Sixty North Gold Updates Scheduled Development at Mon Gold Mine, NWT
Rhea-AI Summary
Sixty North Gold (OTC: SXNTF) reported that a new Mackenzie Valley Land and Water Board policy requiring extra baseline sampling before Water Management Plan approval will delay planned 2026 gold production at the Mon Gold Mine in Yellowknife, NWT.
The company has historic and recent environmental data, has submitted 12 management plans with 6 approved, and recently filed mill, ore stockpile, and dry stack tailings design plans. Only limited on-site activity is currently allowed, but all mining and milling equipment is on site and crews are mobilizing for preparatory work.
Positive
- Twelve management plans submitted; six already approved by MVLWB
- Mill, ore stockpile, and dry stack tailings design plans submitted
- Baseline environmental data available from 1990s through 2024
- All mining and milling equipment and supplies already on the property
- Crews mobilizing to commence preparatory work on site
Negative
- New MVLWB sampling policy delays planned Mon Gold Mine start-up
- Only limited operational activity currently permitted on site
- Previous Advanced Exploration Plan directive is no longer effective
- Uncertainty around revised timeline to commence gold production
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - June 19, 2026) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") provides an update on its plan to commence gold production this year on its wholly-owned Mon Gold Mine, Yellowknife, NWT.
Sixty North Gold has been informed that the Mackenzie Valley Land and Water Board ("MVLWB") has requested all mine and mill developers without an approved Water Management Plan to collect additional baseline sampling prior to submitting that plan. This change in policy is apparently derived from concerns about how the environment has changed subsequent to the drought and wildfires across the Northwest Territories. This directive affects Sixty North Gold and will delay our planned start-up timeframe.
The Company and its consultants have provided baseline data extending back to the 1990's when sampling was conducted by government inspectors and previous operators. More recent samples have been collected since the issuance of the Company's licenses and permits, and most recently from 2020. This includes baseline sampling in 2024 after the wildfire season in 2023. Discussions are ongoing with the MVLWB and its Inspectors to determine how this policy change affects the Company's previously announced plans to commence gold production at the Mon Gold Mine. Currently, only limited activity is being permitted on site.
The Company has submitted twelve management plans and has received approval for six from the MVLWB. Since the Company's last update dated May 19th, the Mill Design and Construction Plan, Ore Stockpile Design and Management Plan, and Dry Stack Tailings Design and Construction Plans have been submitted. The Dry Stack Tailings ("DST") Management Plan can be submitted on MVLWB approval of the DST Design and Construction Plan, which has also been submitted. The Interim Closure and Reclamation Plan is being replaced by a revised Closure and Reclamation Plan.
Dave Webb, President & CEO reports "We had been operating under an Advanced Exploration Plan under a board directive dated October 24, 2022, but that is now no longer effective. All mining and milling equipment and necessary supplies are on the property and crews are mobilizing to the property to commence preparatory work pending additional MVLWB approvals. We will comment further as soon as we have clarity on how the above change will impact our start-up time line, but remain optimistic that this matter will be expediently and satisfactorily resolved."
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 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302174