Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) Further to the news release of July 5, 2021 where the Company announced plans to complete a non-brokered private placement of up to 23,076,923 units at an offering price of $0.065 per Unit, to raise gross proceeds of up to $1.5 million, Sixty North Gold is pleased to report that it has closed on 21,981,150 units raising gross proceeds of $1,428,774.75. Each Unit consisted of one common share, and one non-transferable share purchase warrant, with each Warrant being exercisable to purchase one additional Share at an exercise price of $0.10 per Share until July 9, 2023. The securities for the Offering will bear legends restricting resale until November 10, 2021.
The net proceeds of the Offering will be used for further exploration and development of the Mon Gold Property, NWT, and the Company’s general working capital requirements.
About Sixty North
The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989 and 1997, operating on a seasonal basis to a depth of 15 m below surface, with gold prices generally averaging between US$350 and US$400 per ounce. Permits to mine and mill at 100 tpd are in place, making the Mon Mine the only gold project permitted for production in the NWT. Crews are currently on site and mining will commence once the infrastructure is in place and operating properly. The Company plans to drive a ramp to depth below the old stopes, and to extract a bulk sample confirming grade and continuity. Management believes the similarity to the Discovery Mine, located to the north of the Mon Property where 1 million ounces were mined from 1 million tons of ore, indicates the potential for the Mon Mine.
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. Geochemical samples have been collected and are being shipped for analysis.
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We acknowledge the [financial] support of the Government of Canada.