Vancouver, British Columbia–(Newsfile Corp. – April 17, 2024) – Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC PINK: SXNTF) (the “Company” or “Sixty North Gold“).
Sixty North Gold’s Proposed Private Placement:
Sixty North Gold is proposing to complete a non-brokered private placement of up to 13,800,000 units (the “Units“) at an offering price of $0.05 per Unit, aiming to raise gross proceeds of up to $690,000 (the “Offering“). Each Unit will comprise one (1) common share of the Company and one (1) non-transferable share purchase warrant (the “Warrants“). The exercise price for each Warrant will be $0.08 per share, exercisable for one additional common share for a period of one (1) year from the closing date of the Offering. In the event of the Company’s common shares trading above $0.16 per share for ten (10) consecutive trading days, there will be an option for early exercise of the Warrants. In this scenario, the Company may require the Warrants to be exercised within thirty (30) days from issuance of the Notice.
Insight: Companies often opt for non-brokered private placements to raise funds without the involvement of an underwriter, allowing for more flexibility in structuring the offering.
Utilization of Proceeds:
The net proceeds from the Offering will be allocated towards claim maintenance, ongoing exploration, and development of the Company’s properties, in addition to addressing general corporate requirements.
Insight: Allocating funds to claim maintenance is crucial for retaining ownership rights over mining properties, while continued exploration is essential for discovering and delineating new mineral resources.
Reiterating Technical Expertise:
Dr. D.R. Webb Ph.D., P.Geol., P.Eng. has been identified as the Qualified Person (“QP”) under NI 43-101 and holds responsibility for the technical aspects of this release.
Insight: Designating a QP ensures that technical disclosures related to mineral properties adhere to regulatory standards, enhancing the credibility of the Company’s exploration and development endeavors.
About the Company
The Company is actively engaged in the development of gold mining operations on its 100%-owned Mon Gold Property, situated 40 km north of Yellowknife, NWT. Past production records show that approximately 15,000 ounces of gold were recovered from 15,000 tonnes of ore at shallow depths in the 1990s. Notably, there exists a variance between reconciled production grades and reported grades for royalty and tax purposes, indicating the need for further investigation and clarification.
Insight: Discrepancies in reported grades underscore the importance of meticulous sampling and data validation processes in mining projects to accurately assess resource potential and optimize economic outcomes.
Future Exploration Plans:
The Company’s Mon Gold Property also hosts a VMS showing with significant precious metal concentrations and features four geophysical targets within the geological setting. These targets are earmarked for future drilling campaigns to assess their mineralization potential.
Insight: Investing in exploration activities to test prospective targets is fundamental for expanding the known mineralization envelope and unlocking additional value from a property’s resource base.
For more detailed information, interested parties can access the Company’s public filings on SEDAR (www.sedar.com).
Contact Information:
ON BEHALF OF THE BOARD OF DIRECTORS
“Dave Webb”
Dave Webb, President & CEO
For further information, please contact:
Dave Webb
Tel.: 604 818-1400
Email: dave@drwgcl.com
Website: www.sixtynorthgold.com
Risk Disclosure:
The Company’s forward-looking statements are subject to various risks and uncertainties, including those inherent in mineral exploration and development activities. These risks could lead to actual results differing significantly from the Company’s projections. Detailed risk disclosures applicable to the Company can be found in its public filings on SEDAR (www.sedar.com).
