Copper mineralisation style and grade similar to Sentinel Mine

Vancouver, British Columbia--(Newsfile Corp. - July 25, 2023) - Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") is pleased to provide the remaining drill results from holes MTDD047 and MTDD048, and a summary of results from the 2022 drilling campaign on the Mitu Trend, one of four key prospects which comprise the Company's Solwezi Project in Zambia. Initial laboratory results were received shortly after the conclusion of drilling in 2022, however the Company chose to re-assay select drill core in order to confirm laboratory accuracy. SGS Inspection Services Kalulushi, has now completed all assays and the Company is pleased to report that initial results were confirmed, and significant mineralisation was encountered. Copper mineralisation intercepted at Mitu is associated with cobalt, nickel, and anomalous gold. This suite of metals is comparable in mineralization style and grade to those at First Quantum's Sentinel Mine, located approximately 120 kilometres west of Midnight Sun's Solwezi Project.

2022 Mitu Drill Highlights Include:

• MTDD044: 11.50m @ 1.41% copper, 0.11% cobalt, and 0.03% nickel
  • Incl. 4.15m @ 1.29% copper, 0.13% cobalt, and 0.09% nickel; and
  • Incl. 5.80m @ 1.86% copper, 0.07% cobalt, and 0.02% nickel
• MTDD045: 7.30m @ 0.58% copper, 0.02% cobalt, and 0.02% nickel
• MTDD047: 26.10m @ 0.32% copper, 0.07% cobalt, and 0.05% nickel
• MTDD048: 22.25m @ 0.39% copper, 0.01% cobalt, and 0.01% nickel

Al Fabbro, Midnight Sun's President & CEO, stated: "We are very pleased to see that these final results from Mitu are consistent with earlier drilling. Though delays are never ideal, confirming our initial results was a prudent step toward developing a sound technical model and establishing our future plans for this key component of our Solwezi Project. Our 2022 exploration program has accomplished precisely what we had hoped for, which is proof of concept. This new work has revealed more insight into the mineralisation at Mitu, and most exciting for our team is the revelation that the geology at Mitu is consistent with that of First Quantum's Sentinel Mine, located a short distance to the west. We have long believed that there could be multiple large geological systems on our 506 square kilometre property, and this not only establishes an analog for Mitu, but strengthens our belief that more than one generational copper deposit may exist on our property."

Midnight Sun completed 17 diamond-drill-holes totaling 3,559 metres ("m") on the Solwezi Project during the 2022 field season, consisting of 7 holes at the Mitu Trend target area and 10 holes at the Crunch Zone target area. Initial results were announced on November 7, 2022. The 2022 drilling program resulted from a review of available date and culminated in a set of drill targets that included a 'new look' at existing target areas as well as newly defined targets interpreted from high-resolution geophysical data over the project area.

Significant Downhole Intercepts

Notes:

• Reported intervals are the downhole widths. More structural and orientation data is required to determine true widths.
• Reported intervals are calculated for zones assaying > 0.1% copper or 0.01% cobalt and containing less than 2 meters of internal waste.
• Copper equivalent values are estimated using current metal prices of $3.75/lb copper, $15/lb cobalt, and $9.25/lb nickel. Gold has not been included in the equivalent calculation.
• Copper equivalent values are presented for ease of interval comparison only. Metallurgical recovery factors are assumed to be 100% although the recovery factors for various metals may vary significantly.

Location of Drill Holes

Quality Control/Quality Assurance

Samples obtained during the diamond drilling were transported directly to SGS Inspection Services in Kalulushi, Zambia by Midnight Sun personnel for sample preparation. There the samples were sorted, dried, crushed, and pulped before final chemical analysis using ICP42S method which encompasses a 3 or 4 acid digest followed by an AAS multi-element scan. All samples returning >10,000 ppm Cu were automatically re-assayed for higher level concentrations by SGS, which is a fully accredited laboratory. Standards and blanks were inserted regularly in the sample stream and checks were done for Cu. A subset of pulps from MTDD044 and MTDD045 were selected and airfreight to SGS South Africa for gold analysis by fire assay.

Qualified Person: Richard Mazur, P.Geo., a Director of the Company, and a Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.

About Midnight Sun

Midnight Sun is focused on exploring our flagship Solwezi Project, located in Zambia. Situated in the heart of the Zambian Copper Belt, the second largest copper producing region in the world, our property is vast and highly prospective. Our Solwezi Project is surrounded by world-class producing copper mines, including Africa's largest copper mining complex right next door, First Quantum's Kansanshi Mine. Led by an experienced geological team with multiple discoveries and mines around the world to their credit, Midnight Sun intends to find and develop Zambia's next generational copper deposit.

ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.

Al Fabbro
President & CEO

For Further Information Contact:
Adrian O'Brien
Director of Marketing and Communications
Tel: +1 604 809 6890
Em: adrian@midnightsunmining.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.

This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174659