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 exploration, 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 Company’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 elements 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.
