Vancouver, British Columbia – December 15, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the “Company” or “Sixty North Gold”) provides update on progress on its wholly-owned Mon Gold Property.
Two strongly elevated geochemical zones have been identified within the large albitite unit from recent results from 48 grab and chip samples.
The Wayne Zone correlates to a weakly anomalous magnetic zone, 890 m long averaging 90 m wide, characterized by weakly gossanous breccias and fractures. Nine grab samples were collected along strike of the Discovery Outcrop returning copper values up to 0.28%, cobalt to 0.01%, silver to 1.8 gpt, nickel to 0.21%. Rare earth elements were only slightly elevated.
The Bear Zone also correlates to a weakly magnetic zone, 860 m long averaging 100 m in width, characterized by weakly gossanous breccias and fractures. Nine grab samples collected from this zone also reveal gold values up to 5.9 gpt, three samples with elevated palladium, silver to 11.35 gpt, copper to 0.02%, zinc to 0.08%, lead to 0.14%, and nickel to 0.05%, rare earth elements were not elevated.
A number of other magnetic anomalies within the albitite unit were not sampled due to cover, or logistical constraints.
In early 2022 the Company announced the discovery of a new and unexpected IOCG (Iron Oxide Copper Gold) target on its wholly-owned Mon Gold Project. Economically-significant nickel, cobalt, gold and silver, plus platinum, palladium, and rare earth elements were identified in six grab samples from a weakly gossanous albitite unit (the Discovery Outcrop), averaging >0.41% Ni, 0.05% Co, 0.17 gpt Au, 0.03 gpt Pt and 0.01 gpt Pd. The host albitite unit was mapped for 3,000 m in strike (open) and up to 620 m in width with minor metasedimentary lenses. Gossanous breccias were mapped and sampled in three separate locations.
Dr. D.R. Webb reports that, “We are pleased to have identified a large prospective IOCG target on our property and have now refined target areas within the albitite to focus on. The Discovery outcrop identified economically significant Ni, Co, Au, Ag, Pt, Pd and REE concentrations in grab samples from mineralized breccias and fracture zones. Follow-up sampling shows that anomalous to very anomalous breccias and fracture zones can be traced along geophysical anomalies and these correspond to material enrichments in the IOCG suite of elements.
Because of the size of IOCG deposits world-wide, often in the tens of millions of tonnes, with many exceeding hundreds of millions of tonnes such as the Olympic Dam in Australia or the Salobo in Brazil, we are understandably excited about the potential. Further work will be focused on more detailed mapping and sampling on the known zones as well as the unsampled geophysical targets within the albitite zone. Petrographic samples were collected and are being evaluated.”
The albitite unit consists of 81 to 83% albite, 10 to 15% quartz, 4 to 5% hematite with minor accessory minerals, sulphides and oxides, and has been mapped covering 200 hectares in size, 50% of which is covered by lakes and swamps. The 41 hectare Southern Albite Gossan (SAG) has yielded the best results to date only has 3.8 hectares of rock exposures, the rest is covered by quaternary deposits.
Grab samples are selective and may not represent the average grades of the showing. They were analyzed at an ALS Global, an independent certified laboratory and standards and blanks inserted in the field and in the laboratory returned acceptable results. Dr. D.R. Webb is the Qualified Person according to NI-43-101 for this release.
About the Company
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 North Ramp has been reopened and has been extended to within 60 m of the target portion of the vein.
The Mon Gold Property mining leases and mineral claims are located in the South MacKenzie Mining District, NWT.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Dave Webb, President & CEO
For further information, please contact:
Tel.: 604 818-1400
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.
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