Sixty North Gold Discovers a New 2,500 M Long Horizon Hosting Volcanogenic Massive Sulfide Mineralization Enriched in Silver, Lead, Zinc and Gold
Vancouver, British Columbia (Newsfile Corp. - November 6, 2018) - Sixty North Gold Mining Ltd. (CSE:SXTY) (FSE: 2F4) (OTCQB: SXNTF) (the 'Company' or 'Sixty North Gold') is pleased to announce that it has discovered a new, high-grade silver lead zinc massive sulphide horizon within mixed mafic to felsic volcanic rocks on its Mon Property. A 2,500 m long contact of mixed mafic and felsic tuffs referred to as the Nelson Lake Deposit hosts numerous structurally and stratigraphically controlled massive and disseminate sulphides and gossanous schist zones, containing pyrrhotite, pyrite, chalcopyrite, galena, and sphalerite and in places arsenopyrite together with associated oxides.
To date, six zones of significant base metal concentrations have been confirmed within the Nelson Lake Deposit by grab sampling. Readers are cautioned that grab samples are by their nature selective and are not necessarily indicative of the mineralization and general geology of the property.
Samples collected from one of the zones, the 5656 Zone include massive to semi-massive sulfides and the best eight individual samples over 150 metres have yielded results as shown below:SamplePb %Zn %Ag gptAu gptCd ppmSb ppm13.831.94360.12.301,04616424.700.05336.02.73115>10,00030.050.05311.61.401713744.793.74231.23.2579126651.441.34210.50.7748823962.385.77210.20.541,33551670.760.07192.00.893215881.910.29174.71.0363420Average2.451.66253.31.614861,487All Pb, Zn, Ag, and Sb are reported using MA270 and Au and Cd are determined by AQ251 procedures at Bureau Veritas (BVI) using AQ251 ICP analysis at their Vancouver Laboratory.
A Dighem airborne magnetic and electromagnetic survey ('EM') completed by a previous operator in 1988 identified six weak to moderate conductors, 230 to 720 m long, half with a magnetic response along this horizon. The 5656 Zone and one other zone are in part coincident with these EM anomalies.
The Company plans to complete a property-wide airborne geophysical survey as well as a focused ground geophysical survey on a grid to be cut over the 5656 Zone. Diamond drill contractors are being contacted to assist in planning a drill program to assess the 5656 Zone and other targets.
John Campbell, Chairman of the Board of Directors reports, 'This is an exciting new discovery representing focused prospecting by a dedicated team and represents a new target type on the property. Precious metals-rich VMS deposits can generally be assessed quickly and efficiently using common geophysical techniques, however the high lead and zinc relative to copper typically results in a lower conductivity response which attests to its only recent discovery.' Dr. J. Franklin reports in 'Volcanic-associated massive sulphide metals; in Geology of Canadian Mineral Deposits, 1996' that VMS deposits often occur in clusters along favourable horizons and in 2007 were reported to contribute 27% of Canada's Cu production, 49% of its Zn, 20% of its Pb, 40% of its Ag, and 3% of its Au (Galley et al., 2007).
Campbell further notes that, 'Many VMS deposits in the Northwest Territories are more silver-rich and copper-poor than the Canadian average with Sunrise Lake and Hackett River being notable examples. Conceptually we might expect a typical VMS target to average between nil to 3% copper, nil to 7% zinc, nil to 3% lead, nil to 4.0 gpt gold, and nil to 160 gpt silver and average between 3 to 9 million tonnes. We are pleased to have an additional prospect on our property that can be assessed in conjunction with our work on the previously discovered surface and underground gold zones. This further demonstrates the 'Blue Sky' potential of a greenstone belt with significant high-grade past production of gold.' Readers are cautioned that mineralization hosted on the other VMS deposits is not necessarily representative of the mineralization hosted on the Mon Property.
All rock grab samples were collected by hand and were located by hand-held GPS and bagged and tagged with certified blanks and standards inserted at 1 in 7 to 1 in 10 intervals. The sample bags were sealed and delivered to Bureau Veritas Laboratories in Yellowknife and processed at their ISO/IEC 17025:2005 and ISO 9001:2015 certified laboratory in Vancouver, B.C. All samples were crushed and pulverized using PRP 70-250, analysed for 53 elements by ICP-MS using AQ251 and fire assay gold FAA 330 with all over limit golds analysed using fire assay gold FAA 550. All samples from the VMS horizon were re-run using MA270 techniques. The laboratory also runs duplicate and repeat analyses of every 15 to 25th sample, as well as internal blanks and standards which are reported to the Company. Bureau Veritas is independent of the Company.
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.
About the Company
The Company is engaged in acquisition, exploration and development of mineral properties. Its principal target is the exploration for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT. For more information, please refer to the Company's Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
John Campbell,Chairman, CFO and Director
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.
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06.11.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Sixty North Gold Mining Ltd.
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