Sixty North Gold Engages Geotech Ltd. to Complete Close-Space VTEM(TM) plus Airborne Geophysics Survey over Recently Discovered Volcanogenic Massive Sulfide ("VMS") Mineralization Enriched in Silver, Lead, Zinc and Gold
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2019) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTCQB: SXNTF) (the "Company" or "Sixty North Gold") is pleased to announce that it has engaged Geotech Ltd. to complete a 135 km helicopter-borne VTEMTM plus, time domain electromagnetic and horizontal magnetic gradiometer system. This system will be able to detect weaker conductors characteristic of the low iron sulphide Ag, Au, Pb, Zn mineralization found in outcrop. Massive, semi-massive and disseminated galena, sphalerite, and tetrahedrite has been identified in a new massive sulphide horizon within mixed mafic volcanic, felsic tuff and chert on the Company's Mon Property, 45 km north of Yellowknife, NWT. A 2,500 m long contact of mixed mafic and felsic tuffs referred to as the Nelson Lake Deposit hosts numerous structurally and stratigraphically controlled massive and disseminate sulphides and weakly gossanous schist zones identified in late fall, 2018.
Eight grab samples collected from one of the zones (5656 Zone) over a 150 m strike length averaged 253 gpt silver, 1.61 gpt gold, 2.45% lead and 1.66% zinc. Individual samples returned values of 2.38% Pb, 5.77% Zn, 210.2 gpt Ag, and 0.54 gpt Au and 3.83% Pb, 1.94% Zn, 360.1 gpt Ag, and 2.30 gpt Au. Readers are cautioned that grab samples are by their nature selective and are not necessarily indicative of the mineralization and general geology of the property.
The geophysical survey is expected to define the VMS horizon to enable an optimized drill program planned to be conducted in early 2019. As well, the survey should provide better controls on the large gold-bearing shear zones that are known to exist on the property, enabling prioritizing of drill targets.
John Campbell, Chairman of the Board of Directors reports, "2018 successfully advanced the gold potential of the Mon Property, and identified an exciting new target in the precious metals-rich VMS horizon. The 2,500 m long strike length containing economically interesting grades warrants follow-up. This survey should allow for characterization of each anomaly quickly and efficiently. Our proximity to a hydroelectric powerplant and all-weather roads (25 km and 35 km away respectively) improves the potential of this type of target. We anticipate receiving the results of the survey this spring and to follow-up with diamond drilling as soon as is practical."
All rock grab samples were collected by hand and were located by hand-held GPS and bagged and tagged with certified blanks and standards inserted at 1 in 7 to 1 in 10 intervals. The sample bags were sealed and delivered to Bureau Veritas Laboratories in Yellowknife and processed at their ISO/IEC 17025:2005 and ISO 9001:2015 certified laboratory in Vancouver, B.C. All samples were crushed and pulverized using PRP 70-250, analysed for 53 elements by ICP-MS using AQ251 and fire assay gold FAA 330 with all over limit golds analysed using fire assay gold FAA 550. All samples from the VMS horizon were re-run using MA270 techniques. The laboratory also runs duplicate and repeat analyses of every 15 to 25th sample, as well as internal blanks and standards which are reported to the Company. Bureau Veritas is independent of the Company.
Dr. D.R. Webb, Ph.D., P.Geol., P.Eng. is the Qualified Person for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
The Company further reports that the brokered flow-through share unit and hard dollar unit offering announced on December 28, 2018 has been closed with no further issuances since that date.
About the Company
The Company is engaged in acquisition, exploration and development of mineral properties. Its principal target is the exploration for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT. 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
Chairman, CFO and Director
For further information, please contact:
John Campbell, 604-961-0175
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.