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Midnight Sun Announces Termination of Earn-In Agreement
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2022) - Midnight Sun Mining Corp. (TSX...
About this update from Midnight Sun Mining Corp.
[{"type":"text","content":"Midnight Sun Announces Termination of Earn-In AgreementVancouver, British Columbia--(Newsfile Corp. - June 10, 2022) - Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the \"Company\" or \"Midnight Sun\") has received notification of Rio Tinto Mining and Exploration Limited's (\"Rio Tinto\") intention to terminate the previously announced Earn-In and Joint Venture Agreement (the \"Earn-In Agreement\") (see the Company's news release dated April 27, 2020). Termination will be effective June 28, 2022.Under the terms of the Earn-In Agreement, Rio Tinto has not earned any ownership of the Solwezi Licences, and control will be returned to Midnight Sun, along with all samples and data collected while Rio Tinto acted as the project operator. Al Fabbro, President & CEO commented, \"While Rio Tinto were not satisfied with the results generated by their work on our properties, I do not share their feelings. From the outset of this Agreement, Rio Tinto made it clear to me they were looking for a 'Rio sized deposit.' Falling short of their parameters does not mean we don't have the makings of an economic orebody on our hands. They have generated excellent databases of geochemical and geophysical information that tell me the Solwezi Licences are very much still alive and warranting further work.\"2021 WORK PROGRAMMidnight Sun has received the 2021 Solwezi exploration report from Rio Tinto. All of the work in this field season was focused on license 12124-HQ-LEL and total expenditures for the 2021 program were approximately USD $2.95 million.The work consisted of 5,968 meters (\"m\") of drilling divided into: 2,483 m of diamond drilling (\"DD\") over 8 holes, 1,050 m of Reverse Circulation drilling (\"RC\") and 2,682 m of air core drilling (\"AC\"). There were also 668 new soil samples taken and 1,200 AC samples from Mitu reanalyzed. A total of five target areas were examined: Gameno, Likoko, Sanda, Mawemba and Dumbwa.GamenoThere were three DD holes at Gameno totalling 1,300 m. The program was designed to test a Cu-Bi anomaly that was upgraded by two AC holes in 2020 that returned 18 m of 0.21% Cu and 14 m of 0.23% Cu. The three best intercepts were 2.1 m of 0.68% Cu from 360 m, 1.5 m of 0.79% Cu from 188.5 m, and 1.42 m of 8.3% Cu from 164 m.No further work is recommended due to lack of strike continuity and thickness. It ...