55 North Mining Inc. 2021 Year-End Update and 2022 Plans
55 North Mining Inc. 2021 Year-End Update and 2022 Plans
Toronto, Ontario – December 16, 2021 - 55 North Mining Inc. (CSE: FFF) (“55 North” or the
“Company”) is pleased to provide a brief overview of its accomplishments during 2021, and its
plans for 2022. We are extremely pleased with our progress to date on our Last Hope Gold
Project, a high-grade gold project 10km away from Alamos Gold’s 2Moz Lynn Lake Project in
northern Manitoba.
The 2021 year in Review
2021 was a year of many value-building activities. We completed a 29 hole winter drill program
which returned many high-grade intercepts including 19.25 g/t over 15.70m and 7.59 g/t over
7.00m. These results were used to complete an updated NI 43-101 compliant resource estimate
which featured Indicated Mineral Resources increasing 87% to 71,100 ounces from 38,000
ounces, and Inferred Mineral Resources increasing 48% to 273,800 ounces from 184,100 ounces.
In addition, our drill program extended high-grade shoot mineralization up and down-plunge,
extended the deposit strike length by 200m, in-filled within the current resource block model, and
confirmed multiple en-echelon gold zones. The deposit remains open along strike to the
southeast, as well as down plunge along 2 high grade shoots.
This excellent result was achieved despite difficult operating conditions. Last winter began with
early warm weather, followed by cold weather accompanied by a heavy snowfall which insulated
the lakes and resulted in thinner than usual lake ice, precluding the use of a winter road. The net
result was the exclusive use of helicopters for drill transportation and servicing, and drilling costs
approximately twice those we would normally incur had we been able to utilize winter roads.
In addition to a near doubling of resources, we are considering a scenario that has the potential
to significantly increase the value of the project. Our new resource estimate includes high grade
Potential Surface Mineable Mineral Resources of Indicated: 82,800 tonnes grading 5.08 g/t for
13,500 ounces which are all within 20 metres of surface. This portion of the resource could
potentially be mined using low capex and opex trench (slot) mining. In this scenario, currently
being studied, blast cuts would be mined using a narrow remotely operated loader feeding a
bucket (hopper) lowered from a crane. This potential mining scenario would have an immense
positive impact on upfront cashflow of the project.
Plans for 2022
Our Phase 3 exploration program, planned for 2022, will consist of: a) in-fill drilling within the high-
grade shoots to upgrade and increase the resources in these areas, b) step -out drilling along
strike to the southeast, and c) extension drilling down plunge along the high-grade shoots to add
resources as we extend the depth of the deposit from the currently relatively shallow 520m. In
addition, we have applied for a permit to construct a 5.6 km access road from an existing all -
weather road, in order to avoid our re liance on weather-dependent winter ice roads, and
expensive helicopter-assisted drilling. In order to fund this program, we will be initiating
flowthrough financing, and non-flowthrough financing several months into the new year.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Peter
Karelse, P.Geo., VP Exploration for 55 North, a Qualified Person as defined under National
Instrument 43-101. Mr. Karelse consents to the publication of this announcement by 55 North
Mining Inc. and certifies that this announcement fairly and accurately represents the information
for which he is responsible.
About 55 North Mining Inc. and the Last Hope Gold Project
55 North Mining Inc. is an exploration and development company advancing its high-grade Last
Hope Gold Project located in northern Manitoba, Canada. The Last Hope Gold Project contains
an Indicated Resource of 0.4 Mt grading 5.41 g/t Au for 71,100 ounces Au, and an additional
Inferred Resource of 1.5 Mt grading 5.48 g/t for 273,800 ounces Au (see Technical Report titled
“NI 43-101 Technical Report and Updated Mineral Resource Estimate on the Last Hope Property,
Lynn Lake Northern Manitoba, Canada” dated No vember 11, 2021). Excellent exploration
potential exists down plunge and along strike. Also, the Company is considering a scenario
whereby it could mine the top 20 metres of high-grade mineralization of this resource (Near
Surface Mineral Resource: Indicated: 13,500 ounces grading 5.08 g/t) utilizing simple, potentially
low-cost trench mining methods. Although the analysis process is still in its early stages, this
option could potentially provide the opportunity for a low capex and opex method for upfront
extraction of a portion of the Mineral Resource, thereby having a very positive impact on upfront
cashflow.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce Reid
Chief Executive Officer, Director
55 North Mining Inc.
cell: 1-647-500-4495
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of 55 North contains statements that constitute “forward-looking statements”.
Such forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause the Company’s actual results, performance or achievements, or
developments in the industry to differ materially from the anticipated results, p erformance or
achievements expressed or implied by such forward-looking statements.