2022-03-07 07:04:55
Vancouver, British Columbia–(Newsfile Corp. – March 7, 2022) – Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the “Company” or “Sixty North Gold“):
Sixty North Gold is pleased to announce that it has entered into a consulting agreement with Countryman Investments Ltd. (“Countryman”) for Countryman to provide to the Company, through David Richardson, general corporate and public company advisory services, including advice on capital markets, strategic initiatives, the business of the Company, financings, corporate development and acquisitions. Countryman will be paid a monthly consulting fee of $10,500 for a period of 12 months (exclusive of GST); however, this may be extended a further 12 months by mutual consent of the parties.
In addition, the Company has agreed to grant stock options to Countryman to purchase up to 4,000,000 common shares: 2,000,000 common shares at an exercise price of $0.08 per share for a period of one year, granted as fully vested, and another 2,000,000 common shares at an exercise price of $0.12 per share for a period of two years, which will vest as to 25% of the original number granted, quarterly in arrears over 12 months commencing from the Grant Date.
Dave Webb, President & CEO of Sixty North Gold, stated, “We are very pleased to have the continued support and engagement from our largest external shareholder, Countryman, to ensure we meet our operational, financing, and company-building goals.”
Mr. Richardson stated that, “I am extremely excited to assume this role and play a part in restarting one of one of Canada’s highest grade, and consistent producers of gold over many years.”
Other Stock Option Grants
The Company has also granted incentive stock options to consultants to purchase up to 50,000 common shares of the Company at an exercise price of $0.08 per share until March 1, 2027.
About Countryman Investments Ltd.
Countryman is an investment and advisory services company that has provided such services to public and private companies for over 40 years, including resource companies. Countryman was a founding investor, and its principal, Dave Richardson served as Chairman and Director of Kodiak Exploration, which was a Canadian gold exploration company with properties in several provinces and the territories. In 2010, the company merged with Golden Goose Resources and was renamed Prodigy Gold Incorporated to better reflect their operations. Within two years, Prodigy was acquired by Argonaut Gold in a deal worth $315M. Countryman continues to be an enthusiastic investor in the mining and exploration sector, lending its support and expertise to a number of public companies.
About the Company
The Company is focused on bringing its Mon Mine in the Yellowknife Gold Belt, NWT Canada back into production. The Yellowknife Gold Belt has accounted for over 14 million ounces of gold production at average grades in excess of 16 gpt gold to depths from surface to 1,900 m below surface.
The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989 and 1997, operating on a seasonal basis to a depth of 15 m below surface, with gold prices generally averaging between US$350 and US$400 per ounce. It closed as gold prices declined to below US$300 per ounce. The current gold price is in excess of US$1,900/oz. Management believes the similarity to the Discovery Mine, located to the north of the Mon Property where 1 million ounces were mined from 1 million tons of ore from surface to depths of 1,200 m indicates the potential for the Mon Mine.
Sixty North Gold has permits to mine and mill at 100 tpd, making the Mon Mine the only gold project currently permitted for production in the NWT. The Company is developing the second level below the historic stopes to commence mining from depths of 40 m below surface.
Other targets on the property include recently discovered silver- and gold-rich volcanogenic massive sulphide (VMS) targets (NR October 17, 2019). Trench samples returning 203 gpt silver, 1.0 gpt gold, 0.59% lead and 0.96% zinc have been returned from exposed VMS mineralization. Larger unexposed geophysical anomalies have been identified but not yet been tested. The property also hosts shear zones that are similar in nature to, and hosted in the same rocks as, the world-class deposits at the Con and Giant Mines in Yellowknife where 14 million oz. gold was produced from 28 million tonnes of ore. Trenching on the Mon Property has returned 7.22 gpt gold over 6.0 m in an undrilled >4 km long shear zone (NR August 29, 2018).
The Company also has an option to acquire a 100% interest in the highly prospective and contiguous 2,101 hectare Hangstone Property adjoining the Mon Property to the East and South from an independent prospector. The Mon Property shear zone and VMS targets can be projected onto the Hangstone Property. The Hangstone Property is contiguous to the Clan Lake Property of Gold Mining Inc. where 91,000 ounces of gold in an Inferred Resource is a modeled open pit and 108,000 ounces of gold in an Inferred Resource occurs in an underground configuration (GoldMining Inc., 2021).
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.
For more information, please refer to the Company’s profile on SEDAR (www.sedar.com) or visit the Company’s website at www.sixtynorthgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David Webb”
David Webb,
President & Chief Executive Officer
For further information, please contact David Webb 604-818-1400
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.