Sixty North Gold Mining Ltd. (CSE: SXTY) (OTCPINK: SXNTF) (FSE: 2F4) (the "Company" or "Sixty North Gold") Please reference our news release on November 18, 2020 on the option of the 2,394 hectares Hangstone Property adjoining the Company's Mon Property, in the Yellowknife Gold Belt, NWT.
Sixty North Gold is pleased to announce that it has compiled sampling data collected by the vendors of the Hangstone Property over the past eight years on their property. The Hangstone Property also adjoins GoldMining Inc.'s Clan Lake Deposit, that hosts 199,000 ounces of gold in 2.8 million tonnes of Inferred Mineral Resources grading 2.23 gpt gold (GoldMining Inc., April, 2019). Please refer to the attached claims map.
Dave Webb, President and CEO reports "We are very pleased to have almost quadrupled the size of the Mon Property and have acquired a great deal of data from the past explorers on the Hangstone Property. The focus has always been high-grade gold mineralization like that at the Con, Giant, or Discovery mine properties, however there are other targets that warrant attention. The VMS mineralization on the Mon Property appears to occur on the Hangstone claims and can be tested quickly and cheaply using airborne geophysical techniques. Shear zone targets are difficult to assess without large drill programs. No VMS or shear zone targets on the Mon Property or extensions of these targets on the Hangstone Property have been drilled. "
John Campbell, Chairman confirms "Our ability to advance the Mon Property into production while at the same time expanding our footprint for future exploration around the mine site provides our shareholders with multiple value creation opportunities. The Hangstone VMS target has not been assessed using modern technology, and the existence of precious metal-rich VMS mineralization on the Mon Property and elsewhere within the belt supports these targets on the Hangstone property. We also have very experienced explorers on the Company's and vendor's team who have been successful in discovering new gold deposits in the Yellowknife Gold Belt."
The Hangstone contains the same three exploration targets that occur on the contiguous Mon Property.
The West Mafic Gold Trend which is 3.1 km long on the Mon Property has been extended for an additional 1.3 km to the southeast where the vendors collected 258 grab samples that ranged from nil to 41 gpt gold averaging 2.70 gpt gold, nil to 222 gpt silver averaging 5.04 gpt silver.
The East Mafic Gold Trend which is 2.9 km long on the Mon Property is now an additional 1.3 km where the vendors collected 57 grab samples that ranged from nil to >10 gpt gold averaging 2.78 gpt gold.
In addition, the favourable stratigraphy hosting the Volcanogenic Massive Sulphide (VMS) mineralization on the Mon Property can be traced for an additional 2.6 km on the Hangstone Property with grab samples returning elevated silver (nil to 836 gpt, average 8.48 gpt), lead (nil to 13.85%, average 0.17%).
Grab samples are selectively collected and do not represent average metal concentrations.
The vendors focused on several known gold trends including two that are extensions of the East and West Mafic Gold Trends on the Mon Property.
Historic exploration by previous explorers also focused on gold and rarely analysed for anything else. Silver values up to 1,104 gpt in grab samples within felsic tuffs has been reported from the same stratigraphy that hosts the VMS deposit on the Mon Property. Previous operators drilled up to 7.6m of 50 to 80% sulphides in a different horizon but only report low gold values. No silver or base metal assays have been reported here.
A large shear zone referred to as the Sito Lake Shear Zone is 200 to 500m wide and is in part parallel to the Yellowknife River Fault Zone. It consists of chlorite carbonate schists and has seen limited diamond drilling in the 1980's with results including 98.6 gpt Au/1.0m, 3.1 gpt Au/3.0m and 2.2 gpt Au/4.0m and trenched with results including 4.7 gpt Au/2.9m, 2.28 gpt Au/2.4m and 4.26 gpt Au/2.7m.
All analyses reported are historic in nature and are presented for reference. They should not be relied upon as no QA/QC program was completed to verify results.
Dr. D.R. Webb, Ph.D., P.Geol., P.Eng. is the Qualified Person within the meaning of NI 43-101 and is responsible for the technical details of this release.
About the Company
Sixty North Gold Mining Ltd. is focused on restarting the high-grade past producing Mon Mine, 40 km north of Yellowknife, NWT, within the prolific Yellowknife Gold Camp. The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989-1997. Permits to explore, mine and mill at 100 tpd are in place, and the Mon is the only gold project permitted for production in the NWT. Other targets on the property include recently discovered silver- and gold-rich VMS targets as well as the giant shear zone-hosted gold mineralization. The shear zone is similar in nature to, and hosted in the same rocks as, the world-class deposits at the Con and Giant Mines in Yellowknife which produced 14 million oz. gold. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 622 hectares, located in the South MacKenzie Mining District, NWT.
The company also has an option agreement to acquire a 100% interest in the highly prospective contiguous 2,394 hectare Hangstone Property adjoining the Mon Property to the East and South. The Mon Property shear zone and VMS targets can be projected onto the Hangstone Property.
For more information, please refer to the Company's profile on SEDAR (www.sedar.com) or visit the Company's website at www.sixtynorthgold.com.
To view an enhanced version of Figure 1, please visit:
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "David Webb"
President & Chief Executive Officer
For further information, please contact David Webb 604-818-1400
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68716