Sixty North Gold Mining reveals plans for Mon Property, Northwest Territories
Sixty North Gold Mining Ltd. [CSE-SXTY; FSE-2F40; OTC Pink-SXNTF] provided an update on its planned activities for 2024.
Sixty North Gold plans to install a temporary camp to replace the camp trailers destroyed by a wildfire last year, and to restart mining of the A-Zone at its 100%-owned, past-producing Mon Gold Mine located 45 km north of the City of Yellowknife, Northwest Territories. The company has been in touch with suppliers and contractors to schedule the installation of the new camp.
The company previously widened the North Ramp to three by four metres to accommodate its larger mining equipment, and advanced the ramp by 132 metres, to within 60 metres of the planned initial mining location. The initial stope is located 20 metres below the historic stopes, that produced 15,000 tonnes of ore grading 30 gpt from a folded quartz vein. Drilling, both recent and historic, shows the vein continues to the planned depth and beyond, with similar widths and grades as was mined.
Crews are expected to take four weeks to reach the initial mining level, before crosscuts will be driven into the vein and mining of the vein can commence. The Company plans to bring to surface and assay a bulk sample from the initial stope operations.
Sixty North Gold holds permits to mine and mill on this site. The Company believes the A-Zone is similar to the Discovery Mine, located 45 km to the north, where one million tons of ore yielded one million ounces of gold from a marginally smaller vein.
Dr. Dave Webb, CEO, stated, “We are well positioned to take advantage of the recent record high gold prices, with our potential for early gold production. Our next two milestones to production are within reach – the completion of the underground development with bulk sampling of the vein, and once grade and tonnage are confirmed, installation and commissioning of the mill circuit.
“There is a disconnect in the gold market between gold prices and gold explorers’ and miners’ share prices. We believe by executing on our development plan, the production of gold will enable monetization of our assets, benefiting shareholders in a very direct manner, whatever the market is doing.
“The rich Yellowknife Gold Camp produced some 15 million ounces of gold over 60 years. Sixty North Gold hopes to reenergize this formerly vibrant Gold Camp using more modern technology.”
The property also hosts an outcropping precious-metals rich VMS showing and has four modeled geophysical targets along strike within felsic tuffs, lithic and lapilli tuffs. There are plans to drill these when it is appropriate.