Vancouver, British Columbia, August 27, 2018 – Midnight Sun Mining Corp. (the “Company” or “Midnight Sun”) (TSX-V: MMA) is pleased to report initial results of its Phase One 2018 exploration program on its Zambian copper-cobalt properties, the Solwezi Group of Licences (“Solwezi Licences”) located in the North-Western province of Zambia. Phase One work included 7 diamond drill holes totalling 1,503 meters and 234 air core holes totalling 10,424 meters at the Mitu target, as well as ground and airborne geophysical surveys.
The Company has received independent assay results for all submitted diamond drill holes. Significant results from the diamond drill holes, as well as from air core drilling are presented in the Table below.
Notes:
- Reported intervals are the downhole widths, which are similar to the true widths.
- Reported intervals are calculated for zones assaying > 0.2% copper or 0.02% cobalt and containing less than 2 meters of internal waste.
- Copper equivalent values are estimated using current metal prices of $2.73/lb copper, $29.26/lb cobalt, and $6.03/lb nickel and are presented for ease of interval comparison only. Metallurgical recovery factors are assumed to be 100% although the recovery factors for various metals may vary significantly.
Diamond Drill Program
Drill holes MTDD035 and MTDD036 were drilled along a profile within the “Discovery Zone” established in prior years’ drilling. Drill holes MTDD037 and MTDD038 were drilled 300 meters to the southeast where one hole drilled in 2017 had defined the southeast margin of the “Discovery Zone.” These holes indicate continuity of significant copper-cobalt-nickel mineralization between previous holes.
Drill holes MTDD039 and MTDD041 tested targets to the northwest and southeast of the Discovery Zone identified by geophysical, soil geochemical and air core drill results. These holes encountered barren lithologies suggesting structural dislocation in these areas. Follow-up drilling is planned to determine the source of these anomalies.
The above drilling has shown that the Discovery Zone has a strike length of over 800 meters and a down dip extension of 300 meters.
Drill hole MTDD040 tested a prominent geophysical anomaly 5 kilometers to the southeast of the Discovery Zone, identified by geophysical work conducted in 2018. This hole did not return significant metal values, although it did encounter black shales, which are the typical host rocks for the targeted mineralization and follow up drilling in this area is planned.
Air core program
234 Air Core holes totalling 10,424 meters have been drilled in 2018, with samples being sent for independent assays on 99 of these holes with results received from 35 of these holes to date. The primary purpose of this drilling was to locate areas of black shale lithology with elevated base metal values beneath overburden to direct diamond drilling along the >14 km of indicated strike length of the Mitu trend along the western flank of the Solwezi Dome. Air Core holes also provide indications of possibly exploitable oxide mineralization within the overburden.
A map of the 2018 drill locations can be found on the company website here.
Geophysical Survey
While the Mitu area has limited surface rock exposure, the favourable black shale host rock has demonstrated a response to Natural Sourced Audio Magneto Tellurics (“NSAMT”) geophysics. The anomalies detected by this system have proven important in developing targets and directing drill holes, as the NSAMT data shows some of the structural fabric of the bedrock geology and black shale units. In 2018, an additional 34 line kilometers of NSAMT surveying have been conducted over the Mitu area and results from this work are currently being analyzed and interpreted.
In addition, a 3,889 line kilometer geophysical airborne survey was flown over the entire Solwezi License area by Geotech Airborne. The survey included the contractor’s proprietary Versatile Time-Domain Electromagnetic (“VTEM”) system, as well as horizontal magnetic gradiometer and radiometrics instruments. The VTEM system is ideal for rapid mapping of conductive units, such as the prospective black shales that host mineralization at Mitu. This will help identify black shale basins that may be similar to the Discovery Zone. The magnetics survey will help with structural mapping, as it responds to the subtly different magnetic signatures of the rocks and the typically lower magnetic signature of faults. The system should also respond to pyrrhotite, which is associated with copper-cobalt mineralization. Finally, radiometrics has proven very useful in identifying the different lithologies and will therefore, along with the magnetics and VTEM, help generate an accurate geology map.
Once the resulting data has been received and compiled, the interpretation will guide the next phase of drilling at Mitu and other target areas including Dumbwa, Kifubwe, 22 Zone and Khaziba where significant mineralization has been encountered in previous exploration campaigns.
The Company’s President and Chief Executive Officer, Brett Richards stated: “The results of Phase One drilling continue to support the potential size and scale of the mineralization at Mitu while also showing the continuity of mineralization in the Discovery Zone. I am excited to receive the full interpretation of the geophysical work to pair with these assay results as we plan for Phase Two of this year’s exploration.”
Qualified Control/Quality Assurance
Samples obtained during both diamond drill and air core drilling were transported directly to SGS Inspection Services in Kalulushi, Zambia by Midnight Sun personnel for sample preparation. There the samples were sorted, dried, crushed, and pulped before final chemical analysis using ICP-OE methods. All samples returning >10,000 ppm Cu were automatically re-assayed for higher level concentrations by SGS, which is a fully accredited laboratory. Standards and blanks were inserted regularly in the sample stream and checks were done for Au and Cu.
Qualified Person: Peter Flindell, MAusIMM and MAIG, a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.
Please refer to the Company’s previous New Releases as well as the Company presentation on its website at: www.midnightsunmining.com.
ABOUT MIDNIGHT SUN MINING
Midnight Sun has earned a 60% interest in the Solwezi Licences with the potential to acquire the remaining 40%. The Solwezi Licences are comprised of two individual prospecting licences totalling 506 square kilometres, situated in the North-Western Province of Zambia, adjacent to First Quantum’s Kansanshi Mine; Africa’s largest copper mining complex, on the prolific Zambia-Congo Copper Belt.
Led by experienced directors and talented management, Midnight Sun aims to further explore the impressive mineralization and anomalies that have recently been discovered on the Solwezi Licenses.
Midnight Sun Mining Corp. trades on the TSX Venture Exchange under the symbol MMA.
ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.
Brett A. Richards – President and Chief Executive Officer
For Further Information Contact:
| Brett A. Richards President and Chief Executive Officer Tel: +1 905 449 1500 |
Al Fabbro Lead Director 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.