Vancouver, British Columbia–(Newsfile Corp. – February 22, 2021) – Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the “Firm” or “Sixty North Gold”)
Additional to the Firm’s press launch on December 7, 2020, Sixty North Gold stories that the beforehand introduced unit non-public placement providing at $0.065 per unit is not going to be continuing.
The Firm is happy to report that it has closed a non-brokered non-public placement of seven,012,286 models (the “Items”) at an providing worth of $0.055 per Unit to boost gross proceeds of $385,675.73 (the “Providing”). Every Unit consisted of 1 (1) frequent share (a “Share”), and one (1) non-transferable share buy warrant (a “Warrant”), with every Warrant being exercisable to buy one (1) further Share at an train worth of $0.08 per Share till February 19, 2023.
The online proceeds of the Providing shall be used for additional exploration and growth of the Mon Gold Property, NWT, and the Firm’s normal working capital necessities.
The securities for the Providing will bear legends proscribing resale till June 20, 2021.
Operations and Winter Street Replace
Dave Webb, President and CEO, stories from Yellowknife that our crews have began all of our heavy tools, which is saved in Yellowknife, previous to transport up the winter highway to the Mon Gold Property. Vans, scooptrams, jumbos and bulldozers are all working usually. The highway is at full load capability for all however the last 5 km, which is at 75% capability. It’s anticipated to succeed in full capability by the center of subsequent week. Shipments of kit and provides to website are anticipated to start subsequent week.
Dr. D.R. Webb, Ph.D., P.Geol., P.Eng. is the Certified Particular person throughout the that means of NI 43-101 and is accountable for the technical particulars of this launch.
In regards to the Firm
Sixty North Gold Mining Ltd. is commencing the restart of the high-grade previous producing Mon Mine, 40 kms north of Yellowknife, NWT, throughout the prolific Yellowknife Gold Camp. Crews shall be mobilized to the property after the entire tools has been positioned on the property. Initially plans are to increase the prevailing ramp an extra 200 m to supply entry to the A-Zone, 20 m beneath the earlier stopes. This may permit entry to twenty,000 to 40,000 tonnes of the A-Zone vein beneath the historic stopes.
The Mon Gold Property consists of 11 contiguous mining leases and three mineral claims, comprising an mixture 622 hectares, positioned within the South Mackenzie Mining District, NWT. The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989 and 1997. Permits to discover, mine and mill at 100 tpd are in place, and the Mon is the one gold undertaking permitted for manufacturing within the NWT. Different targets on the property embody not too long ago found silver and gold-rich volcanogenic huge sulphide (VMS) targets, in addition to shear zone-hosted gold mineralization. The shear zones are related in nature to, and hosted in the identical rocks as, the world-class deposits on the Con and Big Mines in Yellowknife which produced 14 million oz. gold.
The Firm additionally has an choice settlement to accumulate a 100% curiosity within the extremely potential and contiguous 2,394 hectare Hangstone Property adjoining the Mon Property to the East and South. The Mon Property shear zone and VMS targets may be projected onto the Hangstone Property.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David Webb”
President & Chief Government Officer
For additional info, please contact David Webb 604-818-1400
Statements in regards to the Firm’s future expectations and all different statements on this press launch aside from historic information are “ahead trying statements”. Such forward-looking statements are primarily based on quite a few assumptions, and contain identified and unknown dangers, uncertainties and different elements, together with dangers inherent in mineral exploration and growth, which can trigger the precise outcomes, efficiency, or achievements of the Firm to be materially totally different from any projected future outcomes, efficiency, or achievements expressed or implied by such forward-looking statements. Additional particulars in regards to the dangers relevant to the Firm are contained within the Firm’s Prospectus dated January 19, 2018 accessible on SEDAR (www.sedar.com), below the Firm’s profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
This information launch doesn’t represent a proposal to promote or a solicitation of a proposal to purchase any of the securities in the US. The securities haven’t been and won’t be registered below the US Securities Act of 1933, as amended (the “U.S. Securities Act”) or any securities legal guidelines of any state of the US and might not be provided or offered inside the US or to a U.S. particular person (as outlined in Regulation S below the U.S. Securities Act) until registered below the U.S. Securities Act and any relevant securities legal guidelines of any state of the US or an exemption from such registration necessities is on the market.