Sixty North Gold Mining Intersects East Limb of the Rich Gold-Bearing A-Zone

Rhea-AI Summary

Sixty North Gold Mining (CSE: SXTY, OTC: SXNTF) has intersected the East Limb of the A-Zone at its Mon Gold Property, revealing a 1.0 m wide quartz vein with visible gold. The intersection occurred in the 970 Crosscut East, 50 m from the Main Ramp and 42 m east of the West Limb. This discovery is 8 m below a previously mined area that yielded 2,085 tonnes at 25.57 gpt gold.

The company has also identified an estimated 2,800 tonnes of East Limb vein, 5,500 tonnes of West Limb vein, and 18,000 tonnes of DD Zone vein above the 970 XCE. All zones remain open to depth and along strike. Assay results from the first batch of samples are expected in early September, with a second batch to follow in October.

Positive

• Intersection of East Limb A-Zone with visible gold in quartz vein
• Estimated 26,300 tonnes of vein material identified above 970 XCE
• All zones remain open to depth and along strike, indicating potential for expansion
• Plans to install a permitted 100 tpd mill for on-site processing

Negative

• Assay results pending, actual gold content yet to be confirmed

News Market Reaction – SXNTF

-67.55%

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-67.55% News Effect

On the day this news was published, SXNTF declined 67.55%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - August 26, 2024) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") intersected the East Limb of the A-Zone, exposing a 1.0 m wide quartz vein and silicified zone containing visible gold with associated <2% sulphides, pyrrhotite > pyrite > sphalerite = galena. Galena is typically associated with higher-grade gold values in the quartz veins. The vein was encountered in the 970 Crosscut East (970 XCE) 50 m from the Main Ramp, 42 m east of the West Limb of the A-Zone at elevation 212 AMSL. This is 8 m below the East Stope where 2,085 tonnes grading 25.57 gpt was mined and 16 m below the West Stope where an estimated 12,500 tonnes were mined at a reconciled grade of 30.7 gpt gold (NI 43-101 Technical Report, Webb, 2023). The 970 XCE intersected the East Limb 10 m north of DDH 89-14 25.37 gpt gold / 1.7 m, 18 m north of DDH 89-23 23.86 gpt gold / 1.2 m, and 9 m below DDH 89-7 45.95 gpt gold / 3.1 m. The first batch of samples submitted July 24 have been received, logged, prepared and are undergoing fire assay fusion. They will be analyzed and reported in the first week of September. The second set of samples are currently being collected and will be submitted before the end of the month with results anticipated in the first week of October.

West-facing Inclined Longitudinal Section, 167Az 84dip

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Dr. Dave Webb, Ph.D., P.Eng., P.Geol., President & CEO, Director stated, "We are pleased to have reached and exposed the two areas on the A-Zone we had targeted, and to have discovered a new gold-bearing quartz vein in the Main Ramp now referred to as the DD-Zone. The geological model we developed has been supported from this work. There are an estimated 2,800 tonnes of the East Limb vein, 5,500 tonnes of West Limb vein, and 18,000 tonnes of DD Zone vein above the 970 XCE. All Zones are open to depth and along strike.

The successful completion of this next phase will see the company commence the acquisition and installation of the permitted 100 tpd mill and relevant infrastructure to restart processing on site. Assays from an independent certified laboratory will be reported as they are received and confirmed."

Dr. D.R. Webb, PhD., P.Geol., P.Eng is the Qualified Person and is responsible for the technical details in this release.

About the Company

The Company is developing mining operations for gold on its 100%-owned Mon Gold Property, 40 km north of Yellowknife, NWT. Past production of the A Zone extracted 15,000 tonnes at 30 gpt gold from this vein (Company Technical Report, August 3, 2023, on SEDAR or https://sixtynorthgold.com/projects/technical-report/. The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better (Discovery and Sixty North Gold's Mon Mine), and two that averaged 15 gpt or better for a total production of over 14 million ounces of gold (Con Min and Giant Mine) (ref. Sixty North Gold NI 43-101, August, 2023).

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"
Dave Webb, President & CEO
For further information, please contact:
Dave Webb
Tel.: 604 818-1400
Email: dave@drwgcl.com
Website: www.sixtynorthgold.com

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.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221106

FAQ

What did Sixty North Gold Mining (SXNTF) discover in their recent drilling?

Sixty North Gold Mining intersected the East Limb of the A-Zone, revealing a 1.0 m wide quartz vein with visible gold and associated sulphides in the 970 Crosscut East at their Mon Gold Property.

When will Sixty North Gold Mining (SXNTF) release assay results from their recent discovery?

The first batch of assay results is expected in the first week of September 2024, with a second set anticipated in the first week of October 2024.

How much potential vein material has Sixty North Gold Mining (SXNTF) identified above the 970 XCE?

Sixty North Gold Mining has identified an estimated 2,800 tonnes of East Limb vein, 5,500 tonnes of West Limb vein, and 18,000 tonnes of DD Zone vein above the 970 XCE, totaling 26,300 tonnes.

What are Sixty North Gold Mining's (SXNTF) plans for processing ore at the Mon Gold Property?

Sixty North Gold Mining plans to acquire and install a permitted 100 tpd mill and relevant infrastructure to restart processing on site at the Mon Gold Property.