Sky GOLD Reports ON Current Field Work ON Central Newfoundland Properties Contiguous to New Found Gold’S Queensway GOLD Project
SKY GOLD REPORTS ON CURRENT FIELD WORK ON
CENTRAL NEWFOUNDLAND PROPERTIES CONTIGUOUS TO
NEW FOUND GOLD’S QUEENSWAY GOLD PROJECT
Vancouver, British Columbia – September 3, 2020 – Sky Gold Corp. (TSX-V:
SKYG) (US:SRKZF)("Sky Gold Corp." or the “Company”) is pleased to report an
update of current field activities on its Mustang and Virginia properties, contiguous
to the north-eastern portion of the Queensway Gold Projec t, owned by New Found
Gold Corp. (TSX-V: NFG) (“New Found Gold”).
Virginia Property
The Virginia property comprises 100 hectares and is located 3.3 kilometres north -
east of the village of Glenwood, which is situated on the Trans-Canada Highway. The
property is approximately 5.7 kilometres northeast of New Found Gold's drill hole
(NFGC-19-01) which intersected 92.86 grams per tonne gold (g/t Au) over 19 metres
(see Mexican Gold Corp. press release dated Jan. 26, 2020)*.
Planet X Exploration Services Ltd. ’s field crews, retained through Grassroots
Prospecting ("Grassroots"), a local, Newfoundland -based prospect generation
company, have prospected and sampled the property, and have located and mapped
the old trenches from the 1990s, which are badly overgrown. Additional hand
stripping and trenching is ongoing to better expose a large (rusty oxidized gabbro
shear zone recently observed in the field) mineralized zone or trend observed
sporadically where bedrock outcrop for over 80 meters, to obtain samples from
outcrop and subcrop in the excavated trenches.
Results to date support the work completed in the early 1990’s by Manor Resources
Ltd. (“Manor”) and documented in Assessment File NFLD_2244, which reports two
areas of mineralization (“A2 Zone”) that have not been drilled. The areas consist of a
first showing comprised of quartz veining developed over a 35 metre wide zone within
sheared gabbro and graphitic shale (main shear) returning up to 8.7 g/t Au, and a
second showing comprised of a sheared gabbro returning a grab sample up to 109.6
g/t Au*. The Company is focused on confirming and extending these known mineral
showings.
*Gold values on adjacent properties in similar rocks and assays based on historical
work are not representative of mineralization on the property, have not been verified
and should not be relied upon.
Mustang Property
Grassroots crews have mobilized to the Mustang property to begin a program
consisting of prospecting, geological mapping, rock outcrop and subcrop sampling,
soil geochemistry and hand trenching . The program is focused on identifying drill
targets for this fall. The Permit for Development was received from the Newfoundland
government on August 18, 2020 and the only remaining requirement for diamond
drilling operations is a water use permit and amended exploration approvals which
are expected by mid-September 2020.
CEO & Director Mike England states: "We are pleased with the progress made by
Grassroots on the Virginia property and are looking forward to results from both
properties as we refine our drill targets for a fall program in this exciting, emerging
gold district led by New Found Gold.”
All Company activities are conducted under guidelines and policies compliant with
Federal and Provincial health and safety protocols related to the COVID-19 pandemic.
The Company would also like to announce that it has amended the terms of the
purchase agreement related to the Evening Star Property in Mineral County, Nevada
dated Nov. 23, 2016. With a final payment of US $50,000 and the issuance of 600,000
shares, payable immediately to Multiple Metal Resources Ltd., the Company will have
fulfilled its earn -in ob ligations and will own an 80% interest in the Evening Star
Property.
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 Mustang and Virginia properties.
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 is now positioned
in Newfoundland with the Mustang Gold project and in Nevada with the Evening Star
polymetallic property.
ON BEHALF OF THE BOARD
“Mike England”
__________________________
Mike England, CEO & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
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: 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).