Goldsky Resources drills 12.6 m @ 233.6 g/t gold uncut (14.2 g/t at a 50 g/t top cut) at Raja and 17.35 m @ 16.5 g/t gold at Palokas - 2026 infill drilling supports the Rajapalot Mineral Resource, Finland

VANCOUVER, BC, Oct. 27, 2026 /CNW/ -- Goldsky Resources Corp (TSXV: GSKR) (FNSE: GSKR SDB) (OTCQX: GSKRF) (FRA: HEG0) ("Goldsky Resources" or the "Company") is pleased to announce assay results from all 46 holes of the 2026 winter drill program at its 100%-owned Rajapalot Gold-Cobalt Project in Northern Finland ("Rajapalot" or the "Project"): 45 new diamond drill holes (10,385 m) and the extension of 2017 drill hole PAL0063. The program, the Company's first infill program at Rajapalot, was designed principally to infill the Inferred Mineral Resource at Raja, Palokas and South Palokas ahead of an updated Mineral Resource estimate and updated Preliminary Economic Assessment ("PEA").

Highlights

• Infill drilling returned significant intercepts in 32 of 37 holes. The infill holes are typically 20 to 45 m from the nearest previous drill intercept and returned grades and thicknesses comparable with the adjacent previously reported intercepts (Technical Discussion, Tables 2 and 3, Figure 1).
  
  
• Raja infill hole PAL0433 intersected 12.6 m @ 233.56 g/t gold (uncut) and 881 ppm cobalt from 219.90 m. The composite contains one 1.0 m sample grading 2,800 g/t gold (223.10–224.10 m) within 3.0 m @ 969 g/t gold from 223.10 m. With the 50 g/t top cut used in the current Mineral Resource estimate the intercept grades 12.6 m @ 14.19 g/t gold.
  
  
• Palokas infill hole PAL0406 intersected 17.35 m @ 16.46 g/t gold (13.54 g/t at a 50 g/t top cut) and 652 ppm cobalt from 97.65 m, including 5.5 m @ 28.24 g/t gold from 101.45 m and 4.1 m @ 28.36 g/t gold from 107.90 m. The visible gold reported on February 27, 2026 assayed 0.3 m @ 171 g/t gold from 111 m. With the 50 g/t top cut, PAL0406 is the highest grade-thickness intercept (gram-metres: gold grade multiplied by downhole thickness) reported from Rajapalot (previous best PAL0093, 31.7 m @ 8.4 g/t gold uncut and 6.4 g/t with the top cut from 244.1 m, March 2, 2018); uncut, PAL0433 and PAL0406 are the two highest.
  
  
• Further infill intercepts: at Raja, 6.15 m @ 24.16 g/t gold from 367.35 m (PAL0441), 15.4 m @ 7.67 g/t gold from 297.00 m (PAL0434), 19.8 m @ 4.38 g/t gold from 299.70 m (PAL0439) and 4.95 m @ 8.31 g/t gold from 126.30 m (PAL0442, upper lode); at Palokas, 16.2 m @ 5.14 g/t gold from 79.80 m (PAL0403), 8.5 m @ 6.50 g/t gold from 258.25 m and 8.75 m @ 4.83 g/t gold from 247.00 m (PAL0432) and 3.8 m @ 11.71 g/t gold from 232.45 m (PAL0422); at the eastern margin of South Palokas, 8.15 m @ 3.40 g/t gold from 131.10 m, including 2.15 m @ 11.84 g/t gold (PAL0399).
  
  
• Program complete, resource update under way: 45 holes for 10,385 m were drilled with four rigs between January 15 and March 25, 2026, and all gold assays have been received. The updated geological and resource model is with SLR, an independent consulting firm engaged to complete the Mineral Resource update, expected early November, 2026, that will support an updated PEA.

"The 2026 drill program was designed to increase confidence in the Rajapalot Mineral Resource, to support a mining licence application and an updated economic study. The infill holes supported the interpreted lodes at grades and thicknesses broadly consistent with the current resource model. Samples as high-grade as those in PAL0433 are rare, so are reported uncut alongside a top-cut grade. We now expect the Mineral Resource update in the coming weeks, followed by an updated PEA, further advancing development of the Rajapalot project." said Russell Bradford, CEO of Goldsky Resources.

Technical Discussion

The 2026 winter program comprised 45 diamond drill holes for 10,385 m and the extension of 2017 hole PAL0063 at Rumajärvi from 173.9 m to 209.2 m. All holes reached or exceeded their planned target depth and none was abandoned. Thirty-seven holes (8,809 m; plan 8,000 m) were infill holes within or at the margins of the Raja, Palokas and South Palokas Inferred Mineral Resource limit. Holes were drilled to reduce the drill spacing in the upper parts of the three mineralised zones to approximately 30 to 45 m to improve mineral resource confidence; eight holes (1,576 m) tested exploration targets (Table 1). In total, 32 of the 46 holes returned significant intercepts (composites meeting the reporting criteria in the note to Table 2) None of the eight exploration holes intersected mineralisation . Table 2 lists the composites and the 14 holes without a significant intercept; Table 3 (Schedule A) lists the individual samples.

Raja: Seventeen holes (4,223 m) were drilled at Raja, 15 of them infill. Thirteen of the 15 infill holes returned significant intercepts at vertical depths of approximately 80 m to 335 m (the Raja lode has been drilled to approximately 680 m below surface).

PAL0433, drilled from the central Raja pad shared with PAL0438, PAL0440 and PAL0442, intersected 12.6 m @ 233.56 g/t gold and 881 ppm cobalt from 219.90 m (approximately 220 m below surface), including 3.0 m @ 969 g/t gold and 1,300 ppm cobalt from 223.10 m. The best mineralisation of the intercept is three consecutive samples grading 2,800 g/t, 63.4 g/t and 44.1 g/t gold (223.10–226.10 m); the 2,800 g/t sample carries approximately 95% of the gold in the composite and the other samples grade 0.26 to 13.5 g/t gold (Table 3). The intercept is hosted in sulfide-mineralized, sericite-altered fine-grained metasediment (10 to 20% pyrrhotite), with abundant visible gold logged at 223.5 m within the 2,800 g/t sample. No upper cut has been applied, consistent with all previous reporting at Rajapalot using the 50 g/t top cut used in the current Mineral Resource estimate, the composite grades 12.6 m @ 14.19 g/t gold. The nearest previously reported intercept is approximately 38 m away in PAL0189 (1.1 m @ 7.2 g/t gold, April 23, 2019); the adjacent 2026 holes returned 4.65 m @ 2.95 g/t gold in PAL0431 (approximately 40 m from the PAL0433 intercept), 10.35 m @ 1.59 g/t gold in PAL0440 (approximately 45 m) and 1.1 m @ 0.74 g/t gold in PAL0438 (approximately 75 m).

At depth, PAL0441 (398.55 m, the deepest hole of the program) intersected 13.5 m @ 2.46 g/t gold and 1,213 ppm cobalt from 347.60 m and 6.15 m @ 24.16 g/t gold and 1,185 ppm cobalt from 367.35 m, including 3.2 m @ 44.27 g/t gold from 369.60 m, approximately 30 m from the previously reported 19.7 m @ 7.4 g/t gold from 371.0 m in PAL0190 (August 21, 2019). PAL0434 intersected 11.0 m @ 3.47 g/t gold and 480 ppm cobalt from 282.00 m and 15.4 m @ 7.67 g/t gold and 872 ppm cobalt from 297.00 m, including 1.8 m @ 33.22 g/t gold from 309.85 m. PAL0439 intersected 19.8 m @ 4.38 g/t gold and 1,449 ppm cobalt from 299.70 m, including 4.05 m @ 8.13 g/t gold from 310.85 m, with a second, narrower zone below. Both are approximately 20 to 35 m from the previously reported 31.3 m @ 4.3 g/t gold from 298.3 m, including 9.0 m @ 9.4 g/t gold, in PAL0188 (April 23, 2019).

Shallower Raja infill holes returned 13.65 m @ 4.31 g/t gold and 306 ppm cobalt from 94.15 m (PAL0407) and 17.7 m @ 2.15 g/t gold from 108.10 m, including 1.4 m @ 16.70 g/t gold (PAL0411), both from one pad, approximately 35 to 40 m from the previously reported intercepts in PAL0295 (15.7 m @ 3.8 g/t gold from 74.0 m) and PAL0297 (20.7 m @ 7.4 g/t gold from 74.0 m) (July 13, 2021); and, in PAL0428, 10.3 m @ 4.59 g/t gold from 249.80 m, including 1.0 m @ 25.60 g/t gold, approximately 28 m from PAL0093. PAL0442 intersected an upper lode of 4.95 m @ 8.31 g/t gold and 763 ppm cobalt from 126.30 m; its targeted interval at approximately 220 m returned 2.5 m @ 0.39 g/t gold. Further intercepts in PAL0417, PAL0421, PAL0431, PAL0438 and PAL0440 are listed in Table 2. Infill holes PAL0413 and PAL0424 returned no significant intercept, intersecting albitized and calcareous metasediments without the sulfide-rich lode horizon at the target depth.

Palokas: Thirteen infill holes (2,794 m) were drilled at Palokas; 12 returned significant intercepts at vertical depths of approximately 75 m to 220 m, and PAL0403, PAL0406, PAL0422 and PAL0432 each intersected two or more separate zones. PAL0406 (see Highlights) intersected the lode approximately 30 m from the previously reported 10.0 m @ 11.6 g/t gold from 110.2 m in PAL0030 (February 21, 2017), with a second intercept of 8.0 m @ 3.42 g/t gold from 118.20 m; the visible gold reported on February 27, 2026 lies within the upper intercept and assayed 0.3 m @ 171 g/t gold and 2,126 ppm cobalt (110.70–111.00 m, a sample cut to the visible-gold vein). PAL0403, from the same pad as PAL0406, intersected 16.2 m @ 5.14 g/t gold and 1,204 ppm cobalt from 79.80 m, including 2.55 m @ 19.65 g/t gold from 92.40 m. In the deepest Palokas infill holes, PAL0432 intersected 8.75 m @ 4.83 g/t gold and 618 ppm cobalt from 247.00 m and 8.5 m @ 6.50 g/t gold and 537 ppm cobalt from 258.25 m; PAL0422 intersected 3.8 m @ 11.71 g/t gold and 726 ppm cobalt from 232.45 m (including 1.75 m @ 22.50 g/t gold), followed by 21.9 m @ 1.10 g/t gold and 925 ppm cobalt from 239.20 m; and PAL0427 intersected 5.95 m @ 3.86 g/t gold from 240.55 m. PAL0409, PAL0412, PAL0415, PAL0418, PAL0419, PAL0435 and PAL0437 returned intercepts of approximately 3 to 10 m at 1 to 3 g/t gold (Table 2). PAL0402, at the eastern margin of the Palokas wireframe approximately 100 m from the nearest previous intercept, intersected basalt and sulfide-poor volcaniclastic siltstone and returned no significant intercept.

South Palokas: Nine infill holes (2,136 m) were drilled at South Palokas, of which seven returned significant intercepts at vertical depths of approximately 130 m to 265 m, approximately 22 to 38 m from previous drill intercepts. PAL0414 intersected 10.05 m @ 2.33 g/t gold and 913 ppm cobalt from 222.70 m; PAL0425 intersected 2.0 m @ 5.36 g/t gold and 1,038 ppm cobalt from 258.00 m and 10.0 m @ 1.95 g/t gold and 1,199 ppm cobalt from 266.00 m; and PAL0436 intersected 4.8 m @ 5.01 g/t gold and 745 ppm cobalt from 290.45 m, approximately 22 to 35 m from the previously reported intercepts in PAL0197 (32.0 m @ 1.4 g/t gold from 294.3 m, August 21, 2019) and PAL0213 (17.7 m @ 3.8 g/t gold from 293.0 m, April 20, 2020). PAL0404, PAL0420 and PAL0430 returned lower-grade intercepts (Table 2), and infill holes PAL0400 and PAL0408 returned no significant intercept, intersecting the calc-silicate unit without sulfide mineralization at the target depth. At the eastern margin of the lode, PAL0399 intersected 8.15 m @ 3.40 g/t gold and 307 ppm cobalt from 131.10 m, including 2.15 m @ 11.84 g/t gold and 747 ppm cobalt from 133.10 m, approximately 32 m from the nearest previous drill intercept (PAL0013) and 43 m from the previously reported 10.3 m @ 5.7 g/t gold from 93.7 m in PAL0204 (April 20, 2020). The New Lens zone reported in 2025 was not drilled in 2026.

Target-test drilling: Eight holes (1,576 m) tested exploration targets: at Raja, PAL0401 approximately 150 m down-plunge of the 2025 Raja West occurrence (PAL0387: 1.5 m @ 5.47 g/t gold, including 0.5 m @ 14.4 g/t gold from 29.5 m) and PAL0410 a coincident induced-polarization and airborne electromagnetic anomaly north of Raja; PAL0398 a bottom-of-till gold anomaly at Hirvimaa; PAL0423 and PAL0426 the down-dip projection of gold-bearing sub-crop and magnetic breaks at Joki; PAL0405 an induced-polarization chargeability anomaly near Hut; PAL0416 a coincident chargeability and electromagnetic anomaly at Rumajärvi; and PAL0429, collared from the PAL0063 pad at Rumajärvi, a down-hole electromagnetic conductor modelled from 2019 hole PAL0185 at the Terry's Hammer target. None of these holes, nor the PAL0063 extension, returned a significant intercept; PAL0423 returned a single 0.4 m sample grading 5.31 g/t gold in basalt.

Cobalt: Cobalt accompanies gold in all three zones: the 60 composites grading more than 1 g/t gold (378 m) average approximately 700 ppm cobalt (length-weighted; no cobalt cut-off applied), and 29 of them exceed 500 ppm cobalt (Table 2).

Next Steps

SLR's updated Mineral Resource estimate is expected in early November, 2026 and will form the basis of an updated PEA. The Company has applied to extend the Kairamaat 2-3 exploration permit, which covers the core area of the Project; environmental baseline, hydrogeological and community engagement work continued through 2026 in support of the environmental impact assessment and land-use planning processes.

Table 1 – Collar information for drill holes reported in this release

Coordinates: EUREF-FIN / ETRS-TM35FIN (EPSG:3067), surveyed by differential GPS. Azimuth and dip are measured at the collar and surveyed down hole at 5 m intervals. PAL0063 was drilled to 173.9 m in 2017 and extended in February 2026. "Infill" holes were drilled within or at the margins of the current Inferred Mineral Resource boundary; "Target Test" holes tested exploration targets. PAL0399, listed as a target-test hole in the February 27, 2026 announcement, has been reclassified as an infill hole as it intersected the South Palokas lode.

Table 2 – Composited gold and cobalt intercepts from drill holes reported in this release

¹ Intercepts are reported as downhole thicknesses. Based on the current interpreted mineralization lode orientation the true thickness of the mineralized intervals is interpreted to be approximately 80–90% of the drilled thickness; true thickness is not precisely known at this time. Composites are based on a 0.3 g/t gold lower cut over a minimum of 1 m, with no more than 2 m of consecutively sampled internal waste (material below 0.3 g/t gold); unsampled material within a composite is treated as waste and excluded from the reported thickness and grade. No upper cut has been applied. Top-cut grades quoted in the text limit individual samples to 50 g/t gold before compositing; besides PAL0433, the composite 97.65–115.00 m in PAL0406 contains two samples above 50 g/t gold and the composites 297.00–312.40 m in PAL0434 and 367.35–373.50 m in PAL0441 one each; with the top cut applied they grade 13.54, 7.08 and 16.23 g/t gold respectively. "incl." rows are contiguous samples grading at least 5 g/t gold over a minimum of 1 m within the composite above them (not repeated where the whole composite qualifies). Below-detection gold values are set to half the detection limit. Cobalt is the length-weighted average of the samples in the composite; ² cobalt analyses are available for part of the composite only. Individual samples are listed in Table 3.

Technical Background, Data Verification and QA/QC

Four diamond drill rigs from Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill-cuttings collection systems, were used in the 2026 program. Core diameter is HQ (63.5 mm; 7,503 m) or NQ2 (50.7 mm; 2,882 m) for the 45 holes drilled (Table 1); the PAL0063 extension is NQ2. Drill hole collars were surveyed by differential GPS and downhole surveys were taken with a Reflex OMNI-IQ north-seeking tool at 5 m intervals. Core was oriented and structural measurements were taken in every hole. Core recoveries are excellent with the average close to 100% in fresh rock.

After photography and core logging at the Company's Rovaniemi facilities, sample intervals of between 0.25 m and 2.3 m (typically 1.0 m), adjusted to geological contacts, visible gold and the lode vein boundary, are selected and half-sawn by the independent contractors Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial carrier from site to the independent laboratory CRS Minlab Oy ("CRS") in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique, in which the entire 1 kg sample is ground in steel pots with abrasive media in the presence of cyanide, followed by measurement of the gold in solution by flame AAS. For 44 of the 469 samples in Table 3, including one within the PAL0433 composite, a repeat analysis of the coarse reject was performed, and Table 3 reports the average of the original and repeat analyses for those samples. Samples for multi-element analysis, including cobalt, are pulped at CRS and transported by air to MSALABS in Vancouver, Canada, where they are analyzed by four-acid digestion with ICP-MS finish. All of the foregoing laboratories are independent of the Company.

The Company's quality assurance and quality control program consists of the systematic insertion of certified reference materials of known gold content, duplicate samples prepared by quartering the core, and blanks placed within sample runs in interpreted mineralized rock, at a combined rate of approximately one control sample for every seven primary samples. In addition, CRS inserts blanks and standards into the analytical process. Routine checking of all data is undertaken prior to upload to the database.

About the Rajapalot Gold-Cobalt Project

Rajapalot is located in Lapland, Northern Finland, approximately 60 km west of the city of Rovaniemi. At Rajapalot, mineralization is regarded as orogenic in nature. All examples of gold-cobalt mineralization are consistently located within highly sheared and foliated wall rocks adjacent to strongly hydrothermally altered, northwest- to north-dipping shear zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite and cobaltite) hosted within strongly deformed and altered mafic volcanic and volcaniclastic stratigraphy of the upper portions of the Paleoproterozoic Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization occur across a 3 km (east–west) by 2 km (north–south) area within the larger 4 km by 4 km Rajapalot project area. Gold-cobalt mineralization has been drilled to approximately 650 m below surface at South Palokas and approximately 680 m below surface at Raja, and remains open at depth across the Project.

An Inferred Mineral Resource has been estimated for the Rajapalot project (effective date August 26, 2021) based on an underground-only mining scenario, containing 9.8 million tonnes @ 2.8 g/t gold and 441 ppm cobalt, equating to 867 thousand ounces of gold and 4,311 tonnes of cobalt: