technical capability and depth in-house to drive Dumbwa and our entire Solwezi Project forward. We now control the exploration and ownership of these properties, and we look forward with positivity, excitement, and total confidence in our team and assets. It is time to launch our exploration plans for Dumbwa and unlock the true value of this outstanding target.”

Midnight Sun’s COO, Dr. Kevin Bonel, stated: “The Dumbwa target is a near surface, low strip, huge scale exploration opportunity with very similar geology and mineralisation to Lumwana. I could not be more delighted to see Midnight Sun regain 100% control over the asset and to have the opportunity to personally steer the team toward a new and major discovery on the project. This is as good as a target gets in the Zambian Copper Belt. Over my decades of experience in the belt, ideal targets that have turned into mines featured key characteristics such as a strong geological team in place, a large coherent soil anomaly that is consistent with the ‘right geology’, bedrock exposure close to or at surface, and biological anomalies such as copper clearings. Dumbwa has all these criteria in abundance.

“What initially struck me about the Dumbwa Target was the remarkable similarity to Lumwana. They are both north-south trending, 15 degrees east-dipping schist-hosted mineralised zones and both have multiple, stacked, mineralized horizons. Previous drilling has demonstrated that the copper-in-soil anomaly at Dumbwa is directly tied to bedrock schist-hosted copper sulfide mineralisation. But, by comparison, the geochemical anomaly at Dumbwa tends to have a higher copper tenor at surface and is laterally more extensive than found at Lumwana.

“The geological team is excited to get the 2025 exploration program underway which will start with an extensive IP campaign to determine the precise location and orientation of the mineralised Dumbwa units. This will be immediately followed by carefully targeted drilling to determine the full lateral extent of the copper mineralized system at Dumbwa which underlays the strong, coherent, copper soil anomaly that remains largely untested along its strike length.

“Beyond the excitement of Dumbwa, we have something incredibly special coming together at Kazhiba, with our recent high-grade drill results and the new oxide and sulfide targets we have developed. We also have top notch oxide and sulfide targets at Mitu, which we are about to explore.

“Having just one of these targets is enough to center a company around, but to have the optionality and potential upside of all three under one roof is utterly unique. Throughout my career I have been fortunate enough to lead several significant discoveries, including those which have helped transform Barrick’s Lumwana Mine. I have complete confidence that we could repeat that success on multiple fronts across Midnight Sun’s Solwezi Project and cannot wait to attack the outstanding opportunity at Dumbwa.”

2025 Exploration Plans for Dumbwa

Although the soil anomaly over Dumbwa is well defined, and in places has extremely high copper tenors the soil anomaly has never been tied precisely to the mineralised units beneath the anomaly.

To resolve this, the Company is planning a detailed geological mapping campaign coupled with a wide-spaced induced polarization “IP” survey along the 20 kilometre long Dumbwa target. The results from this survey should locate the sub-surface extent of the mineralised units and provide valuable information on the deeper trend and dip.

The results of the geological mapping and IP survey will be used to guide follow up drilling to intercept the mineralised units, build the geological and mineralisation models, and begin to form and demonstrate the potential of Dumbwa as a large tonnage, near surface, copper deposit. The ground mapping and IP survey are anticipated to commence in Q2 of 2025 with drilling to closely follow the conclusion of the surveys.

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 goal is 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, geological theories, and projections as at the date of this news release. The information in this news release about any 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. Such factors include, among others, risks relating to the timing and ability of the Company to obtain and the timing of the approval of relevant regulatory bodies, if at all; risks relating to property interests; risks related to access to the project; risks inherent in mineral exploration, including the fact that any particular phase of exploration may be unsuccessful; geo-political risks; the global economic climate; metal prices; environmental risks; political risks; and community and non-governmental actions. 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.

Sources: 1) https://www.barrick.com/English/news/news-details/2024/lumwana-super-pit-expansion-officially-launched/default.aspx

Midnight Sun Intersects High-Grade Oxide Copper at Kazhiba Target

Drill results include 10.69% copper over 21 metres, 5.60% copper over 26 metres, and 3.01% copper over 15 metres

Vancouver, British Columbia, January 29, 2025. Midnight Sun Mining Corporation (TSXV: MMA / OTC: MDNGF) (“Midnight Sun” or the “Company”) is pleased to announce the results of the 2024 oxide copper drilling program, carried out on the Kazhiba Target (“Kazhiba”). Kazhiba is one of 4 key target areas that comprise the Solwezi Project in Zambia, located approximately 6 kilometres southwest of First Quantum Minerals’ Kansanshi Copper Mine. This drill program was designed to validate and confirm the potential oxide copper resource at the Kazhiba Target and is the first major step under the previously announced Cooperative Exploration Plan with First Quantum Minerals (see news release dated April 23, 2024).

Highlights of surface drilling from the Kazhiba Oxide Copper Target include:

  • 10.69% copper over 21.0 metres from drill hole MSZ22-028
  • 5.60% copper over 26.0 metres from drill hole MSZ22-020
  • 3.01% copper over 15.0 metres from drill hole MSZ22-012
  • 4.66% copper over 7.0 metres from drill hole MSZ22-030

Exploration Highlights

  • 54 Reverse Circulation (“RC”) drill holes, totalling 2,005 metres (“m”) completed
  • Mineralization appears to extend north-northeast and remains open. 13 additional RC holes are planned to test this extension, as an initial part of a broader follow up program, currently being designed and anticipated to start April 2025
  • Total of 625 Partial Ionic LeachTM samples acquired in the Kazhiba Target – results pending and expected Q1 2025
  • A total of 3,250 m of gradient and dipole-dipole induced polarization survey (“IP Survey”) was completed over additional geochemical targets. Results are due Q1 2025

Midnight Sun’s President & CEO, Al Fabbro, stated: “We believed that high-grade, at-surface oxide copper mineralization encountered during previous work programs at our Kazhiba and Mitu Targets, was significant. We now have proof of concept. Oxide copper represents a tremendous value-driver for our Solwezi Project. By demonstrating that the mineralization has grade, scale, and growth potential, we intend to leverage the opportunity toward significant potential near-term cash flow. In parallel, we are excited to unlock the potential of the multiple large scale sulfide targets hosted within our property boundaries. Our geological team, led by our COO, Kevin Bonel, have delivered a successful drill program, complete with impressive high-grade intercepts, and an established mineralized footprint forming the basis to develop a resource. We have room to extend and expand the mineralized footprint at Kazhiba, and a geological thesis as to how this high-grade mobilized oxide copper blanket came to be in its current location. We have executed and delivered the first major steps in our Cooperative Exploration Program with First Quantum, and we will continue to demonstrate both the optionality and true value of this incredible project, through our two-fold attack plan.”

Overview

Midnight Sun’s 2024 exploration program was designed to validate and confirm oxide copper mineralization at the Kazhiba Target as well as establish continuity, distribution, and grade of this mobilized, near-surface oxide copper blanket. The program successfully returned high-grade results, from multiple holes, providing proof of concept, as well as the basis for a resource study to be completed later in Q1 2025. In addition, the same licence area was sampled using Partial Ionic LeachTM methodology to explore for additional blind oxide copper occurrences and attempt to geochemically identify possible sulphide sources for the overburden-hosted oxide copper at Kazhiba. Results from the Partial Ionic LeachTM sampling are pending.

A total of 54 Reverse Circulation holes were drilled into the Kazhiba oxide copper target for a total of 2,005 metres drilled. Thirteen initial additional holes are planned for April 2025.

The resource potential of the drill tested Kazhiba oxide copper target is being internally modelled as a transported occurrence. The mineralization returned by the recent work indicates areas of extension, and the company intends to follow up with additional drilling later in 2025. Follow up exploration in 2025 will focus on further extending this initial oxide copper footprint, finding more of these transported occurrences as well as trying to confirm the primary sulfide source of the secondary oxide copper at Kazhiba.

Kazhiba Target Results

The Kazhiba Target was originally identified by a weakly elevated copper-in-soil anomaly that earlier drill testing confirmed is due to significant quantities of malachite fragments in transported overburden.

To delineate the potential for an oxide copper resource, a 50 m x 50 m Reverse Circulation drill grid was executed over the resource area, with a 100 m x 100 m ring of drilling around the target to test for potential extensions.

A total of 54 holes were drilled for 2,005 m of drilling. The drill chips were sampled and assayed every metre. A minimum of five m of bedrock was drilled after passing through the malachite-bearing overburden to check for a bedrock source. A bedrock source of the malachite in the overburden was not encountered so the source of the oxide copper remains a significant exploration target within the licence.

The malachite appears to continue to the north and north-east and 13 initial drill holes have been designed to test this extension, with work expected to begin in April 2025.

Kazhiba Target Significant Downhole Intercepts

HOLE_ID FROM (m) TO (m) Interval (m) Copper Grade (%)
MSZ22-004 3 20 17 0.45
MSZ22-010 19 21 2 0.40
MSZ22-012 12 27 15 3.01
MSZ22-013 18 37 19 0.91
MSZ22-014 14 19 5 1.21
MSZ22-019 11 34 23 0.82
MSZ22-020 14 40 26 5.60
MSZ22-022 35 41 6 0.23
MSZ22-027 20 31 11 0.82
MSZ22-028 13 34 21 10.69
MSZ22-030 13 20 7 4.66
MSZ22-031 37 40 3 0.16
MSZ22-036 25 30 5 0.14
MSZ22-037 35 45 10 0.12
MSZ22-038 28 38 10 0.09
MSZ22-061 9 21 12 0.11
MSZ22-058 6 19 13 0.11

*All reported intercepts are down hole lengths. True thickness estimated to be ~85-100% of down hole lengths.

Location of Reported Drill Holes

HOLE ID XCOORD YCOORD AZIMUTH DIP EOH (m)
MSZ22-004 422400 8661853 VERTICAL -90 40
MSZ22-010 422300 8661803 VERTICAL -90 30
MSZ22-012 422400 8661803 VERTICAL -90 36
MSZ22-013 422450 8661803 VERTICAL -90 37
MSZ22-014 422500 8661803 VERTICAL -90 28
MSZ22-019 422300 8661753 VERTICAL -90 37
MSZ22-020 422350 8661753 VERTICAL -90 40
MSZ22-022 422450 8661753 VERTICAL -90 47
MSZ22-027 422250 8661703 VERTICAL -90 36
MSZ22-028 422300 8661703 VERTICAL -90 40
MSZ22-030 422400 8661703 VERTICAL -90 23
MSZ22-031 422450 8661703 VERTICAL -90 48
MSZ22-036 422250 8661653 VERTICAL -90 46
MSZ22-037 422300 8661653 VERTICAL -90 48
MSZ22-038 422350 8661653 VERTICAL -90 42
MSZ22-061 422300 8661903 VERTICAL -90 24
MSZ22-058 422350 8661853 VERTICAL -90 23
  • WGS84 UTM35S

Quality Control/Quality Assurance

RC chips were collected from the rig cyclone every metre and assigned a unique sample number. A duplicate (witness) sample was split from the cyclone sample. All samples were delivered to ALS Chemex laboratory at Kansanshi Mine for copper content determination. ALS Chemex Kansanshi is a fully accredited laboratory. Once received the samples are sorted, dried, crushed and pulped followed by four-acid digest to determine acid soluble and total copper by an AAS scan. Gold was assayed by fire assay. Standards, duplicates and blanks were inserted regularly in the sample stream and checks performed for Cu.

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 NEW 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 any 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. Such factors include, among others, risks relating to the timing and ability of the Company to obtain and the timing of the approval of relevant regulatory bodies, if at all; risks relating to property interests; risks related to access to the project; risks inherent in mineral exploration, including the fact that any particular phase of exploration may be unsuccessful; geo-political risks; the global economic climate; metal prices; environmental risks; political risks; and community and non-governmental actions. 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.