Vancouver, British Columbia–(Newsfile Corp. – November 2, 2021) – Sixty North Gold Mining (CSE: SXTY) (OTC Pink: SXNTF) (FSE: 2F4) has successfully completed the first phase of opening the high-grade Mon Gold Mine, which the company is focused on bringing back into production. The Mon Gold Project, located 45 kilometers north of Yellowknife in the prolific Yellowknife Greenstone Belt, NWT, Canada, consists of 11 contiguous mining leases and 3 mineral claims and comprises an aggregate 1,537 acres.
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The company opened the North Portal and rehabilitated 125 meters of ramp, exposing three sections of the high-grade A-Zone vein. The vein exposed at elevation 212 meters above mean sea level, is 17 meters below the West Stope, from which former operators extracted an estimated 12,000 tonnes at 30 grams per tonne gold from elevation 228 m to 241 meters AMSL. A 0.2 and 0.5 meter wide quartz vein was 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 meter quartz vein is exposed for 8 meters in a subdrift at elevation 229 meters AMSL (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, 20 meters north of the previously described exposure, where a one-meter wide banded quartz vein with pinch and swell features was encountered in a short cross cut at elevation 232 meters AMSL, was also sampled for assays.
Dr. Dave Webb, President and CEO, stated: “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 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 meters below surface, with gold prices generally averaging between US$350 and US$400 per ounce.
Permits to mine and mill at 100 tonnes per day are in place, making the Mon Mine the only gold project permitted for production in the Northwest Territories. 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 targets reported in October 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 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.
The company also has an option agreement, from an independent prospector, 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. The Mon Property shear zone and VMS targets can be projected onto the Hangstone Property.
The shares are trading at $0.055. For more information, please visit the company’s website at www.SixtyNorthGold.com, contact David Webb, President & CEO, at 604-818-1400 or by email at firstname.lastname@example.org.
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