Sixty North Gold Reports Seven High-Priority Drill Targets for VMS Mineralization from Its Recently Completed VTEM(TM) Plus Airborne Geophysics Survey over the Mon Property, 45 km North of Yellowknife, NWT
Vancouver, British Columbia--(Newsfile Corp. - April 2, 2019) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTCQB: SXNTF) (the "Company" or "Sixty North Gold") is pleased to announce that Geotech Ltd. has completed a 135 km helicopter-borne VTEMTM Plus, time domain electromagnetic and horizontal magnetic gradiometer survey across the Mon Property. This system was selected to trace the outcropping Ag, Au, Pb, Zn enriched VMS-style mineralization recently discovered on the property (see news release November 6, 2018). The final report is expected to take 4 to 6 weeks to complete, however the initial results are promising.
Massive, semi-massive and disseminated galena, sphalerite, and tetrahedrite was identified within mixed mafic volcanic, felsic tuff and chert, in the 2018 rock sampling program. A 2,500 m long contact of mixed mafic and felsic tuffs hosts numerous structurally and stratigraphically controlled massive and disseminate sulphides and weakly gossanous schist zones discovered in late fall, 2018, and referred to as the Nelson Lake Deposit.
Seven isolated weakly to strongly conductive anomalies ranging from single line (<200m long) to 720m long zones have been identified from preliminary plots of the Geotech data. Six conductors have associated magnetic responses. Four coincident magnetic anomalies are part of longer more formational trends. All conductors appear to be parallel to the steeply dipping stratigraphy.
These conductors occur within Chan Formation rocks of the Yellowknife Supergroup, five at the top of a thick tholeiitic mafic volcanic sequence within narrower felsic volcanic tuff horizons described by Jackson, V., 1998 as "Mixed pelitic and felsic, intermediate and mafic rocks with overall intermediate composition, and felsic volcanic and related rocks".
Modelling of the anomalies will continue as the data are refined, but initial indications are that individual conductors along the horizon hosting outcropping VMS-style mineralization is generally less than 10 m wide. Other conductors occur on the property and are being assessed over the next few weeks.
There is a camp on the property and permits to drill have been received.
John Campbell, Chairman of the Board of Directors reports "The Geotech VTEMTM Plus survey has provided a number of excellent targets that we plan to drill test as soon as possible. Permits to drill have been received. Our proximity to a hydroelectric power plant and all-weather roads (25 km and 35 km away respectively) improves the development potential of this type of target. We have further processing to complete, but the survey has also identified a terrain-bounding type of break that passes 300 m west of the past-producing Mon Gold Mine, which provides for a much larger target area increasing the potential for the size of the Mon A-Zone to be expanded."
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.
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
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.
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