Vancouver, British Columbia--(Newsfile Corp. - September 6, 2022) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold"):
The Company is pleased to report that 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.
Dr. Webb reports, "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 (see Table 1, below), 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."
Webb further states, "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."
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 (each <0.5%). This albitite has a geochemistry that has P2O5 values up to 5.91% (average 3.02%), Na2O values up to 4.26% (average 2.90%) with total rare earth oxides (TREO) of 0.09%.
Table 1. Selected analyses from all of the January 2022 grab samples from the discovery outcrop.
Grab samples are selective and do not represent average grades of the showing. The 31958xx series of samples were collected through snow cover in January of this year. They were prepared and analysed by ALS Global, an independent certified laboratory using High-grade four acid digestion (MEICP61a) and ICP AES analysis. Blanks and standards reported acceptable results.
Additional targeted mapping and prospecting will examine other exposures of this IOCG target, focused by our 2018 Geotech VTEM Plus © survey.
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 the Mon Gold Property, 40 km north of Yellowknife, NWT. Past production extracted 15,000 tonnes of ore to depths of only 15 m below surface, recovering an estimated 15,000 ounces of gold.
The Mon Gold Property consists of 11 contiguous Mining Leases and 3 Mineral Claims, comprising an aggregate 1,537 acres, located in the South MacKenzie Mining District, NWT.
Eight additional Mineral Claims and one other Mining Lease are controlled under option totaling 5,500 acres.
For more information, please refer to the Company's Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS "Dave Webb"
Dave Webb President & CEO
For further information, please contact:
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 Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company's profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
Figure 1 To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/5873/135939_sixthnorthfigure1.jpg