Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) said it has signed an earn-in and operating agreement with Zambezi Mint Investment Limited for the Luswishi Dome project, expanding its presence in Zambia’s copper-rich Domes region.
The 366 square kilometre project is located about 40 kilometres southeast of Midnight Sun’s flagship Solwezi project and lies in a region known for hosting major copper deposits, including Barrick’s Lumwana Mine, First Quantum’s Kansanshi and Sentinel Mines, and Ivanhoe Mines’ Kamoa-Kakula.
“The presence of domal structures has long been recognized as a hallmark of major copper discoveries in the region,” said Al Fabbro, Midnight Sun’s CEO. “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 company said the project comes with a “highly prospective geological setting” and an “exceptional historical data package” from prior operators, which will help accelerate exploration.
Under the terms of the three-stage earn-in agreement, Midnight Sun can earn up to 80% ownership in the licence. In the first stage, the company must spend C$750,000 on exploration and development within 24 months to earn a 51% stake. To increase its ownership to 70%, it must complete a NI 43-101 compliant inferred mineral resource within two years of completing Stage 1. A further 10% interest, bringing the total to 80%, can be earned by completing a pre-feasibility study within 36 months of Stage 2.
Midnight Sun emphasized that there is no obligation to complete any stage of the agreement.
“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,” Fabbro said.
The company is focused on advancing copper exploration projects in Zambia’s Central African Copperbelt, one of the world’s most prolific copper-producing regions.