Sky GOLD Consolidates Land Position IN the Shebandowan Greenstone Belt, with the Acquisition of the Ka Ni-Cu-Co-Cr- PGE Property, Northwestern Ontario
SKY GOLD CONSOLIDATES LAND POSITION IN THE SHEBANDOWAN
GREENSTONE BELT, WITH THE ACQUISITION OF THE KA NI-CU-CO-CR-
PGE PROPERTY, NORTHWESTERN ONTARIO
July 1 2, 2023, Vancouver, BC, Canada – SKY GOLD CORP. (“Sky” or the “Company”) (SKYG -
TSX:V) (US:SRKZF) is pleased to announce the acquisition of the KA nickel-copper-cobalt-
chrome-platinum group element property (the “Property”), situated approximately 60
kilometres west of the City of Thunder Bay, in northw estern Ontario. This acquisition bolsters
the Company’s dominan t land position, proximal to the past -producing Shebandowan Ni -Cu-
Co-Cr-PGE mine (five km southwest), operated by Inco Ltd., during the period of 1970 to 1998.
The Shebandowan mine is a world-class example of a primary magmatic Ni -Cu-Co-Cr-PGE
deposit, with produced tonnage and grade of 8.7 million tonnes at 2.0% nickel, 1.0% copper
and 3.0 g/t platinum-group-elements (cobalt and chrome grades are unknown).
The Consolidated Property:
Consistent with the Company’s strategy of acquiring high -quality strategic, battery -metal
properties, proximal to world -class assets, the Property comprises 37 unpatented claims
totaling 655 hectares, situated in the Begin Township in the Thunder Bay Mines and Minerals
Division. The Property can be ex plored 12 months a year and has an exploration permit in
place, enabling exploration to commence immediately.
The addition of the KA property in combination with the earlier acquired Gr eenwater Lake and
Star Lake properties (see Sky news releases dated March 2, 2023 & May 2, 2023 respectively)
provide the Company with a commanding land position (the ‘Consolidated Property’) in the
central portion of the Shebandowan greenstone belt (Figure 1) . Highlighting the explora tion
opportunity on the Consolidated Property (7,269 hectares) , is a large cluster of strongly
anomalous nickel, cobalt, chrome and platinum-in-glacial till geochemical anomalies, delineated
by an Ontario Geological Survey investigation of the Shebandowan greenstone belt (Bajc 2000).
The highest Ni -Co-Cr-PGE values reported in the entire till survey area occur within the
Consolidated Property confines, in the Begin Township, just to the east of Greenwater Lake. In
these locales, values of up to 345 ppm nickel, 44 p pm cobalt, 398 ppm chrome, 4,15 ppb
platinum & 4.13 ppb palladium occur, collectively forming a discrete cluster of strongly
anomalous sample sites, over a large area of several square kilometres (see Figures 1A to 1D).
The geochemical anomali es on the Consoli dated Property are closely related to mafic and
ultramafic rocks and several electromagnetic anomalies (EM conductors) occur along
stratigraphic trend from these anomalies, as well. Mapped lithologies include peridotite,
pyroxenite and gabrroic flows and sill-like bodies, similar to the hosting rocks at the neighboring
Shebandowan Ni-Cu-Co-Cr-PGE mine, situated to the northeast. Only minimal historic drilling
has been completed on the Consolidated Property.
Additional detailed geochemical sampling as well as geological mapping and prosp ecting are
required on the Consolidated Property to more accurately define these attractive anomaly
patterns, in preparation for follow -up systematic geophysical surveys and diamond drilling. The
original till geochemical survey featured samples collected every 4 square kilometres; more
detailed sampl ing is clearly warranted to enable enhanced anomaly definition. Such a field
program is anticipated to commence in early August.
Qualified Person:
Sky Gold Corp.’s disclosure of a technical or scientific nature in this news release has been
reviewed and approved by Donald Hoy, M. Sc., P. Geo., who serves as a Qualified Person under
the definition of National Instrument 43-101.
Agreement Terms (the “Agreement”):
To acquire a 100% interest in the Propert y, the Company will issue 815,000 shares of Sky Gold
and pay $1 25,000 in cash to the vendors, over a 4 -year period. The Company will additionally
grant a 2.0% Royalty to the vendors. Advance Royalty payments of $20,000 are due annually to
the vendors, between years 5 and 10 of this Agreement.
1.00% of the Royalty can be bought back from the vendors at any time for the sum of $250,000.
SKY shall retain the right of first refusal on purchasing the remaining 1.00% of the NSR from the
vendors.
This transaction is subject to TSX Venture approval.
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 for the benefit of its shareholders.
ON BEHALF OF THE BOARD
“Mike England”
MIKE ENGLAND, CEO, PRESIDENT & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770