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Midnight Sun Challenges Improper Rejection of Kazhiba Licence Renewal
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2024) - Midnight Sun Mining Corporation...
About this update from Midnight Sun Mining Corp.
[{"type":"text","content":"Midnight Sun Challenges Improper Rejection of Kazhiba Licence RenewalVancouver, British Columbia--(Newsfile Corp. - August 29, 2024) - Midnight Sun Mining Corporation (TSXV: MMA) (OTC Pink: MDNGF) (the \"Company\") reports that the Zambian Ministry of Mines and Minerals Development (the \"Ministry\") has published a decision on its website indicating the Company's renewal application for Large Scale Exploration Licence 21509-HQ-LEL (the \"Licence\"), which hosts the Kazhiba Dome target, has been rejected. This licence is one of three which make up Midnight Sun's Solwezi Project, and the current status does not affect the other two licences, the Kobold Earn-In Agreement, or the Cooperative Exploration Plan underway with First Quantum aside from timing of drilling, and targets of focus in the near term. While the Company works vigorously to secure the renewal, drilling at Kazhiba will be postponed, and the Company will instead shift immediate exploration plans to the Mitu copper target. The Company will provide details on the Mitu exploration program in a separate news release. The Mitu exploration program is a key component of the previously announced Cooperative Exploration Plan with First Quantum Minerals (\"First Quantum\") (see news release dated April 23, 2024) to define potential oxide copper feed sources for the Kansanshi Mine. Midnight Sun President & CEO, Al Fabbro, states: \"While we are disappointed in the current situation, we do believe it will be rectified, and we are taking all possible steps to expedite a swift resolution so that we can resume our exploration at Kazhiba. In the meantime, we will launch our plans to work on Mitu, continuing with our Cooperative Exploration Plan with First Quantum to define potential oxide copper feed sources for Kansanshi. At Dumbwa, KoBold has been working diligently compiling all available geological data and refining their work plan. We are excited for KoBold to begin systematic exploration of this large-scale target.\"Renewal Rejection ExplainedUnder Zambian mining law, large scale exploration licences are issued for a four-year period, and may be renewed, on application, for two additional three-year periods. The Licence was originally issued on March 1, 2017 and subsequently renewed on February 28, 2021. In the ordinary course of business, the Company filed an application...