The eastern extremity of the EGZ, as currently drill-tested, has returned the best results to date, with reported intercepts of 14.80 g/t gold over 11.9 metres (D1-22-18), 6.49 g/t gold over 10.0 metres (D1-22-24) as well as 130.00 g/t gold over 1.0 metre & 16.42 g/t gold over 1.5 metres (D1-22-25). Visible gold has been observed in a large number of drill holes completed to date.
Sky Gold cautions investors that drill results and mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on the Horne and Laurie properties.
The EGZ is intimately associated with a prominent magnetic low that continues for an additional 2 kilometres along trend to the east-southeast, beyond the high-grade intervals documented in the above drill holes. The magnetic low is thought to reflect hydrothermal alteration associated with gold mineralization. Clearly, this augurs well for extending the EGZ further to the east and expanding on the limits of known gold mineralization.
Discovery of the EGZ was made in follow-up work to an
Horne Property: The Horne property appears to lie along structural and stratigraphic trend, to the east of the
Coincident with the magnetic low on the Horne property, is a sample site containing 13 gold grains in glacial till, yielded by the same
The Horne property comprises 26 mineral claims totalling 520 hectares and has seen minimal exploration work and no drilling.
Laurie Property: The Laurie property is contiguous with the south boundary of the Delta-1 property, containing the
The property is cross-cut by a number of prominent ENE-trending structures (060 degrees). Such structures appear to be one of the primary controls on gold mineralization within the
The Laurie property comprises 33 mineral claim units for a total of 660 hectares. As is the case with the Horne property, there is no known ground exploration or diamond drilling completed on the property.
Agreement Terms: The agreement terms for each of the Horne and Laurie properties are identical. To acquire a 100% interest in each of the properties respectively, Sky Gold will issue cumulative totals of 1,000,000 shares,
The Company will additionally grant a 2.0% Royalty to the vendors. Advance Royalty Payments of
1.0% of the Royalty can be bought back from the vendors before the 5th anniversary for
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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 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 Company's acquisition of the mineral assets described above. 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 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.
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