Sky Gold Receives Drill Permit for Clone Property
TSX VENTURE: SKYG
VANCOUVER, BC / ACCESSWIRE / May 30, 2019 / Sky Gold Corp. (TSX-V: SKYG) (US: SRKZF) ('Sky Gold Corp.' or the "Company") is pleased to announce that it has received approval from the British Columbia Ministry of Energy and Mines for a work permit on the Company's keystone asset, the Clone Property, located in the prolific Golden Triangle. The Mines Act permit (MX-1-128) allows for drilling from 25 drill sites, and 10 trench areas over a 5-year period. The work permit covers the expanded Clone property and includes the newly (2018) discovered Southern Glory Prospect, which returned 6.45% Cu, 162 g/t Ag, 0.11 g/t Au, (1 m chip sample), and 4.11% Cu, 160 g/t Ag, 0.52 g/t Au, (1 m chip sample).
The Company is reviewing diamond drill contractor bids, with a drill program planned to commence in July. This will be the maiden drill program by the Company and the first drilling on the Clone property since 2016. Target selection has been aided by a successful 2018 field program, a 2018 high resolution magnetics airborne survey, and a comprehensive compilation of all historic data with supportive 3D modeling. Targets include:
- Main "H" Zone - test extensions and trends along strike and down-dip, and plunge, based on 3D modeling of this zone which previously has returned drill intercepts of: 7.92 m of 20.22 g/t Au (Hole #16), 7.92 m of 30.37 g/t Au (Hole #21), and 12.80 m of 44.75 g/t Au (Hole #28).*
- Port 19 and Treble Zones - located approximately 1.0 km west of the Main "H" Zone, this historic prospect was prospected and geologically mapped in summer 2018 with significant results obtained in both soil and rock (grab) sampling. There has been considerable glacial abatement over the showing since the 1990's. Soil sampling results including five samples with greater than 1 g/t Au (8.33 g/t, 6.68 g/t, 3.7 g/t, 1.66 g/t, 1.61 g/t). The +200 ppb Au soil anomaly over the Port 19 and Treble showings is 2.5 times the size of the Clone soil anomaly.
- The Outbound Prospect - covers an area approximately 2.0 by 1.0 kilometers and has seen extensive glacial ablation and reduction of snow pack in the last two decades. Prospecting in the summer 2018 program returned multiple rock samples returning in excess of 0.10 % Cu and a peak value of 0.56 % Cu, silver values up to 132 g/t Ag, and gold values in soil samples up to 1.04 g/t Au.
*The intervals reported above represent drill intercepts and insufficient data is available at this time to state the true thickness of the mineralized intervals. All gold values are uncut.
"Receipt of the work permit and commencement of the drill program represent significant milestones for the Company. We are looking forward to an exciting field season at Clone. Our understanding of the property is the best it has ever been and we are poised to build on discoveries made by our field crews in 2018, during our 2019 field campaign." stated Mike England, CEO of Sky Gold Corp.
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 Clone property.
About Sky Gold Corp.
Sky Gold Corp. is a junior mineral exploration company engaged in acquiring and advancing mineral properties across Canada's top mining jurisdictions. The Company's flagship asset is the Clone high-grade gold project located in B.C's Golden Triangle.
ON BEHALF OF THE BOARD
Mike England, CEO&DIRECTOR
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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).