Sixty North Gold Updates Scheduled Development at Mon Gold Mine, NWT
Rhea-AI Summary
Sixty North Gold (OTC:SXNTF) outlined progress toward starting gold production at its wholly owned Mon Gold Mine near Yellowknife in 2026. All mining and milling equipment is on site, mobilized on budget and without lost-time accidents.
According to the company, 6 of 12 required management plans have been approved, mill construction is expected to take at least 60 days, and operations at the permitted 100 tpd rate are planned for this summer, with four prepared stopes ready for mining.
Positive
- All mining and milling equipment mobilized to site on budget
- Mobilization completed with no lost-time accidents or adverse events
- Six of twelve required management plans approved by MVLWB
- Mill construction expected to enable 100 tpd permitted production rate
- Four stopes prepared, enabling vein extraction within about one week of startup
Negative
- Half of required management plans still awaiting approval or resubmission
- Mill construction has not started and will take a minimum of 60 days
News Market Reaction – SXNTF
On the day this news was published, SXNTF declined 8.54%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") is pleased to provide an update on its plan to commence gold production this year on its wholly-owned Mon Gold Mine, Yellowknife, NWT.
As reported April 2, 2026, all of the Company's mining and milling equipment is currently at the Mon Gold Mine site north of Yellowknife. The mobilization was completed without any lost-time accidents, on budget and without any adverse events. The remnants of the camp that was lost to the wildfires in 2023 were removed from site and disposed of in an authorized disposal facility. Scrap metals and damaged batteries were delivered to a licensed recycle facility in Yellowknife.
A site visit on May 6 confirmed that the site remained partially snow covered, the lakes were largely ice covered with minor open water at the smallest of lakes and portions of the larger rivers. We remain on schedule for a late-May to early-June breakup at which time crews and domestic supplies can be mobilized by float planes.
Photo 1. Northeast view of the Mon Gold Mine site May 6, 2026 showing light snow on the ground and the still frozen lakes. The camp is in place mid-photo and the containers containing the mill are located next to the mine shops, compressors and generators, south of the blasted mill pad.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5873/297951_81beaadb1458da1f_001full.jpg
The Company has submitted twelve management plans and has received approval for six from the Mackenzie Valley Land and Water Board ("MVLWB"). The MVLWB requested revisions to three of the remaining management plans with the Mill Design and Construction Plan, Ore Stockpile Design and Management Plan, and the Waste Rock Design and Management Plan undergoing the initial submissions. The Dry Stack Tailings Design and Construction Plan with Operation Plans will be submitted, together with a resubmission of the Dry Stack Tailings Management Plan in late May.
Dave Webb, President & CEO reports: "We now await spring and regulatory approvals as we prepare to commence mill construction, which is expected to take a minimum of 60 days. The start of operations at the permitted 100 tpd design rate is planned to commence this summer. We have prepared four stopes below the historic stopes that had produced at 30 gpt gold for mining and can be extracting gold-bearing vein material within a week of start up. Our deepest development now is 32 m below surface. The average depth of the three past producing gold mines in the Yellowknife Gold Belt is from surface to depths >1,300 m. Continued development to depth is planned."
Tom MacNeill, Chairman comments that: "We believe gold mining can bring benefits to the Northwest Territories and all of its peoples. The skilled work force is currently looking for opportunities near their home towns, and we can be a start for this."
Dr. D.R. Webb, P.Geol, P.Eng., a "qualified person" under National Instrument 43-101 and President and CEO of Sixty North Gold, has reviewed and approved the technical content contained in this news release.
About the Company
Sixty North Gold is developing mining operations for gold on its 100-per-cent-owned Mon Gold Project. Mining in the 1990's extracted 15,000 tonnes of ore to depths of only 15 metres below surface, recovering an estimated 15,000 ounces of gold in the 1990s (Company Technical Report NI 43-101, August 3, 2023 on SEDAR+ or https://sixtynorthgold.com/projects/technical-report/). Recently, underground development has intersected the productive A-Zone 17 m below the historic stopes. A newly discovered zone, the DD-Zone is exposed in the main ramp. The company plans to develop and mine stopes in the East Limb, West Limb and DD Zone and to extend the ramp to allow for the development of deeper levels.
The decision to start operations is not a production decision based on a feasibility study of mineral reserves demonstrating economic and technical viability. It is a decision to commence mining and milling operations with material uncertainty as to the size, grade, and other technical aspects of the deposit that will address specific economic and technical risks. The purpose of these operations is to acquire this additional information and is similar to the way all other mines in Yellowknife were developed, (the Con Mine, Giant Mine, Discovery Mine) that went on to produce over 14 million ounces of gold (Company Technical Report NI 43-101, August 3, 2023).
The silver-rich VMS deposits (https://sixtynorthgold.com/projects/volcanogenic-massive-sulphide-vms-deposits/), the large shear zone-hosted gold targets (https://sixtynorthgold.com/projects/shear-zones/), and the critical-element-enriched IOCG-style mineralization (https://sixtynorthgold.com/projects/iocg-target/) will be explored and developed as warranted.
The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better (Discovery Mine with one million ounces of gold produced, 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 Mine and Giant Mine); (ref. Company Technical Report NI 43-101, August 3, 2023). The Yellowknife Gold Belt is an historic gold producing camp where all of the mines commenced production at <100 tpd. Yellowknife has the people, services and experience to bring this Archean gold belt back to life.
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
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information in this news release includes, but is not limited to, statements regarding the anticipated timeline for mobilization of equipment and personnel to the mine site as well as the receipt of necessary regulatory approvals.
Forward-looking information is based on certain assumptions that Sixty North Gold believes are reasonable at this time, including assumptions as its ability to receive, in a timely manner and on satisfactory terms, the necessary regulatory and other third-party approvals.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: the risk that mobilization of equipment and personnel may not be completed on a timely basis or at all; the risk that doing so may involve unexpected costs, liabilities or delays; the possible occurrence of an event, change or other circumstance that could result in the Company being unable to commence operations; risks relating to the failure to obtain necessary regulatory approvals; general economic, market and business conditions; fluctuations in securities markets and the market price of precious metals and of the Company's shares; and other risks inherent in the mining industry.
Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this news release is made as of the date hereof and, except as required by applicable securities laws, Sixty North Gold does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise.
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