Sixty North Gold Announces Mine Development Update

Core Viewpoint - Sixty North Gold Mining Ltd. is progressing towards operational readiness at the Mon Gold Mine, focusing on financing, development, and production plans while managing costs and operational strategies [1][10]. Expenditures - The company has invested a total of $6.2 million in the development of the Mon Gold Mine since 2017 [1]. - Direct operating costs during 2024 mining operations were $10,000 per day, equating to $143 per tonne of rock extracted [3]. Development - A total of 226 meters of development has been completed, accessing the A-Zone quartz veins, which historically yielded 15,000 tonnes of ore at a grade of 30 grams per tonne [2]. - The company plans to recover approximately 20,000 tonnes of the A-Zone vein using a mechanized rescue method to maximize extraction [5]. Plans - In 2026, the company plans to subdrift on both limbs of the A-Zone for a total of 137 meters, with extraction planned in four stopes [4]. - A 100 tonnes per day mill has been sourced for installation in spring 2026, with capital costs estimated at $1 million [6]. Labor and Operational Costs - Full production will require an increase in labor costs by 50% to around $15,000 per day, with consumables costs rising to nearly $5,000 per day [7]. Historical Context - The Mon Gold Mine previously extracted 15,000 ounces of gold from 15,000 tonnes of ore in the 1990s without a feasibility study [10].