Vancouver, British Columbia – October 29, 2021 (Newsfile Corp.) (Investorideas.com Newswire) Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the “Company” or “Sixty North Gold”):
Sixty North Gold is pleased to announce that it has successfully completed the first phase of opening the high-grade Mon Gold Mine, located 45 km north of Yellowknife in the prolific Yellowknife Gold Belt.
The Company opened the North Portal and rehabilitated 125 meters (m), of ramp, exposing three sections of the high-grade A-Zone vein. One exposure is 17 m below the West Stope, and the other exposures are 30 to 57 m north of the West Stope (see attached maps).
- The vein exposed at elevation 212 mAMSL, is 17 m below the West Stope (from which former operators extracted an estimated 12,000 tonnes at 30 gpt from elevation 228 m to 241 mAMSL) A 0.2 and 0.5 m wide quartz vein is exposed at the ends of an open stope. Visible gold, together with the favourable suite of pathfinder sulphides have been observed in samples collected for assay and metallurgical testing. Substantial potassic and hematite alteration (pink rock) was exposed peripheral to the vein at its south-end.
- A second vein exposure is located 30 meters north of the first exposure where a 1.5 m quartz vein is exposed for 8 m in a subdrift at elevation 229 mAMSL (sill elevation of West Stope). It had substantial pink rock alteration peripheral to it, in the exposed hanging wall rocks. The vein contains the favourable suite of pathfinder sulphides that have been observed in samples collected for assay.
- The third vein exposure is 20 meters north of the previously described exposure in 2 (above); a one m wide banded quartz vein with pinch and swell features was encountered in a short cross cut at elevation 232 mAMSL and was sampled for assays.
Dr. Dave Webb, President and CEO, comments that, “The Company has completed the program designed to confirm the vein location, and its extension to depth below the old stopes. The deeper stope (North Stope) had not been documented, but an estimated 1,100 tonnes of material was extracted by previous operators leaving a seven metre crown pillar, confirming the thesis of the Company that economically recoverable gold mineralization can be found beneath the historic stopes. Also undocumented is that the previous operators had driven a ramp for a further 30 m to the south prior to halting activities in the 1990’s.
Approximately two tonnes of vein were extracted by the Company, samples have been collected and are being submitted for assays and further metallurgical testing, with results expected in six to eight weeks. There were no lost-time accidents. Additional environmental samples have been collected to provide supporting characterization of the waste rock.”
The Company would like to thank the team at New Discovery Mines Ltd. for completing this work in a challenging logistical and health-safety environment. The dedicated team of miners, mechanics, and support workers prevailed as the supply chain was definitely stretched. Support from nearby operators also assisted us, and suppliers worked overtime to get equipment to our site. We gratefully acknowledge their efforts to make our constrained season a success.
The Company has shut down operations on site for 2021 and plans to construct a winter road to mobilize supplies to the property in March 2022 to enable continued development of the A-Zone, with the next phase including further ramp extension, additional crosscuts into the mineralization, raises and stope development.
About the Company
The Company is focused on bringing its Mon Mine back into production. The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989 and 1997, operating on a seasonal basis to a depth of 15 m below surface, with gold prices generally averaging between US$350 and US$400 per ounce. Permits to mine and mill at 100 tpd are in place, making the Mon Mine the only gold project permitted for production in the NWT. The Company is currently working to develop the second level below the historic stopes to commence mining. Management believes the similarity to the Discovery Mine, located to the north of the Mon Property where 1 million ounces were mined from 1 million tons of ore, indicates the potential for the Mon Mine.
Other targets on the property include recently discovered silver- and gold-rich volcanogenic massive sulphide (VMS) targets (NR October 17, 2019), as well as shear zone-hosted gold mineralization. The shear zones are similar in nature to, and hosted in the same rocks as, the world-class deposits at the Con and Giant Mines in Yellowknife which produced 14 million oz. gold.
The Company also has an option agreement to acquire a 100% interest in the highly prospective and contiguous 2,394 hectare Hangstone Property adjoining the Mon Property to the East and South from an independent prospector. The Mon Property shear zone and VMS targets can be projected onto the Hangstone Property.
For more information, please refer to the Company’s profile on SEDAR (www.sedar.com) or visit the Company’s website at www.sixtynorthgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David Webb”
President & Chief Executive Officer
For further information, please contact David Webb 604-818-1400
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Further details about the risks applicable to the Company are contained in the Company’s Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company’s profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
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