Midnight Sun Mining gears up for copper exploration in Zambia with $10M infusion

Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) is all set to get on the ground in Zambia to look for copper with another $10 million in the bank.

The company had originally sought $3.3 million through an offering, but Midnight Sun increased its size on “overwhelming demand,” it said in a recent statement.

Investors are paying attention: shares of the company have gained nearly 54% over the last month.

Behind this investor interest is the vast 506-square kilometre Solwezi project in Zambia, located near Kansanshi.

Previous studies of Solwezi have identified multiple zones rich in high-grade oxide copper mineralization.

“The goal of the financing was to secure enough capital to pursue our drill targets. With the increased funding, we can now address more targets,” Midnight Sun’s director of marketing and communications Adrian O’Brien told Proactive.

The surge in interest followed Midnight Sun’s recent announcement of working with First Quantum, giving the company two major partners on the project.

The other deal is with Bill Gates-backed Kobold Metals to drill about 10,000 meters this year on the Dumbwa target. Drilling will start in the next four to six weeks. That program is entirely funded by Kobold.

Simultaneously, Midnight Sun is working with First Quantum to explore oxide copper targets at two interesting areas, Kazhiba and Mitu. Kazhiba will require about 150 shallow holes.

“We're planning to start immediately with Kazhiba and then move to Mitu, with First Quantum assisting geologically and in the drill plan,” O’Brien explained.

The ability to secure this amount of financing and attract reputable partners speaks volumes about the quality and potential of Midnight Sun’s projects.

“We are on the cusp of a new market for copper that people have never seen before,” O’Brien said.

“Zambia, especially the Domes region where we operate, is one of the best spots globally for large copper deposits. Our proximity to five major mines, including the largest copper mine in Africa, highlights the project's quality and location.”

The collaboration with Kobold Metals and First Quantum highlights the company's potential for both long-term and near-term success. With significant exploration targets and near-term production possibilities, it positions Midnight Sun as a unique player in the copper market.

“There’s hardly any copper companies out there in the market right now that are looking at something near term. At Kazhiba, we're talking a 12-to-18-month plan where we think we can have that drilled and be in the permitting process if we're successful in delineating a deposit,” O’Brien said.

“It's a statement about the quality of the project. We have four big Sedex targets, and on top of that, we have an oxide copper goal that's near-term, and could create robust cash flow for Midnight Sun, if we're successful.”