InvestmentPitch Media Video Discusses Sixty North Gold’s Defining of a Large IOCG Target on its Mon Property in the NWT
Rhea-AI Summary
Sixty North Gold Mining (CSE:SXTY) (OTCPink:SXNTF) has identified a significant IOCG target on its Mon Property in the Northwest Territories. The Mon Gold Project covers 1,537 hectares and is part of a larger area now totaling 5,500 acres. Recent geological work revealed a 3.2 km by 0.6 km alteration zone indicative of an Iron Oxide Copper Gold (IOCG) deposit. The Mon Mine previously produced 15,000 ounces of gold, and the property has existing permits for production. Trading at $0.035, the company looks to expand exploration and identify additional economic zones.
Positive
- Identification of a large IOCG target on Mon Property.
- Existing land use permits and water licenses for production.
- Historical production of 15,000 ounces of gold from the Mon Mine.
- Potential for additional economically viable zones within the large target area.
Negative
- None.
News Market Reaction – SXNTF
In the trading session that priced this news, SXNTF gained 7.19%, reflecting a notable positive 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, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Sixty North Gold Mining (CSE:SXTY) (OTCPink:SXNTF) (FSE:2F4) has defined a large IOCG target on its Mon Property in the North West Territories. The Mon Gold Project, located 45 kilometers north of Yellowknife in the prolific Yellowknife Greenstone Belt, NWT, consists of 11 contiguous mining leases and 3 mineral claims and comprises an aggregate 1537 hectares. Following the recently optioned contiguous Hangstone Property, the total property size is now 5,500 acres.
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Past mining in this Belt exceeds 15 million ounces of gold at grades exceeding 0.5 ounces per tonne, including the Con, Giant and Discovery Mines.
Recent work has defined the 3.2 km by 0.6 km alteration zone on its Mon Property as an Iron Oxide Copper Gold (IOCG) deposit. Petrographic work on a sample from the coincident large magnetic low and intensely hydrothermally altered rocks, together with a comprehensive review of the geochemistry of samples collected from this unit, characterizes the target.
Mapping and prospecting of a 1.5 km portion of the zone reveals that the very large hydrothermally-altered unit had been incorrectly identified as a gabbro by government and company geologists over the past 80 years. Petrographic report by Ultra Petrography and Geoscience Inc. on a sample submitted this year shows it to be to be a strongly altered unit composed of xenoblastic albite with quartz and hematite with accessory minerals including chlorite, biotite, and minor sulphides and oxides. This albitite has a geochemistry that has (Phosphorus pentoxide) P2O5 values up to
Dr. Dave Webb, President and CEO, stated: “We are very excited to make this game-changing discovery, adding a very valuable and sought-after target class to our company. Iron oxide-copper-gold (IOCG) systems are among the world's richest and largest mineral deposits. In addition to potentially economic nickel, cobalt, gold, platinum, palladium, by-product strategic elements may include uranium, phosphorus, and rare earth elements (REE) which add to its attractiveness. This is a virgin, grass-roots discovery outlining a very large prospective target that was discovered by our team using standard exploration methodology. Additional geophysical and geochemical targets remain untested and will be reviewed by crews currently mobilizing to the property. We anticipate finding other potentially economic zones within the large target area. The metals identified in our IOCG discovery include many of the battery or critical elements (BE, or CE) being sought territorially, and by federal governments around the world.”
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 meters below surface, with gold prices generally averaging between US
The shares are trading at
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