Update ON Sixty North GOLD Mining Ltd. and the Development of the MON Property, Yellowknife, Nwt
UPDATE ON SIXTY NORTH GOLD MINING LTD. AND THE DEVELOPMENT OF THE
MON PROPERTY, YELLOWKNIFE, NWT
V ANCOUVER, British Columbia -- (Newsfile Corp. – March 7, 2024 Sixty North Gold Mining
Ltd. (CSE: SXTY , FKT: 2F4, OTC-Pink: SXNTF) (the “Company” or “Sixty North Gold”)
provides an update on its recent activities.
The Company was impacted by the wildfires in the Northwest Territories in 2023 with our camp
burning in August 2023. We have accepted a $388,138.19 insurance seElement of our claim.
All major equipment and supplies required for the mining operaIon were not impacted by the
fire. We are planning to install a temporary camp to restart acIviIes.
We are aware that junior mining market has suffered the past few years and many shareholders
have abandoned this sector, despite gold prices aEaining record highs. To create the most value
for our current and future shareholders, we plan to execute on the project’s development
towards early cash flow, while minimising the effects of financings and diluIon. Insiders own
over 40% of the issued shares in the Company, aligning their interests with external
shareholders. Our goal is to restart mining operaIons in a few months, developing the vein
below the historic stopes and bringing gold-bearing vein material to the surface for assessment.
We plan to install a mill in early 2025 with gold producIon commencing shortly aUerward.
The Company’s strategy is to obtain the best informaIon on the narrow vein, nuggety mineral
structure and grade, with the most effecIve use of scarce cash resources, by compleIng the
bulk sample described above. NI 43-101 prohibits the use of certain terms like "ore" or
reporIng any financial details without comple Ing prescribed Preliminary Feasibility or
Feasibility studies, which includes independence of the authors. Sixty North Gold's team
includes registered professional engineers and geologists with many decades of experience on
this property, including past mine development and operaIon, who would be excluded from
compleIng such reports. The Company does not believe it would be in the shareholders’ best
interest to expend the funds to complete these reports at this Ime. With all mining equipment
and bulk supplies already on site, the project’s capital cost for development to produc Ion is
substanIally de-risked.
Dr . D.R. Webb Ph.D., P .Geol., P .Eng. is the QP within the meaning of NI 43-101 and is responsible
for the technical details of this release.
About the Company
Sixty North Gold has been developing its 100%-owned Mon Gold Property, 40 km north of
Yellowknife, NWT , within the rich Yellowknife Gold Camp. This high-grade past producer
averaged a mined grade of an esImated 30 gpt gold and produced an esImated 15,000 ounces
of gold from a folded quartz vein to depths of only 15 m below surface.
The North Ramp has been reopened and has been extended to within 60 m of the target
porIon of the vein. The Company plans to extend the ramp to where some high-grade historic
holes intersected the vein beneath the previously mined stopes. The plan is to install cross-cuts
and raises within the vein to extract and stockpile the vein material on surface. Upon
confirmaIon of the grade and tonnage, a permiEed mill will be brought in to process this and
ongoing mined material.
The property also hosts an outcropping precious-metals rich VMS showing and has four
modeled geophysical targets along strike within felsic tuffs, lithic and lapilli tuffs. These are
plans to drill these when it is appropriate .
The Mon Gold Property mining leases and mineral claims are located 45 km north of the City of
Yellowknife, NWT.
For more informaIon, please refer to the Company ’s public filings 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 public filings 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.