Sixty North eyes VMS drill targets at Mon

Sixty North Gold Mining Ltd. April 2 said initial results from a helicopter-borne geophysical survey have identified several priority drill targets at the company's Mon silver-gold-lead-zinc property in Northwest Territories.

Located about 45 kilometers (28 miles) north of Yellowknife, Mon is primarily known for the small high-grade gold deposit discovered by Cominco Ltd. geologists in the 1930s. David Webb, a geologist and director of Sixty North, optioned the Mon property from Cominco in the 1980s. A seasonal underground mine developed by Webb in the 1990s produced 3,100 ounces of gold from 10,000 tons of ore for a calculated recovered grade of 10.63 grams per metric ton. This small operation was closed in 1997 due to low gold prices.

While the Mon gold deposit remains an intriguing target, the 2018 work completed by Sixty North has identified several outcropping zones of volcanogenic massive sulfide-style mineralization with both precious and base metals in several zones along a 2,500-meter-long area being called the Nelson Lake deposit.

Eight grab samples collected over a 150-meter area from one of these zones averaged 253 grams per metric ton silver, 1.61 g/t gold, 2.45 percent lead and 1.66 percent zinc.

A 135-kilometer helicopter-borne versatile time domain electromagnetic (VTEM) and horizontal magnetic gradiometer geophysical survey was flown to trace the recently discovered VMS-style mineralization.

While the complete results from this airborne geophysical survey will not be ready for another month or so, Sixty North says the initial results are promising.

"The Geotech VTEMTM Plus survey has provided a number of excellent targets that we plan to drill test as soon as possible," said Sixty North Gold Mining Chairman John Campbell.

Seven conductive anomalies have been identified, six of which 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.

Modelling of the anomalies will continue as the data are refined, but Sixty North says the individual conductors along the horizon hosting outcropping VMS-style mineralization is generally less than 10 meters wide.

Campbell said the Mon's proximity to a hydroelectric power plant and all-weather roads – 25 kilometers (16 miles) and 35 kilometers (22 miles) away, respectively – improves the development potential for a polymetallic VMS deposit on the property.

Other conductors occur on the property and are being assessed over the next few weeks.

"We have further processing to complete, but the survey has also identified a terrain-bounding type of break that passes 300 meters 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," said Campbell.

There is a camp establish on the Mon property and Sixty North already has the permits needed for drilling.

–SHANE LASLEY