Sky GOLD Acquires Second GOLD Property IN Central Newfoundland Contiguous to New Found Gold’S Queensway GOLD Project
Suite 1240 – 789 W. Pender St., Vancouver, BC V6C-1H2 Phone: 604-683-3995 Fax: 604-683-3988
www.sunvestminerals.com
SKY GOLD ACQUIRES SECOND GOLD PROPERTY IN CENTRAL NEWFOUNDLAND CONTIGUOUS
TO NEW FOUND GOLD’S QUEENSWAY GOLD PROJECT
Vancouver, British Columbia – February 11, 2020 – Sky Gold Corp. (TSX-V: SKYG) (US:SRKZF)("Sky Gold"
or the “Company”) is pleased to announce the acquisition of a second gold property known as the “Virginia
Property”, in Central Newfoundland , contiguous to the north -eastern portion of the Queensway Gold
Project, owned by New Found Gold Corp. (“New Found Gold”). Th e Virginia property is approximately 5.7
kilometers north-east of New Found Gold’s drill hole (“NFGC-19-01”) which intersected 92.8 6 g/t Au over
19.0 meters (see Mexican Gold Corp., Press Release dated January 26, 2020) *.
The Virginia Property comprises 100 hectares and is also located 8.2 kilometers north -east of the
Company’s recently acquired Mustang Eastern Property (see SKYG Pr ess Release January 31, 2020), The
property is located 3.3 kilometers north -east of the village of Glenwood, which is situated on the Trans -
Canada Highway, 25 kilometers west of an international airport in Gander. The southeast corner of the
Virginia property is adjacent to the Gander River and access ed by trails from the Salmon Pond road.
The Virginia property hosts the “Virginia Holdings” Prospect (National Mineral Inventory Number:
002E/02/Au 006), located approximately 0.6 km north of the Gander River. The prospect consists of quartz
veining developed over a 35 m eter wide zone within sh eared gabbro and graphitic shale (main shear)
(Manor Resources Inc ., press release, 1992). A second shear zone is hosted in gabbro is developed 35
meters north of the main shear.
Anomalous soil and till samples , followed by trenching led to the discovery in subcrop. Grab samples
collected from the main shear reportedly assayed up to 9.0 g rams per tonne gold (g /t Au) and up to
109.6 g/t Au from the sheared gabbro (Manor Resources Inc., press release, 1992).*
A larger property was initially explored by Noranda Exploration Company Limited, but no record of this
assessment work was submitted. Over the area from 1988 to 1992, AVIP Resources (later Manor Resources
Inc.) conducted a lake sediment geochemical survey, till sampling and panning, chemical and petrographic
analyses of pan concentrates, prospecting, geological mapping, geophysical surveys (magnetic and VLF) ,
diamond drilling and trenching (source: W.A. MacPherson Associates Inc ., 1993 assessment file GSB#
NFLD/2244). On, or near, the current Virginia property, four diamond drill holes were reportedly
completed, comprising 278.7 meters (average depth 70 meters), with the best intercept being 0.26 g/t Au
over 0.74 meters. Drill holes were directed at magnetic and electromagnetic (EM) anomalies.
* Gold values on adjacent properties in similar rocks, and assays based on historical work, are not
representative of the mineralization on the property, have not been verified, and should not be relied upon.)
President, Mike England states: “ The acquisition of the Virginia property increases the Company’s land
holdings in this active, emerging gold district, fueled by the recent success of New Found Gold’s drilling on
the Queensway Gold Project. The Company is actively reviewing additional properties for acquisition in the
district, through our network established in Newfoundland .”
Suite 1240 – 789 W. Pender St., Vancouver, BC V6C-1H2 Phone: 604-683-3995 Fax: 604-683-3988
www.sunvestminerals.com
To earn a 100 -per-cent interest in the “ Virginia Property” from an arms -length party, the Company will
make a one-time payment of $20,000 cash, the issuance of 400,000 common shares of the company . The
underlying vendor retains a 1.5 per-cent net smelter royalty (NSR), with an option by Sky Gold to purchase
0.5% for $0.5 million at any time.
This transaction is subject to TSX Venture Exchange approval.
Qualified Person
Catherine Fitzgerald, P.Geo., a Qualified Person under National Instrument 43-101, is the Qualified Person
responsible for reviewing and approving the technical contents of this news release as they pertain to the
Newfoundland projects.
About Sky Gold Corp.
Sky Gold Corp. is a junior mineral exploration company engaged in acquiring and advancing mineral
properties in Canada and the USA . The Company owns the Evening Star property, located 12 kilometres
southeast of Hawthorne, NV, which is prospecti ve for gold mineralization and carbonate replacement
deposits (CRD) base and precious (silver and gold) mineralization; and several properties in Newfoundland,
Canada, that are prospective for gold mineralization.
ON BEHALF OF THE BOARD
“Mike England”
Mike England, CEO&DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or
future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect
management’s current beliefs and are based on assumptions made by and information currently available to the Company.
Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks
and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements
are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume
any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in
this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available
at WWW.SEDAR.COM).