60 North Gold (CSE:SXTY) is developing mining operations on the Mon Gold Property in Yellowknife Gold Belt District. The property’s processing mill is scheduled to be operational by next summer.
The company’s Vice President, Corporate Development, Ronald Handford, spoke with Brieanna McCutcheon From The Floor at PDAC 2022 about recent bulk samples taken to give the team a sense of mineral grades.
Past production extracted 15,000 tonnes of ore to depths of only 15 metres below surface, recovering an estimated 15,000 oz. of gold. 60 North Gold is putting it back into production. Underground development is underway, stopes for production are being prepared. Previous production achieved in the Yellowknife Gold Belt District in the 1990s reached up to 1 oz. per tonne gold.
The company is challenged in this macro-environment, being non-revenue generating, but operational and regulatory needs are all in order with support from the government and First Nations. The company is looking for the right partner to finance the processing mill. This is not a traditional resource model, the ore body is a narrow high-grade vein, but that means opportunity for investors. Following an assessment of bulk samples, the company intends to initiate production based on prospectivity.
Mr. Handford said the company is so close to production that he can taste it. The setup for gold is strong with inflation, which he believes has yet to be reflected in the gold price. Gold has been stable at around US$1,800 per ounce, and he sees the company well-positioned to catch a wave in gold investment.