24 June 2022
June 24, 2022
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2022) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold"). The board of directors of Sixty North Gold has approved an extension to March 15, 2023 of the expiry date of certain warrants to purchase up to:
14,020,000 common shares of the Company, exercisable at a price of $0.075 per share, and previously expiring on August 13, 2022; and 3,410,546 common shares of the Company, exercisable at a price of $0.10 per share, and previously expiring on November 23, 2022.
The warrants were issued to investors in connection with two separate private placements, which were completed by the Company on August 13, 2020 and November 23, 2020, respectively. The extensions will become effective as of June 30, 2022.
The Company is developing mining operations for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. Past production extracted 15,000 tonnes of ore to depths of only 15 m below surface, recovering an estimated 15,000 ounces of gold.
The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT. The Company is commencing mining and milling the high-grade A-Zone in a manner similar to past operations. The Discovery Mine, located 45 km north of the Mon Property started at 100 tpd and increased its production over 20 years to nearly 100,000 ounces per year, shutting down in 1969 (total production 1 million ounces of gold). The Con Mine, located 45 km to the south commenced at 100 tpd in 1938 and produced over 6 million ounces of gold. We feel that history of gold production in this belt supports our plans and designs. For more information, please refer to the Company's Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company's profile.