- Junior copper miner Midnight Sun Mining (TSXV:MMA) has signed a cooperative exploration plan with First Quantum Minerals (TSX:FM), a global copper miner that produced 707,678 tonnes of the critical metal in 2023
- The companies will jointly define potential feed sources for First Quantum’s SX/EW oxide copper circuit at the Kansanshi mine in Zambia
- Midnight Sun is exploring its flagship 506-square-kilometre Solwezi project in Zambia, which is adjacent to Kansanshi and in the second-largest copper producing region in the world
- Midnight Sun stock has given back 5.36 per cent year-over-year, but has gained 140.91 per cent since 2019
Junior copper miner Midnight Sun Mining (TSXV:MMA) has signed a cooperative exploration plan with First Quantum Minerals (TSX:FM), a global copper miner that produced 707,678 tonnes of the critical metal in 2023.
The companies will jointly define potential feed sources for First Quantum’s SX/EW oxide copper circuit at the Kansanshi mine in Zambia, its flagship operation, which yielded 134,827 tonnes of copper and 68,970 ounces of gold in 2023, and boasts robust reserves and resources that will see the mine run for another 21 years.
Exploration for oxide copper across Midnight Sun’s Solwezi project will begin in Q2 2024, with an initial focus on the Kazhiba Dome target – less than 10 kilometres from the Kansanshi mine gate – where previous drilling yielded 14.2 metres of 5.71 per cent copper, 24 m of 3.15 per cent copper, and 8 m of 5.14 per cent copper. Prior exploration on the Solwezi project has already outlined multiple high-grade zones of oxide copper mineralization.
The news follows Midnight Sun’s earn-in agreement with KoBold Metals, a battery metal exploration and mining company backed by Breakthrough Energy Ventures (initiated by Bill Gates), Andreessen Horowitz, T. Rowe Price and the Canadian Pension Plan Investment Board. The partners will explore the junior copper miner’s Dumbwa target, a continuous, high-grade, copper-in-soil anomaly measuring more than 20 kilometres along strike and more than 1 kilometre in width, with grades up to 0.73 per cent copper.
Management insights
“Through exploration work carried out across our Solwezi project, we have outlined numerous areas of high-grade oxide copper mineralization at or near surface. Previously, we had considered oxide intercepts as pathfinders in our exploration for large sedimentary copper targets at depth. Now, a remarkable opportunity to utilize this oxide material has been identified, which could put Midnight Sun in a position to become a near-term producer,” Al Fabbro, Midnight Sun’s president and chief executive officer, said in a statement.
“First Quantum’s Kansanshi mine has depleted oxide reserves and is transitioning to a large sulphide development. In the meantime, they have capacity potential to process oxide ore. Our property is just a few kilometres from their mine gate, and an existing haul road owned by First Quantum connects the two. Using oxide copper ore from our property, First Quantum may be able to enhance feed grades and utilize sulfuric acid produced by their on-site smelter,” he added. “In turn, Midnight Sun would be in a position to receive significant near-term positive cash flow from the throughput of material from our property. We are thrilled to have found a win-win situation that represents such significant benefits to both Midnight Sun and First Quantum.”
About First Quantum Minerals
First Quantum Minerals is one of the world’s top 10 copper producers, operating a portfolio of long-life mines that employ approximately 20,000 people worldwide.
First Quantum Minerals Ltd. stock (TSX:FM) is up by 0.69 per cent, trading at C$16.04 per share as of 10:44 am ET. The stock has given back 49.73 per cent year-over-year, still reeling from the closure of its Cobre Panama mine because of nationwide protests, but remains up by 6.65 per cent from 2019.
About Midnight Sun Mining
Midnight Sun is exploring its flagship 506-square-kilometre Solwezi project in Zambia. The project is in the Zambia-Congo Copperbelt, the second-largest copper producing region in the world, and benefits from a seasoned geological team with multiple discoveries and mines around the world to their credit.
Midnight Sun Mining Corp. stock (TSXV:MMA) is unchanged, trading at C$0.26 per share as of 11:02 am ET. The stock has given back 5.36 per cent year-over-year, but has gained 140.91 per cent since 2019.
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