공고 • Aug 01
Sixty North Gold Mining Provides Update On Activities At Mon Gold Mine
Sixty North Gold Mining Ltd. held its Annual General Meeting on July 23; all resolutions detailed in the Company's information circular were approved by shareholders, and no other business was put forward. Sixty North Gold has its 20-man camp fully assembled and operational at the Mon Gold Mine site. The Company has completed standard equipment maintenance. The company has cleared blast rock from the mill pad and are ready to commence mill assembly, with mining ready to start as the mill nears completion. The Company has a Type B Water License and Land Use Permit to explore, develop and operate a small-scale mine at the Mon Gold Mine. As part of the license, the Company is required to submit Security Bonding and sixteen Management Plans to the Mackenzie Valley Land and Water Board (MVLWB) for approval. All sixteen have been submitted, reviewed and have had revised versions re-submitted to the MVLWB based on their comments. Nine Management Plans have now been accepted and the remaining plans have been submitted with the assistance of independent specialists over the past 12 months, and are currently being reviewed by the MVLWB. Our Water and Groundwater Management and Monitoring Plan V2.0 and V2.1 was submitted with the recognition that baseline sampling has been sparse. This plan was rejected by the MVLWB with a comment that "Part B, Condition 16 allows the Board to provide direction to the Licensee regarding implementation of the conditions of the License." This directive was to collect samples over the succeeding 14 months prior to resubmission in support of baseline data. The Company requested Tetra Tech to prepare a technical memo incorporating data collected by government inspectors prior to Sixty North Gold's activities on site. Tetra Tech prepared this memo summarizing twenty-five years of data collected across the Mon Property and stated "With the aforementioned exceptions, the EQC ("Effluent Quality Criteria") water quality parameters have been consistent over the past 25 years and do not show any significant changes over time." The exceptions mentioned in the memo are in part natural, some occurred before Sixty North Gold's involvement on the property and the balance can be accounted for, are natural or have been rectified. This memo was reviewed and did not warrant further consideration by the MVLWB. We had been operating as an Advanced Exploration Plan under a board directive dated October 24, 2022 which allowed for underground development, bulk sampling, infrastructure construction, and limited processing. The plan had been to continue developing the Mon Mine property under this directive while submitting revised Management Plans for approval. This directive was changed in the spring of 2026 during winter road construction and mobilization, with only activities in approved Management Plans permitted to proceed. The company is ready to commence production at the Mon Mine, and have engaged well-respected consultants to assist in completing the outstanding Management Plans. The only operating mines in the NWT are diamond mines and are now either in receivership or slated for closure, terminating employment, contracts and business in the NWT. Low-impact mine, including the laydown area, mine openings, shops, generators, compressors and mill, fits in half of the area of the Walmart lot in Yellowknife. Total daily water use during operations is less than that used by three diamond drills, with over 85% of the mill water being recycled at the mill. The company is working with the MVLWB to approve remaining Management Plans as expeditiously as possible. The 100 tpd mill will only require 15 to 20 cubic meters of make-up water each day that will be sourced first from mine water discharge and lastly from fresh sources. The Mon Mine should use less water than a modest diamond drill program and have no liquid slurry to manage and net, the mill will have reduced fresh water usage by >85%. Mining at the Mon Gold Mine in the 1990's extracted 15,000 tonnes of ore to depths of only 15 metres below surface, recovering an estimated 15,000 ounces of gold (Company Technical Report NI 43-101, August 3, 2023). Recently, underground development has intersected the productive A-Zone 17 m below the historic stopes as planned. A newly discovered zone, the DD-Zone is exposed in the main ramp. The company plans to develop and mine stopes in the East Limb, West Limb and DD Zone and to extend the ramp to allow for the development of deeper levels. The silver-rich VMS deposits, the large shear zone-hosted gold targets, and the critical-element-enriched IOCG-style mineralization will be explored and developed as warranted. The Yellowknife gold camp hosts two mines that averaged 30 gpt 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 over 14 million ounces of gold (Con Mine and Giant Mine). The Yellowknife Gold Belt is an historic gold producing camp where all of the mines commenced production at <100 tpd. Yellowknife has the people, services and experience to bring this Archean gold belt back to life.