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Sixty North Gold Mining Announces Closing of Second Tranche of Non-Brokered Unit Offering and Provides Corporate Update and Summary of Activities on Wholly-Owned Mon Gold Mine Property
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2022) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the "Company" or "Six
About this update from Sixty North Gold Mining Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 15, 2022) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the \"Company\" or \"Sixty North Gold\") provides this financing announcement and fall update on progress on its wholly-owned Mon Gold Property. Financing Closed Further to our news release of October 31, 2022, the Company is pleased to report that it has closed the second and final tranche of its non-brokered private placement, originally announced on October 27, 2022. The second tranche consisted of 500,000 units (the \"Units\") at an offering price of $0.20 per Unit to raise additional gross proceeds of $100,000 (the \"Second Closing\"). 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 $0.30 per Share until November 14, 2024. No finders' fees were paid on the second tranche. The total net proceeds raised from the two closings was $425,600. The net proceeds of the Second Closing together with the net proceeds of the first closing announced on October 31, 2022 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 March 15, 2023. Corporate Update In 2022 the Company announced the discovery of a new and unexpected IOCG (iron oxide copper gold) target on its wholly-owned Mon Gold Project. Economically-significant nickel, cobalt, gold and silver, plus platinum, palladium, and rare earth elements were identified in a weakly gossanous albitite unit. The host albitite unit was mapped for 3,000 m in strike (open) and up to 620 m in width with minor metasedimentary lenses. Gossanous breccias were mapped and sampled in three separate locations (see photos). A total of 35 samples were collected and submitted for Au, Pt, Pd, assays as well as 48 element ICP analysis on a multi-acid digestion, and a 12-element rare earth element ICP analysis. Samples were delivered in late September and results are expected in mid-December. Environmental sampling was also conducted under our water license requirements. The Company surveyed an additional two wholly-owned Mineral Claims, and...