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).
