Midnight Sun announces collaboration with Bill Gates backed KoBold Metals to explore Dumbwa Target
March 18, 2024 at 02:25 pm EDT
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Midnight Sun Mining Corp Director of Marketing and Communications Adrian O’Brien joined Steve Darling from Proactive to share significant news with Proactive, announcing the signing of an earn-in agreement with KoBold Metals, facilitated through their respective Zambian subsidiaries, to explore the Dumbwa Target on Midnight Sun's Solwezi Project in Zambia.
O’Brien explained that KoBold Metals, a US-based battery metal exploration and mining company, backed by notable technology investors including Breakthrough Energy Ventures (initiated by Bill Gates) and Silicon Valley venture capital firm Andreessen Horowitz, will have the opportunity to earn a 75% interest in Dumbwa by investing USD$15 million in exploration expenditures.
The Dumbwa exploration target holds strategic importance, situated in the heart of the Zambia-Congo Copperbelt, and is one of four key prospects within Midnight Sun's 506-kilometer Solwezi Project. While KoBold Metals focuses on exploring Dumbwa, Midnight Sun plans to continue exploration on its other licenses, as well as the portions of the license where Dumbwa is located, not subject to the earn-in agreement.
This partnership with KoBold Metals marks a significant step forward for Midnight Sun Mining Corp, demonstrating its commitment to strategic collaborations and furthering exploration efforts in the highly prospective Solwezi Project.
Contact Details
Proactive North America
Proactive North America
+1 604-688-8158
NA-editorial@proactiveinvestors.com
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Midnight Sun Mining Corp. is a Canada-based exploration company. The Company is focused on exploring its flagship Solwezi Project, located in Zambia. Its property is situated in the heart of the Zambian Copper Belt. It holds a 60% interest in two mineral exploration licenses, 21509-HQ-LEL and 12124-HQ-LPL, (the Solwezi Licenses), which are held by subsidiary of Kam Chuen, Zambian Highlight Mining Investment Limited (ZHMI). The Solwezi mineral exploration licenses in Zambia covers approximately 506 km2 and is located adjacent to the copper mine in Africa, First Quantum's Kansanshi copper/gold mine. Its target areas include Dumbwa, Mitu, Kazhiba (22 Zone) and Crunch Zone. The 22 Zone is situated approximately 20 kilometers (km) northwest of the Solwezi Dome and is less than 10 km from the western mine gate of the Kansanshi Mine complex. Mitu is located in the southwestern portion of the Solwezi Project and features ore shale type mineralization on the flank of the Solwezi Dome.