Sky GOLD Corp. to Focus 2024 Exploration Efforts ON the Mingold Au Anomaly and ON an Extensive Ni-Cu-Co-PGE Target ON Its Shebandowan Property, IN Northwestern Ontario
SKY GOLD CORP. TO FOCUS 2024 EXPLORATION EFFORTS
ON THE MINGOLD AU ANOMALY AND ON AN EXTENSIVE
NI-CU-CO-PGE TARGET ON ITS SHEBANDOWAN PROPERTY,
IN NORTHWESTERN ONTARIO
Highlights:
• Mingold Au anomaly containing up 5,250 ppb Au, is a compelling orogenic gold target
• Mingold also contains highly anomalous As, Sb, Bi, Cu, Pb & Zn and is related to the
Tinto Fault
• 8 high-priority conductors prospective for Ni-Cu-Co deposits identified in VTEM survey
• Strong, extensive Ni-Cu-Co-PGE till anomalies supplemented by VTEM conductors are
very prospective for the presence of magmatic Ni-Cu-Co-PGE deposits
APRIL 10th, 2024, Vancouver, BC, Canada – SKY GOLD CORP. (“Sky” or the “Company”)
(TSX.V:SKYG) (US:SRKZF) is pleased to announce that two (2) high-quality exploration
targets will be the focus of 2024 explor ation, to be completed on Sky’s Shebandowan Ni-Cu-
Co-PGE-Au property (the “Property”), located in northwestern Ontario. The emergence of
such targets was the culmination of a recent data compilation, incorporating newly acquired
VTEM (Versatile Time Domain Electromagnetic) airborne geophysical survey data, with legacy
till geochemical data, as well as historical assessment report data in the Com pany’s
possession.
The Property, comprising 5,894 hectares, 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).
Mingold Au Anomaly:
Historic geochemical work completed by Mingold in the 1990’s, delineated an area in the SW
part of the Property containing a high number of gold grains at numerous sample sites, known
as the Mingold Au anomaly.
Heavy mineral concentrates from the Mingold sampling, yielded gold values as high as 5,250
ppb, 1,580 ppb, 1,370 ppb and 1,050 ppb and cover an area of approximately 3 X 3
kilometres (Figure 1 & 2). Delicate, pristine gold grains were also reported at a number of the
sample sites, strongly suggestive of a local bedrock source for the gold. The high gold values
in such samples, also include strongly anomalous pathfinder eleme nts including arsenic,
antimony, bismuth , as well as copper, lead and zinc. Notably, the Mingold Au Anomaly is
bounded by 2 crustal -scale faults, including the Tinto Fault and an unnamed parallel Fault
situated to the northwest, clearly enhancing the prospectivity of this target.
Historic shallow drilling ( AXT size core and holes less than 100 metres deep) completed by
Inco and Falconbridge in 1967 -1968, intersected broad zones of fuchsitic alteration (chrome
mica) containing up to 30% pyrite. No gold assays are reported from such drilling although
alteration of this nature is an excellent indicator for gold.
High-Priority NI-Co-Co-PGE Target:
VTEM Conductors
The VTEM airborne geophysical survey yielded both electromagnetic and magnetic data,
important exploration tools in the search for magmatic Ni-Cu-Co-PGE deposits.
Interpretation of the VTEM survey data yielded over 70 target areas for follow -up. Among
them, 8 high-priority target areas are slated for immediate follow -up (Figure 1). All 8 high-
priority target areas are underlain by mafic and ultramafic rocks , the requisite host rocks for
magmatic Ni-Cu-Co-PGE deposits, including at the Shebandowan mine.
The targets ranked as high -priority, comprise single electromagnetic (EM) conductors and
conductor clusters, delineated over strike lengths ranging from 100 to 800 metres and are
graded as moderate to strong in intensity.
Processing of the magnetic data from the VTEM survey yielded 2 prominent magnetic centres
or magnetic highs on the Property. The magnetic highs are separated by a northeast-trending
magnetic low, marked by the crustal-scale, Tinto Fault (Figure 3A). The western magnetic high
is a wedge-shaped feature bounded on the southeast by the Tinto Fault and to the northwest
by an unnamed fault, which extends to the northeast intersecting the Crayfish Creek Fault, at
the site of the Shebandowan mine. The western and eastern magnetic highs are underlain by
ultramafic and mafic rocks including peridotite, pyroxenite and gabbro.
Till Geochemistry Anomalies
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.
Contour plots for 4 of the metals obtained in the Ontario Geological Survey were prepared and
superimposed on the geophysical targets (Figures 3A, 3B, 3C & 3D). Two prominent features
stand out:
1) there is remarkable coincidence of the western magnetic high and associated EM conductors
with the nickel, copper, cobalt and platinum anomalies and
2) the geochemical anomalies are extensive (5 km by 5 km) and appear to be closely related
to faulting.
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 structures
allowed mafic and ultramafic magmas and associated nickel -copper-cobalt-platinum group
element mineralization, to reach upper crustal levels to their eventual sites of deposition.
Collectively, the evidence suggests a potential local bedrock source for mineralization in the
immediate area, underpinned by the strong nickel, copper, cobalt and platinum geochemical
anomalies as well as supporting geophysics and favourable geology.
What’s Next for Shebandowan:
An integrated exploration program involving soil geochemistry, prospecting, trenching and
diamond drilling will commence on the Shebandowan property in the spring. Detailed soil
geochemistry is warranted to more tightly define the highly anomalous Ni-Cu-Co-PGE contour
patterns obtained in the Ontario Geological Survey regional till survey. In such a survey, tills
were collected on 4 square kilometer centres – more detailed sampling is warranted to help
delineate drill 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 expected to be evaluated by diamond drilling this season.
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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