Sky GOLD Corp. Defines Multiple High-Quality Targets ON Its Shebandowan Ni-Cu-Co-PGE Property IN Northwestern Ontario
SKY GOLD CORP. DEFINES MULTIPLE HIGH-QUALITY
TARGETS ON ITS SHEBANDOWAN NI-CU-CO-PGE
PROPERTY IN NORTHWESTERN ONTARIO
Highlights:
• Strong Ni-Cu-Co-Cr-PGE till anomalies as well as mafic and ultramafic rocks intimately associated
with high-priority VTEM targets
• VTEM targets defined comprising moderate to strong conductors and conductor clusters
• Mingold Au anomaly indicates excellent potential for orogenic gold deposits to occur on the
Property
• Spring program comprising soil geochemistry, trenching and diamond drilling is planned
February 13, 2024, Vancouver, BC, Canada – SKY GOLD CORP . (“Sky” or the “Company”) (TSX.V:SKYG)
(US:SRKZF) is pleased to announce that numerous high-quality targets have been defined by a recently
completed VTEM airborne geophysical survey (Versatile Time Domain Electromagnetic), flown over its
Shebandowan nickel -copper-cobalt-platinum group element property (the “Property”). The Property,
comprising 5,894 hectares ( includes Star Lake, KA, Greenwater Lake & Kekekuab Lake groups), is located
70 km west of the City of Thunder Bay and 5 km southwest of the past-producing Shebandowan Ni-Cu-Co-
Cr-PGE mine, operated by Inco Ltd. during the period of 1970 to 1998. The Shebandowan mine is a world-
class example of a primary magmatic nickel sulphide deposit, with produced tonnage & grade of 8.7 MT
at 2.0% nickel, 1.0% copper, 3.0 g/t platinum + palladium (cobalt and chrome grades unknown).
Mackenzie (Mac) Watson, Technical Advisor to Sky Gold Corp. commented: “This is one of the best
greenfield exploration projects that I have been associated with. The potential for discovery of both nickel
and gold is very high.”
VTEM Survey Results:
The survey yielded both electromagnetic and magnetic data, important tools for the exploration and
delineation of targets, in the search for magmatic Ni-Cu-Co-PGE deposits.
Interpretation of the VTEM data yielded over 70 target areas for follow-up. Compilation of the VTEM data
with geological, geochemical and geophysical data in Sky’s possession yielded 8 high-priority target areas
slated for immediate follow -up and subsequent diamond drilling . None of the high -priority targets have
been evaluated by historic diamond drilling.
The targets ranked as high -priority, comprise single conductors and conductor clusters, delineated over
strike lengths ranging from 400 to 1300 metres and are graded as moderate to strong in intensity (Figure
1). Some of the conductors display a positive correlation with magnetic highs while others have weak to
moderate magnetic expression.
Strongly supporting the geophysical targets is an extensive cluster of highly anomalous, nickel, copper,
chrome, platinum and palladium values in glacial till, delineated by an Ontario Geological Survey
investigation in 2000. The most anomalous samples from the entire survey area occur on the Shebandowan
property, featuring values of up to 345 ppm nickel, 44 ppm cobalt, 398 ppm chrome, 4.15 ppb platinum
and 4.13 ppb palladium. Several of the highly anomalous till sample sites are closely associated with the
geophysical targets graded as high-priority (Figure 2).
https://www.skygoldcorp.com/images/gallery/SKYG_Shebandowan-_Maps-&-Figures_69.jpg
https://www.skygoldcorp.com/images/gallery/SKYG_Shebandowan-_Maps-&-Figures_70.jpg
The geophysical targets and geochemical anomalies coincide with mafic and ultramafic rocks including
peridotite, pyroxenite and gabbro flows and sill -like bodies – the same rocks that host the adjoining
Shebandowan Ni-Cu-Co-Cr-PGE mines to the immediate north.
Collectively, the VTEM targets, geochemical anomalies and mafic and ultramafic rocks are closely related
to the Tinto Fault and related splays. The Tinto Fault is a deep-seated structure situated at a major terrain
boundary, separating rocks of the Shebandowan greenstone belt and younger intrusions to the south. Such
a setting is identical to that of the Shebandowan Ni-Cu-Co-PGE mines situated on the Crayfish Creek Fault,
a crustal-scale fault situated on the north contact of the greenstone belt with younger intrusions. These
deep-seated crustal-scale faults permitted mafic and ultramafic magmas and associated nickel -copper-
cobalt-platinum group element mineralization, to reach upper crustal levels to their eventual sites of
deposition.
In addition to the Ni-Cu-Co-PGE potential of the Property, there is excellent potential for the discovery of
orogenic gold deposits as well. Historic geochemical work completed by Mingold in the 1990’s, delineated
an area in the SW part of the Property con taining an elevated number of gold grains supplemented by
anomalous geochemical assays in gold, at numerous sample sites (the Mingold Au anomaly). This anomaly
is located proximal to the Tinto Fault, enhancing the prospects for the occurrence of orogenic gold deposits
to occur on the Property (Figure 3).
https://www.skygoldcorp.com/images/gallery/SKYG_Shebandowan-_Maps-&-Figures_71.jpg
Moving Forward at Shebandowan:
An integrated exploration program involving soil geochemistry, trenching and diamond drilling will
commence on the Shebandowan property in the spring. Detailed soil geochemistry is warranted to more
accurately define the highly anomalous Ni-Cu-Co-PGE response patterns obtained in the Ontario Geological
Survey regional till survey. In such a survey, tills were colle cted on 4 square kilometer centres - detailed
sampling is required to accurately locate geochemical anomalies and their relationship with the hig h-
priority VTEM targets. Additional till and soil sampling is also required at the site of the Mingold Au anomaly
to further define its strength and extent.
Trenching will be performed where overburden conditions allow, to evaluate high-priority VTEM anomalies
coincident with anomalous soil geochemistry underlain by mafic and ultramafic rocks. All high -priority
targets are anticipated to be evaluated by diamond drilling this season.
Thunder Bay North District Potential:
Given the considerable number of nickel, copper and PGE mineral occurrences in the Thunder Bay North
district particularly, the world -class past -producing Shebandowan nickel -copper-cobalt-platinum group
element deposit, this district is clearly a premier place for exploring for this suite of metals.
In addition, the diverse favorable geological setting in the Thunder Bay North district presents many
opportunities to make new discoveries and/or to assess older historic occurrences using modern
metallogenic models and current exploration technology.
Qualified person
Sky Gold Corp.’s disclosure of a technical or scientific nature in this news release has been reviewed and
approved by Don Hoy, P.Geo., who serves as a qualified person under the definition of National
Instrument 43-101.
ON BEHALF OF THE BOARD
Mike England
CEO, PRESIDENT & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT
Tel: 1-604-683-3995
Toll Free: 1-888-945-4770
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Forward Looking Statements
Certain statements in this release are forward -looking statements, which reflect the expectations of
management regarding the matters described herein. Forward-looking statements consist of statements
that are not purely historical, including any statement s regarding beliefs, plans, expectations, or
intentions regarding the future. Such statements are subject to risks and uncertainties that may cause
actual results, performance, or developments to differ materially from those contained in the
statements, in cluding with respect to the completion of the Consolidation or the identification or
acquisition of additional mineral assets. No assurance can be given that any of the events anticipated
by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain
from them. These forward -looking statements reflect management's current views and are based on
certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks
and uncertainties could cause our actual results to differ materially from those expressed or implied by
the forward-looking statements, including factors beyond the Company's control. These forward-looking
statements are made as of the date of this news release.