Mining Stock News: Wildfire Impact on Sixty North Gold's (CSE: SXTY) Mon Property, Yellowknife, NWT
Vancouver, British Columbia - August 24, 2023 (Newsfile Corp.) (Investorideas.com Newswire) Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") announces an update on the Yellowknife NWT wildfire situation and its impact on the Mon Property.
The NWT and western Canada has been experiencing a devastating wildfire season with many communities and properties under evacuation orders. The 19,200 hectare ZF012-23 fire north of Yellowknife is still out of control and has swept through the area around the Mon Property. On August 16, Yellowknife and surrounding communities were placed on evacuation orders.
Sixty North Gold supported a visit to the mine site on August 21 by a supplier, to examine it and assess any damage to equipment left on site. He reported that all equipment appears to have survived the fire unscathed with the exception of the six-trailer 20-man camp, two pick-up trucks and a quad ATV at the north-end of the property. The camp generator and sewage treatment plant appear to be in good shape. All assets away from the camp at the mine are undamaged. This includes the compressors and generators, scooptrams and rock trucks, shops, bulldozer, diamond drill and miscellaneous equipment. The explosive magazines and fuel tanks also are in good shape. The Company has contacted its insurance company to advise them of a potential claim and will be visiting with adjusters at an appropriate time.
Dr. Webb, President and CEO states, "We are very lucky to have survived this fire with what can best be described as minimal damage, when there is so much devastation in the NWT and elsewhere in Canada. Replacement accommodations for the mine will be sought to support continued underground development and exploration across the property."
The accompanying image shows a previous year's image labeling in yellow the damaged property, and the balance of the assets that are undamaged.
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 Company 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, a permitted mill will be brought in to process this and ongoing mined material.
The property also hosts an outcropping precious-metals rich VMS showing and has four modeled geophysical targets along strike within felsic tuffs, lithic and lapilli tuffs. These are currently being assessed for drilling.
The Mon Gold Property mining leases and mineral claims are located 45 km north of the City of Yellowknife, NWT.
For more information, please refer to the Company's public filings available on SEDAR (www.sedarplus.ca), 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 public filings available on SEDAR (www.sedarplus.ca), under the Company's profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
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