Sixty North moves to fund NWT gold mine project

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Sixty North Gold Mining Ltd. [SXTY-CSE] on Monday announced details of a non-brokered private placement that aims to raise $1.5 million, with proceeds earmarked for its past producing Mon Mine, which is located 40 kilometres north of Yellowknife, in the Canadian Northwest Territories.

Sixty North is workding to re-start production at the Mon property.

The company said the private placement will consist of 12.5 million units priced at 12 cents per unit. Each unit will consist of one common share and one non-transferable share purchase warrant, each of which will entitle the holder to purchase one additional share at 18 cents for two years.

However, if the market price of the shares is above 28 cents for 10 consecutive trading days the warrant holders may receive a notice telling them that the warrants must be exercised within 30 days of such a notice, otherwise the warrants will expire at 4:00 p.m. (Vancouver time) on the 31st day after the delivery date of the notice.

The Mon Gold property consists of 11 contiguous mining leases and three mineral claims, covering 622 hectares, located in the South Mackenzie Mining District. Mon produced 15,000 ounces of gold from 15,000 tonnes of A-Zone ore between 1989 and 1997.

Sixty North gained an option to earn a 100% interest in the project from New Discovery Mines Ltd. (NDM), a private company owned and controlled by Webb.

The company said drilling has confirmed that mineralization extends at shallow depths below the old stopes. In addition, shear zone-hosted mineralization has been trenched at several locations on the Mon property. Drilling highlights include 7.33 g/t gold over 6.0 metres. The company said this mineralization is similar in nature to and hosted in the same rocks as the world class deposits at the Con and Giant mines in Yellowknife.

The company has said the North Ramp at Mon has been reopened and has been extended to within 60 metres of the target portion of the vein. The company said it plans to extend the ramp to where some high-grade historic holes intersected the vein beneath the previously mined stopes.

The plan is to install cross-cuts and raises within the vein to extract and stockpile the vein material on surface. Upon confirmation of the grade and tonnage later this year, a permitted mill will be brought in to process this and ongoing mined material, the company said.

On April 28, 2023, Sixty North shares closed at 19 cents and currently trade in a 52-week range of 60 cents and $0.065.

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