Shares in Midnight Sun Mining (TSXV: MMA; US-OTC: MDNGF) surged 26% Wednesday morning on drill results with hits as high as 10% copper at its Solwezi project in north-central Zambia.
Highlights from drilling last year at the Kazhiba target include hole MSZ22-028 that returned 21 metres grading 10.7% copper from 13 metres depth, 26 metres at 5.6% copper from 14 metres depth in hole MSZ22-020 and 15 metres grading 3.01% copper from 12 metres depth in hole MSZ22-012.
“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,” Midnight Sun president and CEO Al Fabbro said in a release. “By demonstrating that the mineralization has grade, scale, and growth potential, we intend to leverage the opportunity toward significant potential near-term cash flow.”
Company shares traded for 67¢ apiece on Wednesday morning in Toronto, giving the company a market capitalization of $111.6 million. Its shares traded in a 52-week range of 21¢ to 72¢.
First Quantum joint plan
Kazhiba, one of Solwezi’s four target areas, is about 6 km southwest of First Quantum Minerals’ (TSX: FM) Kansanshi copper mine. Last April, the two companies reached a cooperative exploration plan aimed at defining potential feedstock for First Quantum’s SX/EW copper circuit at Kansanshi, one of Africa’s largest copper mines. The results reported Wednesday form part of the first main steps of the plan, Midnight Sun said.
In total, 2,005 metres across 54 holes have been drilled so far at Kazhiba, with another 13 planned to test a north-northeast trend in a follow-up program expected to start in April.
The Kazhiba area was also sampled using Partial Ionic Leach methods to seek out blind oxide copper hits, and geochemically identify potential sulphide sources for overburden-hosted oxide copper. An induced polarization survey was also done over 3,250 metres.
Results are to be incorporated into a resource study anticipated later in the first quarter.
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