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Sixty North Gold Mining Ltd. reports project developments tied to its wholly owned Mon Gold Mine near Yellowknife in the Northwest Territories. Company updates center on moving the past-producing gold property toward operations, including winter-road access, equipment and camp mobilization, mill delivery and assembly, regulatory reporting, and planned work on the A-Zone and DD-Zone areas.
News also covers financing used for mine development, board and option-grant matters, contractor logistics, site cleanup after wildfire damage, and exploration references to additional gold, silver, base-metal and critical-element targets on the property.
Sixty North Gold Mining has initiated operations at the Mon Gold Mine Property, setting up a temporary camp and dock facilities amid low water levels in Yellowknife. Mining crews are scheduled to arrive soon, with full operations commencing shortly thereafter. The company aims to extend the North Ramp by 60m to reach the A-Zone vein, known for producing 30 gpt gold grades. Historical data and recent drilling indicate significant mineralization at this level. The company plans to stockpile extracted material and report assays as they are received. A 100 tpd mill will be installed on-site to expedite gold recovery. All resolutions were passed at the recent Annual General Meeting.
Sixty North Gold Mining has issued an early warning report after completing recent debt settlements. The company's President and CEO, David R. Webb, along with associated parties, acquired 1,000,000 common shares, increasing their total holdings to 15,178,607 shares, 8,875,000 warrants, and 805,000 stock options. This represents approximately 48.25% of the company's issued shares on a partially diluted basis. The debt settlements with insiders qualify as related party transactions under MI 61-101 but are exempt from formal valuation and majority approval due to the company's market status and the transaction's value. David Webb plans to hold these shares for investment purposes and may adjust his holdings based on market conditions.
Sixty North Gold Mining announced progress on its operations, purchasing essential equipment and preparing for mining crew deployment by late May 2024. The focus is on redeveloping a high-grade gold mine in the Yellowknife camp. Past operations have yielded significant results, and the company aims to extend the North Ramp to access high-grade historic veins. Additionally, Sixty North Gold has settled $233,000 in debt through share issuance and approved bonuses totaling $19,900, also payable in shares. The company granted stock options to key personnel, allowing the purchase of up to 2,750,000 shares at $0.08 each until May 2029.
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