5 July 2021
Vancouver, British Columbia--(Newsfile Corp. – July 5, 2021) – Sixty North Gold Mining Ltd. (CSE: SXTY; FKT: 2F4; OTC-Pink: SXNTF) (the “Company” or “Sixty North Gold”)
Sixty North Gold proposes to complete a non-brokered private placement of up to 23,076,923 units (the “Units”) at an offering price of $0.065 per Unit, to raise gross proceeds of up to $1.5 million (the “Offering”). Each Unit will consist of one (1) common share of the Company and one (1) non-transferable share purchase warrant (the “Warrants”). Each Warrant will be exercisable to acquire one additional common share at an exercise price of $0.10 per share for a period of two (2) years from the date of closing of the Offering. The terms of the Offering are subject to satisfactory notice to the Canadian Securities Exchange.
The net proceeds of the offering will be used to advance exploration activities at the Company's Mon Gold Property, as well as for general working capital. Finders' fees may be paid on the offering pursuant to the policies of the Canadian Securities Exchange.
About the Company
The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989 and 1997, operating on a seasonal basis to a depth of 15 m below surface, with gold prices generally averaging between US$350 and US$400 per ounce. Permits to mine and mill at 100 tpd are in place, making the Mon Mine the only gold project permitted for production in the NWT. Crews are currently on site and mining will commence once the infrastructure is in place and operating properly. The Company plans to drive a ramp to depth below the old stopes, and to extract a bulk sample confirming grade and continuity. Management believes the similarity to the Discovery Mine, located to the north of the Mon Property where 1 million ounces were mined from 1 million tons of ore, indicates the potential for the Mon Mine.
Other targets on the property include recently discovered silver- and gold-rich volcanogenic massive sulphide (VMS) targets, as well as shear zone-hosted gold mineralization. The shear zones are 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 Company also has an option agreement to acquire a 100% interest in the highly prospective and contiguous 2,394 hectare Hangstone Property adjoining the Mon Property to the East and South from an independent prospector. The Mon Property shear zone and VMS targets can be projected onto the Hangstone Property. Geochemical samples have been collected and are being shipped for analysis.
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.