Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) revealed high-grade oxide copper intercepts from its 2024 drilling program at the Kazhiba Target, part of the Solwezi Project in Zambia.
The program aimed to validate the potential oxide copper resource at Kazhiba, which is located near to First Quantum’s Kansanshi Copper Mine.
Key drill results include 10.69% copper over 21 metres, 5.6% copper over 26 metres, 3.01% copper over 15 metres, and 4.66% copper over 7 metres.
Following the news, shares of the junior resource company jumped alomst 19% to reach $0.63 in Toronto.
A total of 54 reverse circulation (RC) drill holes, covering 2,005 metres, were completed.
The company said mineralization appears to extend north-northeast and remains open.
An additional 13 RC holes are planned to test this extension, with follow-up drilling expected to start in April 2025.
Midnight Sun has also collected 625 Partial Ionic Leach samples, with results expected in the first quarter of 2025. Additionally, a 3,250-metre induced polarization (IP) survey was completed over geochemical targets, with results also due in the first quarter.
“We believed that high-grade, at-surface oxide copper mineralization at Kazhiba and Mitu was significant, and now we have proof of concept,” said Midnight Sun’s President and CEO, Al Fabbro.
“Oxide copper represents a tremendous value-driver for our Solwezi Project. By demonstrating that the mineralization has grade, scale, and growth potential, we intend to leverage the opportunity toward significant potential near-term cash flow.”
Fabbro added that Midnight Sun is continuing to explore large-scale sulfide targets within its property boundaries.
The company said it has successfully executed the first steps of its Cooperative Exploration Plan with First Quantum and will continue to advance exploration at Kazhiba as part of its broader development strategy.