Business
Sixty North Gold Mining Announces Closing of Second Tranche of Non-Brokered Unit Offering, and Provides an Operations Update
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2021) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the "Company" or "Sixty N
About this update from Sixty North Gold Mining Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 8, 2021) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the \"Company\" or \"Sixty North Gold\") Further to the Company's press release on February 22, 2021, Sixty North Gold is pleased to report that it has closed a non-brokered private placement of an additional 2,220,000 units (the \"Units\") at an offering price of $0.055 per Unit to raise gross proceeds of $122,100.00 (the \"Offering\"). Each Unit consisted of one (1) common share (a \"Share\"), and one (1) non-transferable share purchase warrant (a \"Warrant\"), with each Warrant being exercisable to purchase one (1) additional Share at an exercise price of $0.08 per Share until March 5, 2023. The net proceeds of the Offering will be used for further exploration and development of the Mon Gold Property, NWT, and the Company's general working capital requirements. The securities for the Offering will bear legends restricting resale until July 6, 2021. Operations Update Dave Webb, President and CEO, reports all of the heavy mining equipment has been transported to the property together with the fuel tank and explosives magazines this past week. The final pieces of the 2021 supply haul are expected to be completed this week. Mine activity is planned to start late spring to early summer, and will see the installation of water, air, electrical, and waste infrastructure. The existing 130 m long ramp will be extended an additional 200 m +/- to access the A-Zone vein 20 m below the East and West Stopes. The crown pillar of the A-Zone Vein above the East and West Stopes has been traced on surface for >200m with the exposed 50 m at the fold nose returning the following trench results (see NR August 7, 2018): Trench Grade (gpt Au) Width (m) 1 9.47 0.8 2 432.98 1.3 3 11.78 1.0 4 1.80 0.4 5 8.40 0.5 6 124.53 1.6 7 6.59 1.4 8 143.90 0.9 9 192.62 1.7 10 44.81 1.9 Average 116.51 1.1 The planned ramp will access between 30,000 to 40,000 tonnes of vein material which will be in part bulk sampled over the summer. A permitted mill is planned to be installed to process this material to confirm the grade of this bulk sample. 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 Sixty North Gold ...