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Sixty North Gold Mining Announces Significant Expansion of the Mon Property by Option of Hangstone Property, Yellowknife Gold Belt, NWT
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2020) - Sixty North Gold Mining Ltd. (CSE: SXTY) (OTC: Pink: SXNTF) (FSE: 2F4) (the "Company" or "Si
About this update from Sixty North Gold Mining Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 18, 2020) - Sixty North Gold Mining Ltd. (CSE: SXTY) (OTC: Pink: SXNTF) (FSE: 2F4) (the \"Company\" or \"Sixty North Gold\") Sixty North Gold is pleased to announce that it has signed an option agreement to acquire a 100% interest in 10 Mineral Claims totalling 2,394 hectares adjoining the 622 hectare Mon Property to the East and South. This substantial increase in the size of the Mon Property covers extensions of known mineralized trends. The Company will pay the vendors: Year Cash Shares Expenditures Signing $15,000 300,000 $15,000 Year 1 $20,000 400,000 $80,000 Year 2 $30,000 500,000 $120,000 Year 3 $60,000 500,000 $200,000 Year 4 $150,000 700,000 $300,000 Year 5 Nil Nil $300,000 The Vendors retain a 2% NSR, half of which may be purchased any time prior to commercial production by the Company for $$1,000,000. A minimum refundable $25,000 payment against the actual NSR payable shall be made after year seven. The Mon Property is a permitted past producing gold mine that hosts the high-grade A-Zone (past production 15,000 ounces of gold from 15,000 tonnes of ore between 1989-1997). Drilling confirms mineralization extends at shallow depths below the old stopes on this \"Discovery Mine\" analogue. In addition, shear zone-host gold mineralization has been trenched at several location on the Mon Property yielding results of 7.33 gpt gold over 6.0 m (true width (see NR September 22, 2018)). This is similar in nature to, and hosted in the same rocks as, the world-class deposits at the Con and Giant Mines in Yellowknife. A recently a silver- and gold-rich volcanogenic massive sulphide deposit on the Mon Property has been trenched over a 120m strike length yielding results including 203 gpt silver, 1.0 gpt gold, and 1.55% combined lead and zinc. A VTEM Plus© geophysical survey to trace this discovery was completed and 3D inversions completed by Mira Geoscience Ltd. has clearly identified six additional larger and stronger conductive anomalies within the same strata, all of which are beneath lakes and swamps. The shear zone and VMS targets can be projected onto the Hangstone Property. Dr. D.R. Webb Ph.D., P.Geol., P.Eng. reports, \"We are pleased to consolidate a most prospective and under-explored land in the Yellowknife Gold Belt. The prospector interests in the area have been v...