Sixty North Gold Prepares to Restart Mining at Mon Gold Property

Sixty North Gold Mining Ltd. is restarting mining operations at its wholly-owned Mon Gold Property, located 40 km north of Yellowknife, Northwest Territories, with plans to extend existing infrastructure to access high-grade historic drill intersections, creating potential job opportunities and economic growth in the region. The company has made significant progress, including purchasing a tent camp, acquiring essential equipment, and settling debts, with mining crews expected to be on site by the end of May 2024." This description focuses on the primary topic of the article (the restart of mining operations at the Mon Gold Property), the main entity (Sixty North Gold Mining Ltd.), the context (the location of the property), and the significant actions and implications (progress made, potential job opportunities, and economic growth). The description also provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as the location and the type of equipment being acquired.

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Bijay Laxmi
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Sixty North Gold Prepares to Restart Mining at Mon Gold Property

Sixty North Gold Prepares to Restart Mining at Mon Gold Property

Sixty North Gold Mining Ltd. (TSE:SXTY) has announced significant progress in its plans to restart mining operations at the company's wholly-owned Mon Gold Property, located 40 km north of Yellowknife, Northwest Territories. The company has purchased a tent camp and is acquiring essential light equipment and supplies to support the imminent return of mining crews to the site.

Why this matters: The restart of mining operations at the Mon Gold Property has significant implications for the local economy and the gold mining industry as a whole. As the company moves forward with its plans, it could potentially create new job opportunities and stimulate economic growth in the region.

According to Dave Webb, President & CEO of Sixty North Gold Mining Ltd., "We are very pleased to be moving crews into the property and driving our re-development of this very high-grade past producing gold mine. The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better, and two that averaged 15 gpt or better for a total production of over 14 million ounces of gold." Mining crews are expected to be on site by the end of May 2024, once camp setup is complete.

The Mon Gold Property has a history of high-grade gold production. Past mining at the site extracted an estimated 15,000 tonnes of ore to depths of only 15 m below surface, recovering approximately 15,000 ounces of gold in the 1990s. Sixty North Gold Mining plans to extend existing mining infrastructure to access high-grade historic drill intersections of the vein below previously mined stopes.

In addition to the restart preparations, the company has also taken steps to improve its financial position. Sixty North Gold Mining has arranged debt settlements with certain officers, directors, and a consultant to settle $233,000 in accrued management and consulting fees from May 1, 2023 to April 30, 2024. This debt will be paid through the issuance of over 3.88 million common shares of the company. Furthermore, bonuses totaling $19,900 for certain officers and a director have been approved, to be settled as debts for shares on the same basis as the fee settlements.

The company has also granted incentive stock options to its directors, officers, and consultants to purchase up to 2.75 million common shares at an exercise price of $0.08 per share until May 14, 2029. These financial moves demonstrate the company's commitment to aligning key personnel interests with the success of the Mon Gold Property restart and ongoing development.

The Mon Gold Property acquisition in 2016 marked a significant milestone for Sixty North Gold Mining Ltd. The project lies within the Yellowknife Greenstone Belt, a historic mining district known for its high-grade gold deposits. With a fully permitted mine, winter road access, and nearby infrastructure, the Mon Gold Property offers excellent potential for the company to establish itself as a prominent player in the region's gold mining industry.

As Sixty North Gold Mining Ltd. moves forward with its plans to restart mining operations at the Mon Gold Property, investors are closely watching the company's progress. The high-grade nature of the deposit, coupled with the company's strategic financial moves and the property's advantageous location, position Sixty North Gold Mining for an exciting future. With mining crews set to be on site by the end of May 2024, the coming months will be crucial in determining the success of the Mon Gold Property restart and the company's ability to capitalize on the project's immense potential.

Key Takeaways

  • Sixty North Gold Mining to restart mining at Mon Gold Property in Northwest Territories.
  • Company acquires tent camp and essential equipment for imminent mining crew return.
  • Past mining at Mon Gold Property extracted 15,000 oz of gold; new efforts to access high-grade historic drill intersections.
  • Company settles debts with officers, directors, and consultant through share issuance.
  • Mining crews expected on site by end of May 2024, with potential for new job opportunities and economic growth.