Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) said on Tuesday it has completed a maiden mineral resource estimate for its near-surface Kazhiba Main oxide copper deposit in Zambia.
The estimate outlines indicated mineral resources of 2.33 million tonnes grading 1.41% copper, using a base case cut-off grade of 0.10% copper, according to a statement from the company.
The resource contains an estimated 72.3 million pounds of copper.
The Kazhiba Main deposit is located near Solwezi in Zambia’s Copperbelt and consists of near-surface, acid-soluble copper mineralisation extending to an average maximum depth of about 30 metres.
“The delivery of this resource estimate for Kazhiba Main represents a significant milestone for Midnight Sun,” CEO Al Fabbro said.
“Our goal is to convert this deposit into a non-dilutive funding source to advance our flagship Dumbwa project. This opportunity is incredibly rare in the mineral exploration sector, and Midnight Sun is well positioned for an exciting future.”
The company plans to move forward with efforts to monetise Kazhiba Main and expects to begin discussions with potential counterparties.