Awesome day for Sixty North. New high for the stock.
Sixty North intersects gold-bearing veins at Mon
2024-07-22 10:29 ET - News Release
Dr. Dave Webb reports
SIXTY NORTH GOLD MINING INTERSECTS TWO GOLD-BEARING QUARTZ VEINS DURING MINING OPERATION
Sixty North Gold Mining Ltd. has encountered two gold zones during development of its wholly owned Mon gold mine. The target of this development, the A-zone quartz vein, has been intersected in the 970E crosscut at elevation 212 metres above mean sea level, 16 m below the historic West stope. Visible gold was noted in a 30-centimetre-wide vein dipping steeply to the west with 3 per cent sulphides, pyrrhotite and sphalerite and galena and chalcopyrite and pyrite (key pathfinder minerals for gold at the Mon gold mine) and significant visible gold in a 14 m wide intensely potassic-altered gabbro. The A-zone is exposed on surface where it extends over 100 m in strike. Twenty samples from 10 trenches collected by an independent geologist in this vein averaged 116.34 grams per tonne gold over 1.1 m width (Malahoff, 2017). An estimated 10,000 tonnes of this vein was mined to a depth of 15 m below surface to 228 m AMSL and 5,000 tonnes was mined from the east limb of the vein averaging 30 gpt gold (NI 43-101 technical report, Mon gold property, Northwest Territories, Canada, Aug. 3, 2023, author Dr. D.R. Webb, PhD, PGeol, PEng).
The newly reported DD-zone is located 10 m west of the A-zone and is exposed within the Main ramp. It is defined by five historic drill holes with grades up to 12 gpt gold over 0.30 m within 1.5 metres grading 3.74 gpt gold and is exposed for seven m along the west wall and in the back of the ramp. The DD-zone pinches and swells and subparallels the A-zone but dips steeply to the east, averaging 0.3 to 1.2 m in width with 5 per cent sulphides, pyrite and pyrrhotite and sphalerite with trace arsenopyrite and visible gold within a one to two m characteristic pink alteration enveloping the vein.
Mining starting on June 25 and has advanced the Main ramp 44 m by slash and drift rounds. All services have been installed, all equipment is functioning well with additional equipment on site in case of mechanical issues. There have been no lost-time accidents. Sixty North Gold plans to commence subdrifting north and south on the A-zone to collect material for stockpiling. The company plans to continue the 970 crosscut another 20 m plus/minus to the east and drive additional crosscuts into the A-zone quartz vein to expose more of the vein below the historic stopes on the eastern limb. The A-zone eastern limb was tested by a number of historic drill holes within 20 m of this area.
Samples of the A-zone and DD-zone have been collected and submitted to independent certified laboratories for analysis, the results of which will be released as received and confirmed.
The company has also commenced a geotechnical drill program to install thermistors in compliance with its operational licences.
Dr. Webb, PhD, PEng, PGeol, president, chief executive officer and director, stated: "We are pleased with progress made by an exceptional group of miners, mechanics, service providers, cook/medics and expeditors. The team has delivered in a most efficient manner and deserves credit for our progress. We have succeeded in exposing the A-zone in four locations 115 m and 30 m along strike of the East and West stopes respectively and 16 m below these historic stopes. Past production of the A-zone extracted 15,000 tonnes at 30 gpt gold from this vein.
"A 100 tpd [tonne per day] mill has been sourced and we plan to acquire and install it onto the property to commence recovery of gold as quickly as possible."
Maps and photographs can be found on the company's website.
Dr. Webb, PhD, PGeol, PEng, is the qualified person within the meaning of National Instrument 43-101 and is responsible for the technical details of this release.
About Sixty North Gold Mining Ltd.
The company is developing mining operations for gold on its 100-per-cent-owned Mon gold property, 40 kilometres north of Yellowknife, Northwest Territories. Past production extracted 15,000 tonnes of ore to depths of only 15 m below surface, recovering an estimated 15,000 ounces of gold in the 1990s. The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better (Discovery and Sixty North Gold's Mon mine), and two that averaged 15 gpt or better for a total production of over 14 million ounces of gold (Con min and Giant mine) (reference Sixty North Gold NI 43-101, August, 2023).
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