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Midnight Sun Discovers “Ore Shale”-Type Copper-Cobalt-Nickel-Gold Mineralization on Solwezi Properties
Vancouver, British Columbia, January 12, 2017 – Midnight Sun Mining Corp. (the “Company” or “Midnight Sun”) (TSX-V: MMA) announces results of recently completed core drilling on the Mitu and Dumbwa Central areas of its optioned Solwezi copper-cobalt-nickel-gold properties in northwest Zambia. The drill program consisted of 1916.9 meters of HQ/NQ core drilled in 15 holes and 2581.5 meters in 95 shallow Air Core drill holes. Significant mineralization was reported in numerous holes including:
? 1.03% copper, 0.139% cobalt, 0.041% nickel and 63 ppb gold (1.933% copper equivalent*) over 11.0 meters (9.4 estimated true width) in hole MDD-16-09**
? 1.22% copper, 0.094% cobalt and 0.048% nickel and 129 ppb gold (1.863% copper equivalent*) over 8.0 meters estimated true width in hole MDD-16-01**
? 0.49% copper, 0.028% cobalt and 0.047% nickel (0.743% copper equivalent*) over 30.3 meters estimated true width*** and 0.497% copper, 0.021% cobalt and 0.029% nickel (0.675% copper equivalent*) over an estimated 9.0 meters in hole MDD-16-06
? 0.82% copper, 0.029% cobalt and 0.051% nickel (1.251% copper equivalent*) over 32.9 meters (28.0 meters estimated true width) in hole MDD 16-11***
? 1.02% copper, 0.033% cobalt and 0.059% nickel (1.332% copper equivalent*) over an estimated true width of 13.5 meters in hole MAC-16-01***
? 0.80% copper, 0.050% cobalt and 0.089% nickel (1.256% copper equivalent*) over anestimated true width of 9 meters in hole MAC-16-02***
*Copper equivalents were calculated using current metal price ratios and are presented only for ease of interval comparison among drill intercepts as recovery factors for various metals may vary significantly. Metallurgical work is in progress. Metal prices used were $2.50/lb copper, $14.83/lb cobalt, $4.58/lb nickel and $1175/oz gold.
** The higher grade zones in MDD-16-09 and MDD-16-01 were assayed to test for the presence of gold. Additional re-assaying for gold in other intervals is in progress.
*** Denotes near surface oxide mineralization.
– ppb = parts per billion
The Mitu area was targeted for drilling as a potential location of ore shale type base metal mineralization based on evidence from geochemical and geological surveys conducted by the Company and previous operators between 2010 and 2015. Ore shale mineralization is the dominant form of copper, cobalt and nickel deposition in the Zambia-Congo Copperbelt, the largest single copper production area in the world. Mineralization is associated with shale units which form chemical and physical “traps” for base metals at or near the favourable contact between the Upper and Lower Roan units. This contact zone along the western flank of the Solwezi Dome extends for over 17 kilometers on the Company’s License areas.
The 12-hole diamond drill program covered an area of 300 meters on strike direction and 400 meters of down dip extent. All holes encountered shale units with base metal sulfide mineralization at maximum vertical depths to 184 meters. This mineralization is overlain by a mantle of weathered overburden averaging approximately 38 meters in depth, hosting copper, cobalt and nickel in oxide form.
The 45 Air Core Holes covered a strike length of 1200 meters, and returned significant results over this length. Some of the significant results from the 2016 Mitu drill program are presented in the Table below.
The Company considers the Mitu area to be a priority target for further work. Geochemical work and geophysical surveys to detect the presence of conductive shale units along the favourable trend are planned for the spring of 2017 with follow up drilling at the conclusion of the rainy season. Metallurgical work to establish target mineralogies and recovery factors is in progress now and higher grade samples are being checked for gold values.
The Company completed three diamond drill holes and 50 Air Core Holes in the Dumbwa Area within the Solwezi Dome. Some of the significant intercepts are provided in the Table below;
Three diamond drill holes focused on extending the sulfide copper zone detected at Dumbwa in 2015 with hole DC15-03 which reported 0.88% copper over an estimated true width of 7.8 meters. Hole DC16-01 located 50 meters south of this hole reported 0.575% copper over an estimated true width of 9.6 meters. As at Mitu and 22 Zone, the Dumbwa area is covered by a mantle of copper-cobalt bearing overburden and metallurgical work on this material is in progress.
Further drilling on MMA’s primary Solwezi properties target, the 22 Zone, was deferred by the Company pending receipt of the results of previously announced due diligence investigations by First Quantum Minerals. Midnight Sun will publicly disclose any material results of the investigation or any material change in their relationship with First Quantum Minerals.
Highlights from previously reported drilling on the 22 Zone include;
? 5.71% copper over 14.2 meters, including 9.58% copper over 7.2 meters
? 5.08% copper over 8.0 meters; and
? 6.27% copper over 4.5 meters.Note: The above reported lengths are intercept lengths and not estimated true widths.
All drilling in the 2016 program was carried out by Blu Rock Drilling of Kitwe, Zambia and assaying was performed by Genalysis Laboratory Services, an internationally accredited lab.Qualified Control/Quality Assurance: Samples obtained during core drilling were transported directly to Genalysis Laboratory Services in Chingola, Zambia by Midnight Sun personnel for sample preparation. Samples were sorted, dried, crushed, and pulped before being sent to Perth, Australia for final chemical analysis using ICP-MS methods. All samples returning >10,000 ppm Cu were automatically re-checked by Genalysis. Genalysis is a fully accredited Laboratory and sample duplicates, standards and blanks were inserted by Midnight Sun personnel and by Genalysis.
Qualified Person: Richard Mazur, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release. Mr. Mazur is a Director of the Company and, as such, is not independent.
ON BEHALF OF THE BOARD
Robert Sibthorpe B.Sc.(Geology), M.B.A. President & CEO
For Further Information Contact:
Al Fabbro Director
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 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.