Sixty North Gold Provides Corporate Update on its Wholly-Owned Yellowknife Gold Mining Project
SIXTY NORTH GOLD PROVIDES CORPORATE UPDATE
ON ITS WHOLLY-OWNED YELLOWKNIFE GOLD MINING PROJECT
VANCOUVER, British Columbia -- (Newsfile Corp. – January 23, 2023) Sixty North Gold
Mining Ltd. (CSE: SXTY, FKT: 2F4, OTC-Pink: SXNTF) (the “Company” or “Sixty North
Gold”) provides an update on progress on its wholly-owned Mon Gold Property, NWT,
Canada.
The Company, in conjunction with the Northwest Territories Geological Survey (NTGS),
have collected additional samples from its recently discovered IOCG mineralization
(See NR September 6, 2022). The NTGS has completed some initial micro-XRF work
to identify where the nickel values are hosted. This data will be released when it has
been completed.
All mining equipment, supplies and services have been previously placed on the
property in anticipation of mining commencing this spring. Sixty North Gold plans to
move crews onto the property May this year. The Company plans to drive an additional
70 m to develop draw points on the vein that had previously produced at 30 gpt gold.
Stopes will be developed and some of the gold-bearing quartz vein will be extracted and
stockpiled on surface.
Dr. D.R. Webb, President & CEO, reports, “The Company has always believed that
restarting the Mon Mine and extracting gold from the high-grade quartz veins is the best
way to deliver value to shareholders. All of the gold mines in Yellowknife, the Con,
Giant, and Discovery Mines started at 100 tpd to 235 tpd and allowed production to
grow as reserves were developed. Over 14 million ounces of gold at grades greater
than 15 gpt were produced in this manner. Investing many millions of dollars in
exploration may not be the wisest plan when operations can commence mining for less
than $10 million. The Company has decided to drop its Hangstone Option, returning the
Mineral Claims and Mining Leases to the vendors, to more clearly focus on our mining
activities.”
In the last quarter of 2022, the Company expanded its total area of Mining Licenses by
surveyed two Mineral Claims, converting them into Mining Leases thereby enlarging the
area where the company may conduct mining activities. The Company now controls
thirteen Mining Leases encompassing 490 hectares, as well as one other contiguous
Mineral Claim comprising an additional 127 hectares.
About the Company
The Company is developing mining operations for gold on the Mon Gold Property, 40
km north of Yellowknife, NWT. Past production extracted 15,000 tonnes of ore to depths
of only 15 m below surface, recovering an estimated 15,000 ounces of gold. The North
Ramp has been reopened and has been extended to within 60 m of the target portion of
the vein.
The Mon Gold Property mining leases and mineral claims are located in the South
MacKenzie Mining District, NWT.
For more information, please refer to the Company’s Prospectus dated January 19, 2018
available on SEDAR (www.sedar.com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dave Webb”
Dave Webb, President & CEO
For further information, please contact:
Dave Webb
Tel.: 604 818-1400
Email: [email protected]
Website: www.sixtynorthgold.com
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.