Sixty North Gold Mining Ltd. (CSE:SXTY,OTC Pink:SXNTF,FWB:2F4) has launched its campaign on the Investing News Network’s resource channel.
Sixty North Gold is a junior gold development company focused on bringing the past-producing Mon gold project back into production. The Mon project is located 45 kilometers north of Yellowknife, Northwest Territories, and 20 kilometers north of the Bluefish hydro-electric plant. The company is earning an 80 percent interest in the project from New Discovery Mines Ltd. (NDM). Sixty North Gold has recently amended its agreement with NDM to acquire the remaining 20 percent carried interest on the property.
The project was in operation between 1990 and 1997 and is estimated to have produced 15,000 ounces of gold grading 30 g/t gold. However, the mine was closed in 1997 due to low gold prices. Permits for the property were reissued in 2014, ensuring that the project can quickly be put back into production again.
To increase mine life and add value to the property, Sixty North Gold has completed additional exploration work. This has led to the discovery of a new, high-grade gold-silver massive sulfide horizon, known as the Nelson Lake deposit. The company has also identified six zones of significant base metal concentrations and seven drill targets along the Nelson Lake deposit for further exploration. Sixty North Gold plans to undertake a bulk sampling program at the past-producing A zone once the mill and dry stack tailings facility is installed on the property.
Sixty North Gold’s company highlights include the following:
- Sixty North Gold is operating in the mining-friendly Northwest Territory in Canada.
- Past production grades of one ounce per ton and recent bulk samples over two ounces of gold per ton.
- The Mon gold project is easily accessible by air and winter road from Yellowknife, which is located 45 kilometers to the south.
- The Mon gold project has operating permits for mining at 100 tonnes per day.
- The Mon property is the only permitted gold project in the Northwest Territories.
- Multiple targets have been identified on the Mon project outside of the past-producing areas.
- Metallurgical testing shows an average recovery rate of 98.8 percent.
- The company is using an advanced exploration model leading to an underground bulk sample at the A zone in the near term.
- Sixty North Gold plans on following up on recently discovered targets at the Nelson Lake deposit.
- Sixty North Gold’s operating team has a strong background in management, governance and technical expertise.
- Management holds 27.7 percent of the company’s shares.
- Sixty North Gold Chairman, President and CFO personally hold 20 percent of the company’s shares.