Sky GOLD Corp Drill Program IN Nevada and Financing
SKY GOLD CORP DRILL PROGRAM IN NEVADA AND FINANCING
Highlights:
• Drill permits approved for both the Highlife Copper Porphyry targets and the Tower Gold targets
in Nevada
• $0.04 private placement to facilitate drilling both targets
November 1 , 2024, Vancouver, BC, Canada – SKY GOLD CORP. (“Sky Gold” or the “Company”)
(TSX.V:SKYG) (US:SRKZF) announces a non-brokered private placement of up to 20 million units ("Units")
at a price of $0.04 per Unit for aggregate gross proceeds of $800,000.00 (the "Offering"). Each Unit will be
comprised of one common share ("Share") and one transferable Share purchase warrant of the Company
("Warrant"). Each Warrant will entitle the Subscriber to purchase one Warrant Share for a 36 -month
period after the Closing Date at an exercise price of $0.07 per share subject to an acceleration right:
Acceleration right: If the 20-day volume weighted average price of the listed shares of the company close
at a price equal to or greater than 15 cents, the company will have the option to accelerate the expiry date
of the warrants to the date that is 30 d ays from the date that the company announces
the acceleration through a news release.
Proceeds raised from the Offering will be used towards drilling on the permitted Evening Star project
located in Nevada as well as general and administrative purposes. It is anticipated approximately 75% of
the proceeds of this financing will go towards drilling and exploration of the Evening Star project. Finder’s
fees will be paid pursuant to this financing.
The financing is subject to TSX Venture approval.
The road-accessible Evening Star Copper-Gold property totals 1,450 acres (586 hectares) and is located in
Mineral County, Nevada, approximately 10 miles (16 km) east of Hawthorne in the prolific Walker Lane
Trend.
Sky Gold’s upcoming drill program will consist of core drilling at its Evening Star property to test both
targets.
Highlife Porphyry Copper Target
At the Highlife Copper target, a +1000 foot (304 meters) long copper-in-soil anomaly overlies bedrock of
altered quartz monzonite porphyry dikes that intruded a biotite-rich granodiorite. Samples of the porphyry
dikes exposed in roadcuts and old prospect pits contain up to 1.54% copper and 0.159 ppm gold. The
quartz monzonite porphyry dikes exhibit pervasive quartz -sericite-pyrite alteration (QSP) and is possibly
the “phyllic” alteration zone found in/with porphyry copper-gold systems. The drilling program is designed
to test for a deeper “potassic” alteration zone, where if present, copper-gold mineralization is likely to be
the strongest. Also, a ground -based magnetic “high” anomaly is coincident with the Highlife Geochem
anomaly. This suggests that the deeper, richer part(s) of a copper -porphyry system may lie below the
mineralized altered quartz monzonite porphyry exposed at the surface.
Tower Gold Target
At the Tower Gold target several holes are planned to test a +3000 foot (914 meters) long by up to 300
foot (91 meters) wide zone of anomalous gold in soil and bedrock. The target area is an intrusion-hosted
zone(s) of shallowly-dipping, gold-bearing quartz veins marked by old prospect pits, trenches and declines.
Rock samples of the limonitic quartz veins and altered granitoid host rocks returned up to 18.21 ppm gold
and 1.16% copper. Soil samples contain up to 2.83 ppm gold and 930 ppm copper. The Tower Gold
mineralized zone has been traced for approximately 1.5 kms along the surface and bedrock sampling
suggests it may be 160 feet (50 meters) or more in width. Tower Gold may be a distal gold system to a
porphyry Cu deposit or another event of the Walker Lane trend.
This news release contains scientific and technical information with respect to other properties of the
Company’s Evening Star property, which the Company has no interest in or rights to explore. Readers are
cautioned that information regarding the geology, mineralization and mineral resources on these other
properties is not necessarily indicative of the mineralization on the Company’s properties.
Qualified person
Sky Gold Corp.’s disclosure of a technical or scientific nature in this news release has been reviewed and
approved by David Taff , P.Geo., who serves as a qualified person under the definition of National
Instrument 43-101 and is a consultant to the Company.
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
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
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 statements 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, including 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, w hat 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.