55 North Mining Inc. intersects 7.59 g/t Au over 7 metres

Toronto, Ontario – April 27, 2021 – 55 North Mining Inc. (CSE:FFF) (“55 North” or the “Company”) is pleased to announce assay results from its first 5 holes of an ongoing diamond drill program at its high-grade Last Hope Gold Project, located 20 km south of Alamos’ Lynn Lake Gold Project in Manitoba.

 

Highlights – New parallel en-echelon zones identified

 

      ⦁ 7.59 g/t over 7.0 m in hole LH-20-03.

      ⦁ 6.76 g/t over 5.2 m in hole LH-20-05.

      ⦁ 4.63 g/t over 7.0 m in hole LH-20-02.

 

Bruce Reid, President and Chief Executive Officer commented “These high-grade results, with good widths plus the identification of 3-4 new parallel zones, indicate the excellent potential to grow the resource at the Last Hope Gold Project. This project is strategically located in close proximity to Alamos’ Lynn Lake Gold Project, currently in the permitting phase. Our fully funded drill program is continuing, and we will release results as they become available.”

 

Discussion of Drill Results

 

Table 1: Results from All 5 drill holes drilled in 2020

 

 

Note:

       ⦁ All holes drilled at an azimuth of 45 degrees and a dip angle of – 58 to – 72 degrees.

       ⦁ True widths are estimated at 75% of drilled length.

 

Drillhole assay results:

 

Extended high grade shoot mineralization up plunge: LH20-03: 7.59 g/t over 7.0m, LH20-05: 6.76 g/t over 5.2m, LH20-04: 3.42 g/t over 3.0m.

Extended shallow higher grade mineralization along strike: LH20-02: 2.69 g/t over 12.9m, LH20-04: 2.17 g/t over 7.0m.

Will be additive to the existing resource estimate: Holes 2 through 5 will potentially add ounces to our existing NI 43-101 resource estimate.

 

Figure 1 illustrates drillhole pierce points on a long section of the current resource estimate

 

 

Figure 2 is a Plan View showing drillhole collars locations and drillhole traces

 

 

The Last Hope deposit is a Lode Gold Deposit located in northern Manitoba, and is situated approximately 5 km south of the southern portion of the Lynn Lake Greenstone Belt within the Churchill Province of the Canadian Shield. Gold mineralization occurs associated with sulphides within at least 2 shallow plunging ore shoots in a NW-SE strike (for over 500 metres). The Last Hope deposit is the subject of a February 2021 NI 43-101 compliant resource estimate (cut-off grade of 1.8 g/t) of Indicated: 213,000 tonnes grading 5.53 g/t for 37,966 ounces Au, Inferred: 1,107,000 tonnes grading 5.17 g/t for 184,120 ounces (see press release dated April 19, 2021).

 

The drillholes reported here are a part of an exploration/development program designed to infill/upgrade within the existing resource estimate limits and secondly to expand the resource beyond the current limits of the existing resource. To date four of five holes intersected significant gold values in disseminated and fracture-controlled veinlets of sulphide mineralization. The sulphide mineralization (primarily pyrite/pyrrhotite with minor chalcopyrite/sphalerite) can be found in both quartz veins and in the moderately to strongly foliated amphibolite (possible basaltic protolith) which hosts both the sulphides and the quartz veins. This style of gold mineralization is consistent with gold mineralization in the past producing MacLellan and Burnt Timber deposits, part of Alamos’ ongoing Lynn Lake Gold Project.

 

The drilling results indicated above confirms the shallowly plunging high grade zones suggested in previous models. In addition, a detailed review of the historic data as it relates to this recent drilling suggests the existence of multiple steeply dipping en-echelon zones. These Phase 1 results continue to build on the existing resource by filling in areas with limited or no data.

 

The current ongoing Phase 1 program will focus on continuing to enhance the resource model and also on providing potential targets outside of the current resource for the Phase 2 expansion of the resource.

 

About 55 North Mining Inc.

 

55 North Mining Inc. is an exploration and development company advancing its high-grade Last Hope Gold Project located in Manitoba, Canada.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

Mr. Bruce Reid

Chief Executive Officer, Director

55 North Mining Inc.

br@55northmining.com