Mining Stock News: Sixty North Gold (CSE: SXTY) Provides Nickel - Cobalt Exploration Update
Kelowna, British Columbia - July 11, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold"):
Crews mobilized to the Mon Property in late June and commenced mapping and sampling the recently discovered nickel and cobalt discovery, 1.5 km southeast of the mine site. The original discovery was noted in 2021 with a prospector's grab sample returning >1% nickel, 0.18% cobalt, and 0.429 gpt gold. Follow-up grab samples during the winter in early 2022 confirmed 0.31% nickel, 0.022% cobalt, 0.124 gpt gold plus very elevated platinum and palladium values.
Over 1.5 km of strike-length was mapped revealing poorly exposed outcrops. Mapping and sampling confirms the gabbro sill to be a very large hydrothermally-altered intrusion generally showing dimensionally-aligned poikilitic amphiboles up to 20 mm long +/- phlogopite-biotite after pyroxene with a groundmass of plagioclase. In places compositional banding can be observed.
The discovery showing is a 9 x 14 m exposure of weakly fractured and weakly gossanous gabbro. Only trace sulphides were observed, many white to silver white equant grains <1mm in size. These were generally disseminated within portions of the gabbro. Additional weakly gossanous patches were observed 220 m north of the discovery showing. The same coarse-grained poikilitic gabbro unit host weakly gossanous patches up to 14 m wide and over 20 m in strike-length. Assays are pending.
Grab samples are selectively collected and do not represent average metal concentrations.
Grab samples were prepared and analysed by ALS Global, an independent certified laboratory using High-grade four acid digestion (MEICP61a) and ICP AES analysis. Blanks and standards reported acceptable results.
Crews assembled and tested its Multipower Pioneer diamond drill rig for support of ongoing development of the Mon Property and to follow-up on additional targets as they are identified on the property. The diamond drill functions as anticipated and is ready to operate for short-hole programs.
Dr. D.R. Webb, Ph.D., P.Geol., P.Eng. is the Qualified Person within the meaning of NI 43-101 and is responsible for the technical details of 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 Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT. The Company is commencing mining and milling the high-grade A-Zone in a manner similar to past operations. The Discovery Mine, located 45 km north of the Mon Property started at 100 tpd and increased its production over 20 years to nearly 100,000 ounces per year, shutting down in 1969 (total production 1 million ounces of gold). The Con Mine, located 45 km to the south commenced at 100 tpd in 1938 and produced over 6 million ounces of gold. We feel that history of gold production in this belt supports our plans and designs. 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
President & CEO
For further information, please contact:
Dave Webb, 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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