In November 2020 Sixty North Gold signed an option agreement to acquire a 100% interest in the Hangstone Property, 10 mineral claims totalling 2,394 hectares continguous to the East and South with the 622 hectare Mon Property. This substantial increase in the size of the Mon Property covers extensions of known mineralized trends. The Hangstone Property also adjoins GoldMining Inc.’s Clan Lake Deposit, that hosts 199,000 ounces of gold in 2.8 million tonnes of Inferred Mineral Resources grading 2.23 gpt gold (GoldMining Inc., April, 2019).
Sampling Data and Historic Exploration
Sixty North Gold has compiled sampling data collected by the vendors of the Hangstone Property over the past eight years on their property. The Mon Property shear zone and VMS targets can be projected onto the Hangstone Property. The Hangstone contains the same three exploration targets that occur on the contiguous Mon Property:
- The West Mafic Gold Trend which is 3.1 km long on the Mon Property has been extended for an additional 1.3 km to the southeast where the Vendors collected 258 grab samples that ranged from nil to 41 gpt gold averaging 2.70 gpt gold, nil to 222 gpt silver averaging 5.04 gpt silver.
- The East Mafic Gold Trend which is 2.9 km long on the Mon Property is now an additional 1.3 km where the Vendors collected 57 grab samples that ranged from nil to ‘10 gpt gold averaging 2.78 gpt gold.
- In addition, the favourable stratigraphy hosting the Volcanogenic Massive Sulphide (VMS) mineralization on the Mon Property can be traced for an additional 2.6 km on the Hangstone Property with grab samples returning elevated silver (nil to 836 gpt, average 8.48 gpt), lead (nil to 13.85%, average 0.17%).
Grab samples are selectively collected and do not represent average metal concentrations.
Historic exploration by previous explorers also focused on gold and rarely analysed for anything else. Silver values up to 1,104 gpt in grab samples within felsic tuffs has been reported from the same stratigraphy that hosts the VMS deposit on the Mon Property. Previous operators drilled up to 7.6m of 50 to 80% sulphides in a different horizon but only report low gold values. No silver or base metal assays were reported from this drilling.
A large shear zone referred to as the Sito Lake Shear Zone is 200 to 500m wide and is in part parallel to the Yellowknife River Fault Zone. It consists of chlorite carbonate schists and has seen limited diamond drilling in the 1980’s with results including 98.6 gpt Au/1.0m, 3.1 gpt Au/3.0m and 2.2 gpt Au/4.0m and trenched with results including 4.7 gpt Au/2.9m, 2.28 gpt Au/2.4m and 4.26 gpt Au/2.7m.
All analyses reported are historic in nature and are presented for reference. They should not be relied upon as no QA/QC program was completed to verify results.
The VMS mineralization on the Hangstone claims and can be tested quickly and cheaply using airborne geophysical techniques. Shear zone targets are difficult to assess without large drill programs. No VMS or shear zone targets on the Mon Property or extensions of these targets on the Hangstone Property have been drilled. The Hangstone VMS target has not been assessed using modern technology, and the existence of precious metal-rich VMS mineralization on the Mon Property and elsewhere within the belt supports these targets on the Hangstone property.
Sixty North Gold has identified a prospective bulk-minable gold target on the Hangstone claims at Narrow Lake. The newly discovered zone has significant similarities to the Clan Lake Zone located on the adjacent claims owned by GoldMining Inc.