Phoenix, Arizona–(Newsfile Corp. – March 30, 2021) – The Stock Day Podcast welcomed Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (“the Company”), a company that is commencing the restart of the high-grade past producing Mon Mine, 40 kms north of Yellowknife, NWT, within the prolific Yellowknife Gold Camp. CEO of the Company, Dr. Dave Webb, joined Stock Day host Everett Jolly.
Jolly began the interview by asking about the Company’s background and current projects. Dr. Webb elaborated on his extensive background in the mining industry, and shared that he originally purchased the Company’s Mon Gold property in the 1980s for its gold production potential. “The key to this whole project is the grade at one ounce per tonne, which kind of turns heads,” shared Dr. Webb.
Jolly then noted that the Company’s Mon Gold project is located within the Yellowknife Gold Camp, an area known for its prolific gold production. “The Yellowknife Greenstone Belt, or Gold Belt by itself, has a 14 million ounce past production history,” explained Dr. Webb. “It is significant,” he added. “Grade is pretty important, but it’s the same type of rocks, the Archean Greenstone Belt, that host the deposits in Red Lake, Ontario, or Val-d’Or, Quebec, or any of these big mining camps that people are so interested to get into and pay top dollar for; this is a little bit cheaper because it’s in the Northwest Territories and is presumed to be pretty remote.”
The conversation then turned to the Company’s restart date for the Mon Gold project. Dr. Webb expanded on the past efforts of different companies. “I was finishing my PhD on structural geology, and I realized that most people were making a bad assumption and were drilling in the wrong place,” said Dr. Webb. “We drilled off the right place and found thick intersections of multi-ounce quartz vein and immediately brought in the mining equipment and started mining it,” he continued. “Initially, it was financed by a small junior company and later on it went into a private company, and we ended up mining 15,000 tonnes of rock under the ground from 45 feet of elevation,” said Dr. Webb. “We got 15,000 ounces of gold from the 15,000 tonnes,” he shared. Dr. Webb then explained that despite the project’s drilling success, the value of gold was too low during this time.
“Today, we have the same vein and the same grades,” said Dr. Webb. “Rather than bringing in the drills and spending millions of dollars drilling it off, for the same cost we could get the mining equipment in, dig it out, and put it on a big pile on the surface,” he continued. “It could be one, two, or three ounces per tonne; we just know that historically it will average one ounce per tonne and that’s what we expect to bring up,” he shared. “With that in hand, we will have accomplished for the same price what it would have cost to complete a preliminary feasibility study.”
“What’s the long-term potential of the Mon Gold property?”, asked Jolly. “Well, because we’re in the Greenstone Belt, it typically has great depth,” said Dr. Webb, before discussing the production of other successful mines in the area. “The Con Mine that took out 6 million ounces of gold went down over 7,000 feet and the Giant Mine with 8 million ounces of gold went down about 3,000 feet,” shared Dr. Webb. “With our mine going down only 45 feet, I think we have great potential.”
“What support do you have to execute your plan going forward?”, asked Jolly. “We have a team that has been there and done that,” said Dr. Webb. “The group that we have includes all of the operators from when we mined it in the past,” he shared. “We know that our costs should be in the range of $450 to mine and process a tonne of rock,” explained Dr. Webb, adding that the Company believes this will allow for a comfortable margin. “We’re going to be operating at 100 tonnes per day initially, which is the same rate that the Con Mine started at for its 6 million ounces.”
“You’re doing everything in house, is that correct?”, asked Jolly. “It started off with two separate entities and as we go forward Sixty North is acquiring 100% interest in the entire project,” explained Dr. Webb. “It’s all in house,” he shared. “I am a registered, professional geologist, I’m a registered, professional engineer, and I’ve got over 40 years’ experience doing this in the Northwest Territories and worldwide,” said Dr. Webb. “With a little assistance from people here and there, we can make this work.”
“This is an incredible entry point,” shared Dr. Webb. “We are all about derisking the project,” he added. “We are the only permitted gold mine and mill in the Northwest Territories,” said Dr. Webb, adding that the Company has also completed its winter road and has all of the necessary equipment onsite. “We are all set to go, we’re just waiting for the opportune time to start it up and that will be when the weather is a little bit warmer,” closed Dr. Webb.
To hear Dr. David Webb’s entire interview, follow the link to the podcast here: https://audioboom.com/posts/7833691-sixty-north-gold-mining-ltd-discusses-the-high-grade-potential-of-mon-gold-project-restart-with.
About the Company
Sixty North Gold Mining Ltd. is commencing the restart of the high-grade past producing Mon Mine, 40 kms north of Yellowknife, NWT, within the prolific Yellowknife Gold Camp.
The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 622 hectares, located in the South Mackenzie Mining District, NWT. The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989 and 1997. Permits to explore, mine and mill at 100 tpd are in place, and the Mon is the only gold project permitted for production in the NWT. 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.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David Webb”
President & Chief Executive Officer
For further information, please contact David Webb at 604-818-1400.
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Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward-looking statements”. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Further details about the risks applicable to the Company are contained in the Company’s Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company’s profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and any applicable securities laws of any state of the United States or an exemption from such registration requirements is available.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78916.