Sixty North Gold moves crews, gear to Mon gold mine

Executive Summary

• Sixty North Gold Mining Ltd. has mobilized substantially all equipment and supplies to its wholly owned Mon gold mine in Yellowknife, NWT, with plans to commence gold production this year.
• The company is on track to mine and stockpile mill feed in preparation for the commissioning of its mill, which is designed to operate at a rate of 100 tonnes per day (tpd).
• Production plans involve extracting gold-bearing vein material from four stopes developed on the second level, below historic stopes that previously averaged 30 g/t gold.

Key Details

• Mobilization Status: Substantially all equipment is mobilized or in transit from Edmonton to Yellowknife, including the mill, excavators, bulldozers, camp, steel, lumber, and fuel.
• Supply Volume: The company estimates over 300,000 kilograms of supplies will be brought to the mine site before winter road access ends in late March or early April.
• Budget Status: The company is within its budgeted expenditures to date, though fuel costs are anticipated to exceed initial budget amounts.
• Mill Logistics: The mill, the last major piece of equipment, arrived in Canada from China, was transported by rail to Edmonton, and is currently being loaded onto trucks for a two-day transport to Yellowknife.
• Production Strategy: The company plans to mine and stockpile mill feed a few weeks before the mill is ready for commissioning at its 100 tpd design rate.
• Mining Plan: Extraction will target gold-bearing vein material from four stopes on the second level (below historic stopes). The company plans to continue development to depth.
• Historic Context: Historic stopes produced at an average gold grade of 30 g/t. Previous mining in the 1990s extracted 15,000 tonnes of ore to depths of 15 meters, recovering an estimated 15,000 ounces of gold.
• Exploration Updates: Underground development has intersected the productive A-Zone 17 meters below historic stopes. A newly discovered zone, the DD-Zone, is exposed in the main ramp.
• Future Development: Plans include developing and mining stopes in the East limb, West limb, and DD zone, and extending the ramp to allow for deeper level development.
• Additional Targets: The company intends to explore and develop silver-rich VMS deposits, large shear zone-hosted gold targets, and critical-element-enriched IOCG-style mineralization as warranted.

Notable Quotes

• "Our mill, the last major piece of equipment needed to commence production, landed in Canada from China and was transported to Edmonton by rail. It is being loaded on trucks this week for the two-day transport to Yellowknife. Sixty North Gold continues to move the Mon gold mine towards production again and plans to mine and stockpile mill feed a few weeks before our mill is ready for commissioning at its 100 tpd design rate." — Dave Webb, President and CEO