Sixty North poised to start mining at Mon, NWT site
Sixty North Gold Mining Ltd. [SXTY-CSE] on Monday announced changes to its board of directors as it prepares to commence mining at its past producing Mon Mine, which is located 40 kilometres north of Yellowknife, in the Canadian Northwest Territories.
The company said it has appointed Tom MacNeill to the board. It said MacNeill is an experienced financier and member of a multi-generational mining family. His 35-years of experience encompasses all aspects of exploration, project development and finance, the company said in a press release.
MacNeill is also a director of Norse Gold Corp. (formerly Troy Energy), a company that is developing the historic Viking Yellowknife Mine, located 25 kilometres north of the Mon Property.
Meanwhile, Sixty North founder John Campbell has stepped down as Director and Chairman of the Board. He will remain as Chief Financial Officer. “Under John’s direction, the company identified the potential of the Mon Property and raised over $8 million to earn a 100%-ownership of this permitted mine and to initiate mining on the high-grade A-Zone,’’ said Sixty North President and CEO Dave Webb.
Sixty North shares were unchanged at 10.5 cents on Monday and trade in a 52-week range of 60 cents and $0.065.
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.
On Monday, the company 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 some high-grade historic holes beneath the previously mined stopes.
The vein will be cross cut and raises developed 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 recently said all mining equipment, supplies and services have been placed on the property in anticipation of mining commencing in the spring.