Midnight Sun Mining Corp. Teams Up with KoBold Metals to Explore Dumbwa Target in Zambia
Midnight Sun Mining Corp. (TSX-V: MMA / OTCQB: MDNGF) has forged a strategic partnership with KoBold Metals Company, signaling a significant step forward in the exploration of the Dumbwa Target within the Solwezi Project in Zambia.
KoBold Metals Company, renowned for its pioneering approach to battery metal exploration, will spearhead exploration efforts at Dumbwa, leveraging its cutting-edge technology and expertise in the field.
With the backing of investors such as Breakthrough Energy Ventures and Andreessen Horowitz, KoBold aims to accelerate the discovery of critical minerals, particularly in regions rich in mineral resources like Zambia.
Under the terms of the earn-in agreement, KoBold has the opportunity to earn a 75% interest in Dumbwa by committing to USD$15 million in exploration expenditures and making cash payments totaling USD$500,000 over 4.5 years.
This agreement underscores KoBold’s confidence in the potential of Dumbwa and its commitment to unlocking its mineral wealth.
Al Fabbro, President & CEO of Midnight Sun, expressed enthusiasm for the collaboration, citing KoBold’s innovative exploration methods and expertise.
Mfikeyi Makayi, CEO of KoBold Metals Africa, echoed this sentiment, highlighting the promising copper-in-soil anomalies and structural similarities of Dumbwa to other major deposits in the region.
With plans to commence drilling at Dumbwa in 2024, KoBold aims to capitalize on its extensive experience in the African Copperbelt and state-of-the-art technology to expedite exploration efforts.
Located within the Zambia-Congo Copperbelt, Dumbwa is a key component of Midnight Sun’s Solwezi Project, spanning 506 square kilometers.
While KoBold focuses on Dumbwa, Midnight Sun retains exploration rights to the remaining 398 square kilometers of the Solwezi Project, reaffirming its commitment to ongoing exploration activities in the region.
The collaboration between Midnight Sun and KoBold represents a joint effort to unlock the full potential of the Dumbwa Target and contribute to the sustainable development of Zambia’s mining sector.
With both companies bringing their unique strengths to the table, the partnership holds promise for significant discoveries and advancements in mineral exploration in Zambia.
Additional Source: CopperbeltKatangaMining
