Sixty North Gold Mining Ltd. (CSE: SXTY, OTC: S Total gross proceeds from both tranches of the offering were $307,100.
Each unit of $0.06 consists of one Part and one-half of one ordinary warrant to purchase shares of the Company (each whole warrant, a “Deposit“). Each Warrant will be exercisable to purchase one Share at a price of $0.10 for a period of twelve (12) months from the Closing Date, provided that if the closing price of the Issuer’s common shares on the Exchange exceeds $0.15 per share for a period of ten (10) consecutive trading days, the Company may issue a notice (the “).Notification“) to Buyer notifying such Buyer that the Warrants must be exercised within thirty (30) days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:00 PM (Vancouver time) on the thirty-first (31st) day after the date of delivery of such Notice.
The securities for the Offering will carry a legend limiting resale until February 25, 2026. No finder’s fees were paid for this portion of the offering.
The net proceeds from the Offering will be used for the further exploration and development of the Mon Gold property located in NWT, and for the general working capital needs of the Company.
About the company
Sixty North Gold is developing gold mining operations at its 100 percent owned Mon Gold Project, which has mined 15,000 tonnes of ore from a depth of just 15 meters below the surface, and recovered an estimated 15,000 ounces of gold in the 1990s (Company Technical Report NI 43-101, August 3, 2023 on SEDAR or https://sixtynorthgold.com/projects/technical-report/. The North Ramp has been reopened and expanded to the target portion of the vein. The company plans to develop staging areas in the East Limb, West Limb and DD Zone to extract and feed a gravity flotation mill with a capacity of 100 tonnes per day.
There are further gold, silver and base metal targets on site and these will be explored and developed as necessary.
The Yellowknife gold camp is home to two mines that averaged 30 gpt of gold or better (Discovery Mine with one million ounces of gold produced, and Sixty North Gold’s Mon Mine), and two that averaged 15 gpt or better for a total production of more than 14 million ounces of gold (Con Mine and Giant Mine); (ref. Technical Business Report NI 43-101, August 3, 2023).
The technical content of this release has been reviewed and approved by Dr. DR Webb, P. Geol, President and CEO of Sixty North Gold Mines Ltd.
For more information, please refer to the company’s public filings available on SEDAR (www.sedarplus.ca), under the company profile.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dave Webb”
Dave Webb, president and CEO
Statements regarding 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 anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Further details on the risks applicable to the Company can be found in the Company’s public filings available on SEDAR (www.sedarplus.ca), under the company profile.
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THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271920
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