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Sixty North Gold Mining Ltd. (CSE: SXTY,OTC:SXNTF) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") is pleased to update shareholders on its progress to restart sustainable gold production at its wholly-owned Mon Gold Mine.
Dr. Dave Webb, President and CEO states, "Sixty North Gold Mining Ltd. plans to commission a 100 tpd gold mine and mill in the summer of 2026. The Company has invested over $9 million in acquiring and developing its wholly-owned past producing Mon Gold Mine. This includes investments in mining equipment, camps, supplies and development to the second level below the historic stopes that were produced ore grading one ounce gold per tonne. The Yellowknife Gold Belt hosts many large high-grade gold mines and deposits.
"We believe that restarting this historic one ounce per tonne past producer will allow our shareholders to benefit directly in the gold market in this time of record prices."
Financing Arranged
Sixty North Gold is also pleased to report that the Company has arranged a non-brokered financing of up to 5,250,000 units (the "Units") at an offering price of $0.06 to raise gross proceeds of up to $315,000 (the "Offering"). The offering is fully subscribed.
Each Unit is comprised of one Share and one-half of one common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant will be exercisable to purchase one Share at a price of Cdn.$0.10 for a period of twelve (12) months from the Closing Date, provided that if the closing market price for the Issuer's common shares on the Exchange is greater than $0.15 per share for a period of ten (10) consecutive trading days, then the Company may deliver a notice (the "Notice") to the Purchaser notifying such Purchaser that the Warrants must be exercised within thirty (30) days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:00 p.m. (Vancouver time) on the thirty-first (31st) day after the date of delivery of the Notice.
The securities for the Offering will bear a legend restricting resale until four months from closing. Finder's fees, as allowed, may be paid on portions of this financing.
The proceeds from the Offering will be used for further exploration and development of the Mon Gold Property located in NWT, and for the Company's general working capital requirements.
About the Company
Sixty North is developing mining operations for gold on its 100-per-cent-owned Mon Gold Project, which extracted 15,000 tonnes of ore to depths of only 15 metres below surface, recovering an estimated 15,000 ounces of gold in the 1990s (Company Technical Report NI 43-101, August 3, 2023 on SEDAR+ or https://sixtynorthgold.com/projects/technical-report/. The North Ramp has been reopened and has been extended to the target portion of the vein. The company plans to develop stopes in the East Limb, West Limb and DD Zone to extract and to feed a 100 tpd gravity-flotation mill.
Additional gold, silver and base metal targets occur on the property and will be explored and developed as warranted.
The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better (Discovery Mine with one million ounces of gold produced, 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 Mine and Giant Mine); (ref. Company Technical Report NI 43-101, August 3, 2023).
The technical content of this release has been reviewed and approved by Dr. D.R. Webb, P.Geol, President and CEO of Sixty North Gold Mines Ltd.
For more information, please refer to the Company's public filings available on SEDAR+ (www.sedarplus.ca), 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: dave@drwgcl.com
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.sedarplus.ca), under the Company's profile.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
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/270458
