Sixty North Gold Mining Receives $122,040 from Warrant Exercise, and Provides Update on Operations
Rhea-AI Summary
Sixty North Gold Mining (CSE: SXTY, OTC: SXNTF) has received $122,040 from the exercise of 678,000 warrants at $0.18 each in July. The company has exposed the newly reported DD-Zone in the Main Ramp, averaging 1.2 m in width over 12 m. Historic drilling extends this vein 40 m to surface and 100 m along strike, with an estimated 13,000 tonnes of gold-bearing vein above ramp elevation.
Samples from the West Limb of the A-Zone and DD-Zone have been submitted for assay. The company expects to intersect the east limb of the A-Zone within two weeks. A geotechnical drill program has been completed and thermistors installed. The Mon Gold Property, located 40 km north of Yellowknife, NWT, is being developed for gold mining operations.
Positive
- Received $122,040 from warrant exercise, improving cash position
- Exposed new DD-Zone with estimated 13,000 tonnes of gold-bearing vein above ramp elevation
- Advancing development with expected intersection of east limb of A-Zone within two weeks
- Completed geotechnical drill program and installed thermistors, complying with operational licenses
Negative
- None.
News Market Reaction – SXNTF
On the day this news was published, SXNTF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2024) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold")
Sixty North Gold is pleased to announce that the exercise of 678,000 -
Operationally, the newly reported DD-Zone is exposed for 12 m in the 3m x 4m Main Ramp where it averages 1.2 m in width within intense pink altered metasedimentary rocks of the Burwash Formation. Historic diamond drilling extends this vein 40 m up to surface and along strike for 100m where it remains open to the south. An estimated 13,000 tonnes of this gold-bearing vein is located above the ramp elevation to surface. Samples from the West Limb of the A-Zone and the DD-Zone have been submitted for assay at independent certified laboratories in late July and the results will help guide development plans. Advances along the crosscut 970 XCE are expected to intersect the east limb of the A-Zone within two weeks (see Plan View of Mon Underground Development below).
Plan View of Mon Underground Development - August 1, 2024
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5873/218537_planviewimage.jpg
The Company has completed a geotechnical drill program and has installed thermistors in compliance with its operational licenses.
Dr. Dave Webb, Ph.D., P.Eng., P.Geol., President & CEO, Director stated, "We are pleased existing shareholders have exercised their warrants. These funds will help the Company advance development of the Mon Gold Mine. We have exposed one of the two principal gold-bearing structures in the A-Zone and expect to hit the second exposure shortly. We also exposed an additional gold-bearing vein in the DD-Zone that was not expected. Bulk sample material can be extracted from the DD-Zone and West Limb and have pending assay results. The two limbs of the A-Zone can each be developed to the north and south providing us with four faces for development."
Dr. D.R. Webb Ph.D., P.Geol., P.Eng. is the Qualified Person within the meaning of NI 43-101 and is responsible for the technical details of this release.
About the Company
The Company is developing mining operations for gold on its
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/218537
FAQ
How much did Sixty North Gold Mining (SXNTF) raise from warrant exercise in July 2024?
What is the DD-Zone discovered by Sixty North Gold Mining (SXNTF)?
When does Sixty North Gold Mining (SXNTF) expect to intersect the east limb of the A-Zone?
Where is Sixty North Gold Mining's (SXNTF) Mon Gold Property located?
