Midnight Sun Provides Solwezi Property Exploration Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2015) - Midnight Sun Mining Corp. (the "Company" or "Midnight Sun") (TSX VENTURE:MMA) is pleased to provide an update on recent exploration work at the Solwezi property, located in northwest Zambia, as well as the recently announced changes to the Zambian tax regime and an extension of the payment terms on the Solwezi property.
To date, the Company has delineated five separate exploration zones on the Solwezi copper property, which consists of two separate and contiguous prospecting licenses covering approximately 502 square kilometres. The Solwezi property is located adjacent to the Kansanshi Mine, the largest copper deposit in Africa.
22 Zone
Significant, near surface copper mineralization has been identified on the 22 Zone, where core drilling conducted in 2014 included the following highlight intercepts:
- 5.71% copper over 14.2 metres, incl. 9.58% copper over 7.2 metres in drill hole SLZ-DD-14-010;
- 5.08% copper over 8.0 metres in drill hole SLZ-DD-14-005; and
- 6.27% copper over 4.5 metres in drill hole SLZ-DD-14-001.
Note: The above reported lengths are intercept lengths and not estimated true widths.
For further information on these drill holes and additional information on the 22 Zone see the Company's news releases dated June 26, 2014. Further core drill holes designed to test for additional copper mineralization at depth are planned on the 22 Zone.
Solwezi Dome Targets:
During the fourth quarter of 2014, Midnight Sun conducted a geochemical sampling program, with over 2,000 samples taken to identify targets in the Solwezi Dome area. The Solwezi Dome area (the "Dome") is located over 10 kilometres southeast of the 22 Zone.
Dumbwa Central - Soil sampling results from the Dumbwa Central area of the Dome returned exceptionally high copper values ranging continuously from 1,000 - 7,000 parts per million ("ppm") over significant strikes and widths. These results have led to the definition of several high-priority drill targets. A map of this soil sampling is available on the Company's website.
Dumbwa North - Ten drill holes on Dumbwa North reported numerous sample values between 1,000 and 18,040 ppm copper.
Mitu - Shallow core drill hole QZ325-21, in the Mitu area, ended in 0.23% copper over 7.1 meters and the recent soil sampling program extended the soil anomaly around this hole.
Kifubwe - Soil sampling in the Kifubwe area returned anomalous nickel and copper values, further confirming previous work in the area.
Bob Sibthorpe, President and CEO of Midnight Sun, comments, "The programs conducted to date have all met with positive results, and five drill-ready targets have now been outlined. The soil anomalies at Dumbwa Central are exceptionally high grade and extensive, warranting immediate follow up drilling."
Qualified Person: Warren Robb, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.
Zambian Tax Regime
The government of Zambia has concluded a review of its mining taxation plans. After accepting input from the mining industry and mining chamber of commerce, the Cabinet of Zambia have settled on a 30% corporate tax rate and a 9% royalty on all mines. A government statement declared, "Cabinet has stressed that the approved mining taxation regime will bring about the desired stability, predictability, consistency and transparency in the mining sector."
Midnight Sun Mining Corp. believes that together the copper companies and government have established parameters which will allow this globally important mining area to continue to thrive.
Option payment extension
Kam Chuen Resource Holdings Ltd., the optioner of the Solwezi exploration licenses, has agreed to extend the dates for the next option payment and required property expenditures from June 6, 2015 to June 6, 2016. This change will not affect the final payment date of December 6, 2016. For further details on the option agreement, please see the Company's news release dated November 29, 2013.
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.
Contact
Al Fabbro
Director
Tel: 604-351-8850