Sixty North Gold Mining Ltd.

Aerial photograph of the north portal of the A-Zone at Mon taken in 2021.

Company plans to construct a temporary camp to aid in upcoming start of high-grade gold mine.

Sixty North Gold Mining Ltd. April 9 announced that its plans to establish a modern operation at the past-producing Mon high-grade gold mine will begin with the installation of a temporary camp to replace the damages caused by the wildfires that ravaged Canada's Northwest Territories last year.

Sixty North is focused on restarting gold production at Mon – a project about 40 kilometers (25 miles) north of Yellowknife that hosts a historical summer seasonal mine that produced roughly 15,000 ounces of gold from 15,000 metric tons of ore from 1989 to 1997.

Fire swept through the Mon property during the unprecedented summer wildfire season in Northwest Territories last summer.

After assessing damages, of which the company reported no significant harm other than some camp trailers that were destroyed, Sixty North plans to install a temporary camp to help restart mining of the A-Zone at Mon.

In 2021, the company set up equipment and had materials trucked to the property via the winter road in March of that year. Beginning work later in June, the goal was to reopen the existing North Ramp – a slope that is located 20 meters below the historic stopes that produced the gold during the 90s.

This work widened the North Ramp by three to four meters to accommodate larger mining equipment and advanced the ramp by 132 meters, to within 60 meters of the planned initial mining location.

Drilling, both recent and historic, showed the veins continue to depth and beyond, with similar widths and grades as was once mined.

Crews are expected to take roughly four weeks to reach the initial mining level, before crosscuts will be driven into the vein and mining can commence. Sixty North also plans to bring to surface and assay a bulk sample from the initial stope operations.

"We are well positioned to take advantage of the recent record high gold prices, with our potential for early gold production," said Sixty North CEO Dave Webb. "Our next two milestones to production are within reach – the completion of the underground development with bulk sampling of the vein, and once grade and tonnage are confirmed, installation and commissioning of the mill circuit."

Confident in re-breaking ground, Sixty North already holds permits for the mine and mill for Mon.

"There is a disconnect in the gold market between gold prices and gold explorers' and miners' share prices," added Webb. "We believe by executing on our development plan, the production of gold will enable monetization of our assets, benefiting shareholders in a very direct manner, whatever the market is doing."

The company also adds that it believes the A-Zone is similar to Discovery, a past producing mine about 45 kilometers (28 miles) to the north that yielded 1 million ounces of gold from 1 million tons of ore from a marginally smaller vein.

"The rich Yellowknife Gold Camp produced some 15 million ounces of gold over 60 years," finished Webb. "Sixty North Gold hopes to reenergize this formerly vibrant gold camp using more modern technology."