Midnight Sun Makes Strategic Acquisition of Luswishi Dome Project
Midnight Sun Mining (TSXV: MMA) (OTC: MDNGF) has entered into an Earn-In Agreement with Zambezi Mint Investment Limited to acquire the Luswishi Dome Project in Zambia. The 366 square kilometer project is located 40 kilometers southeast of the company's Solwezi Project.
The acquisition follows a three-stage earn-in structure: 1) 51% ownership for CAD $750,000 in exploration within 24 months, 2) Additional 19% ownership by completing an NI 43-101 compliant resource within 24 months after Stage 1, and 3) Further 10% ownership by completing a pre-feasibility study within 36 months of Stage 2 completion.
The strategic acquisition targets a dome structure similar to those hosting major copper deposits in the region, including Barrick's Lumwana Mine, First Quantum's Kansanshi and Sentinel Mines, and Ivanhoe's Kamoa-Kakula.
Midnight Sun Mining (TSXV: MMA) (OTC: MDNGF) ha stipulato un accordo di Earn-In con Zambezi Mint Investment Limited per acquisire il Progetto Luswishi Dome in Zambia. Il progetto, esteso su 366 chilometri quadrati, si trova a 40 chilometri a sud-est del progetto Solwezi dell'azienda.
L'acquisizione prevede una struttura di earn-in in tre fasi: 1) il 51% di proprietà con un investimento di 750.000 CAD in esplorazioni entro 24 mesi, 2) un ulteriore 19% di proprietà completando una risorsa conforme allo standard NI 43-101 entro 24 mesi dalla fine della Fase 1, e 3) un ulteriore 10% di proprietà completando uno studio di prefattibilità entro 36 mesi dal completamento della Fase 2.
L'acquisizione strategica punta a una struttura a cupola simile a quelle che ospitano importanti depositi di rame nella regione, tra cui le miniere Lumwana di Barrick, Kansanshi e Sentinel di First Quantum, e Kamoa-Kakula di Ivanhoe.
Midnight Sun Mining (TSXV: MMA) (OTC: MDNGF) ha firmado un acuerdo de Earn-In con Zambezi Mint Investment Limited para adquirir el Proyecto Luswishi Dome en Zambia. El proyecto, que abarca 366 kilómetros cuadrados, está ubicado a 40 kilómetros al sureste del Proyecto Solwezi de la compañía.
La adquisición sigue una estructura de earn-in en tres etapas: 1) 51% de propiedad mediante una inversión de 750.000 CAD en exploración dentro de 24 meses, 2) un 19% adicional completando un recurso conforme a NI 43-101 dentro de los 24 meses posteriores a la Etapa 1, y 3) un 10% más completando un estudio de prefactibilidad dentro de los 36 meses siguientes a la finalización de la Etapa 2.
La adquisición estratégica apunta a una estructura de cúpula similar a las que albergan importantes depósitos de cobre en la región, incluyendo las minas Lumwana de Barrick, Kansanshi y Sentinel de First Quantum, y Kamoa-Kakula de Ivanhoe.
Midnight Sun Mining (TSXV: MMA) (OTC: MDNGF)는 Zambezi Mint Investment Limited와 루스위시 돔 프로젝트 인수에 관한 Earn-In 계약을 체결했습니다. 이 프로젝트는 366 평방킬로미터 규모로 회사의 솔즈웨이지 프로젝트에서 남동쪽으로 40킬로미터 떨어진 곳에 위치해 있습니다.
인수는 세 단계의 Earn-In 구조로 진행됩니다: 1) 24개월 내에 75만 캐나다 달러를 탐사에 투자하여 51% 소유권 확보, 2) 1단계 완료 후 24개월 내에 NI 43-101 규격에 부합하는 자원 평가 완료로 추가 19% 소유권 확보, 3) 2단계 완료 후 36개월 내에 예비 타당성 조사 완료로 추가 10% 소유권 확보.
이 전략적 인수는 Barrick의 Lumwana 광산, First Quantum의 Kansanshi 및 Sentinel 광산, Ivanhoe의 Kamoa-Kakula 등 지역 주요 구리 광상을 보유한 돔 구조와 유사한 구조를 목표로 하고 있습니다.
Midnight Sun Mining (TSXV : MMA) (OTC : MDNGF) a conclu un accord d'Earn-In avec Zambezi Mint Investment Limited pour acquérir le projet Luswishi Dome en Zambie. Le projet, d'une superficie de 366 kilomètres carrés, est situé à 40 kilomètres au sud-est du projet Solwezi de la société.
L'acquisition suit une structure d'earn-in en trois étapes : 1) 51 % de participation en investissant 750 000 CAD en exploration dans les 24 mois, 2) 19 % supplémentaires en complétant une ressource conforme à la norme NI 43-101 dans les 24 mois suivant la première étape, et 3) 10 % supplémentaires en réalisant une étude de préfaisabilité dans les 36 mois suivant l'achèvement de la deuxième étape.
Cette acquisition stratégique cible une structure en dôme similaire à celles qui abritent d'importants gisements de cuivre dans la région, notamment les mines Lumwana de Barrick, Kansanshi et Sentinel de First Quantum, ainsi que Kamoa-Kakula d'Ivanhoe.
Midnight Sun Mining (TSXV: MMA) (OTC: MDNGF) hat eine Earn-In-Vereinbarung mit Zambezi Mint Investment Limited getroffen, um das Luswishi Dome Projekt in Sambia zu erwerben. Das 366 Quadratkilometer große Projekt liegt 40 Kilometer südöstlich des Solwezi-Projekts des Unternehmens.
Der Erwerb erfolgt in einer dreistufigen Earn-In-Struktur: 1) 51 % Eigentum durch Exploration im Wert von 750.000 CAD innerhalb von 24 Monaten, 2) weitere 19 % Eigentum durch Fertigstellung einer NI 43-101-konformen Ressource innerhalb von 24 Monaten nach Abschluss von Stufe 1, und 3) weitere 10 % Eigentum durch Fertigstellung einer Vorstudie innerhalb von 36 Monaten nach Abschluss von Stufe 2.
Die strategische Akquisition zielt auf eine Dome-Struktur ab, die denen ähnelt, in denen bedeutende Kupferlagerstätten in der Region liegen, darunter die Lumwana-Mine von Barrick, die Kansanshi- und Sentinel-Minen von First Quantum sowie Kamoa-Kakula von Ivanhoe.
- Strategic acquisition of potentially the last remaining Dome in a district known for world-class copper deposits
- Project comes with valuable historical data package that can accelerate exploration
- Flexible earn-in structure with no firm spending commitments
- Location near major operating mines including Barrick's Lumwana and First Quantum's operations
- Significant capital expenditure required: CAD $750,000 in exploration costs for initial 51% ownership
- Long timeline to full ownership - could take over 6.5 years to reach 80% ownership
- No guarantee of mineral discovery or resource development
- Additional funding needed for NI 43-101 resource and pre-feasibility study
Midnight Sun enters into an Earn-In Agreement to acquire the Luswishi Dome Project, located approximately 40 kilometers southeast of the Solwezi Project, in the Domes Region of Zambia
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Midnight Sun Mining Corp. (TSXV: MMA) (OTC Pink: MDNGF) ("Midnight Sun" or the "Company") is pleased to announce that the Company has entered into an Earn-In and Operating Agreement (the "Earn-In Agreement") with Zambezi Mint Investment Limited regarding the 366 square kilometre Luswishi Dome Project, located approximately 40 kilometres southeast of the Company's Solwezi Project, in Zambia.
Midnight Sun's President & CEO, Al Fabbro, states, "The presence of domal structures has long been recognized as a hallmark of major copper discoveries in the region, and it is exactly what led us to our Solwezi Project over a decade ago. This same geological feature underpins the world-class deposits and operating mines surrounding us, including Barrick's Lumwana Mine, First Quantum's Kansanshi and Sentinel Mines, and Ivanhoe's Kamoa-Kakula -- all excellent examples of world-class domes deposits.
So, when Midnight Sun had the rare opportunity to secure what may be the last remaining Dome in the district not already controlled by a major or us, we moved quickly. The project boasts not only a highly prospective geological setting, but also an exceptional historical data package from previous operators. This head start allows us to fast-track exploration, saving both time and capital as we drive the Luswishi Project toward drilling and discovery.
This acquisition strengthens our position in a highly competitive district and aligns with our strategy of targeting high-impact assets with near-term discovery potential. Midnight Sun is firmly positioned as a leading explorer in Zambia."
*Location map for the Luswishi Project provided below.
Terms of the Earn-In Agreement
The Earn-In Agreement consists of three stages:
Stage 1: To earn an initial
Stage 2: To earn an additional
Stage 3: To earn an additional
Midnight Sun has the right, but not the obligation, to complete any of the stages and there is no firm spend.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2553/253604_0cb2643644fe89b4_001full.jpg
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's 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 and projections as at the date of this news release. There is no guarantee of the Company completing any stage of the Earn-In Agreement, and, as such, any information in this news release regarding the timing of earn-in stages; expenditure amounts or work-product; the respective ownership interests of the Company in the licence; and any other 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 to obtain 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253604
FAQ
What is the Luswishi Dome Project that MDNGF acquired?
How much does Midnight Sun need to spend to earn 51% of the Luswishi Project?
What are the three stages of MDNGF's Luswishi Project earn-in agreement?
Why is the Luswishi Dome Project significant for Midnight Sun Mining?
Where is MDNGF's Luswishi Project located in relation to other major mines?
