Sky Gold Corp acquires the Imperial project located adjacent to the Perron project from Amex Exploration, Quebec, expanding its exploration portfolio for precious and base metals
VANCOUVER, BC / ACCESSWIRE / May 27, 2021 / Sky Gold Corp. (TSX-V: SKYG) (OTC PINK: SRKZF) (“Sky Gold” or the “Company”) is pleased to announce that it has signed two definitive agreements (collectively the “Contract”) for two contiguous claim blocks (the “Claims” or “Projects”) comprising the Imperial Property (“Imperial” or the “Property” ) which shares 4.7 kilometers of its northern border with the Perron property of Amex Exploration (TSX-V: AMX) in Quebec, where high-grade gold has been intersected in three zones along a corridor of 3, 2 kilometers. To the east, the claims are adjacent to Generic Gold Corp. (CSE: GGC) which is expected to begin drilling 7,500 meters in the coming weeks, targeting both orogenic gold and gold-rich volcanogenic massive sulphide (VMS) -type mineralization. The two projects, named The Queen and The King, comprise a set of 228 claims covering approximately 6,575.84 hectares in the gold and prospective region of the Abitibi greenstone belt in Ontario and Quebec. Refer to the maps in Figures 1 and 2.
Mike England, CEO and Chairman, commented: “The acquisition of Imperial Property is the result of over 12 months of discussions and negotiations, and we are very pleased to finally close this transaction. New geological interpretations in Quebec have now led to some very interesting discoveries, like Amex and Starr Peak, and we are eager to start exploring for gold and base metals in very similar geological units in Quebec as well as on the trend. across the Ontario border. ”
The Imperial property is located southwest of Amex Exploration Inc.’s Perron project (TSX-V: AMX) and is contiguous with the Perron project, which has made several significant discoveries of high grade gold. The recently announced remarkable gold intersections at Perron include 70.92 g / t Au over 3.90 meters, including 367.50 g / t Au over 0.60 meters, at a vertical depth of 160 meters, and 70.92 g / t Au over 3.90 meters, including 367.50 g / t Au over 0.60 meters, at a vertical depth of 190 meters (see the AMX press release of May 26, 2021). Further northeast is the old Normétal mine, currently owned by Starr Peak Exploration (TSX-V: STE), which was mined periodically from the 1930s to 1975 from the surface to a depth of 2.4 km (SIGEOM -Mine Normétal).
The property rests on an intermediate mafic metavolcanic belt of the Stoughton-Roquemaure group and the Hunter mining group, bordered to the north by a grauwacke unit of the Chicobi group and to the south by the syn-tectonic pluton of Lake Abitibi. The property is crossed east-west by the Abitibi Thrust fault, which plunges 70 degrees to the south. The lithological ensemble as a whole is oriented east-west and sinks steeply to the south and is contiguous with the Amex Exploration property to the northeast.
Historical exploration efforts throughout the property have resulted in the discovery of 10 mining showings (Mineral Deposit Inventory Register – Government of Ontario) throughout the Project. Historic exploration work includes diamond drilling, overburden drilling, airborne magnetism, ground geophysics including magnetism and electromagnetics, surface geochemistry, geological mapping and prospecting. Companies that performed the work include, but are not limited to Kennco, Canadian Superior Ltd., Asarco, Cominco, Eastern Mines Inc., Seal River Exploration, and East West Resources Corp. massive sulphide layers (pyrrhotite / pyrite), gold in the till from overburden drilling sampling with a large amount of delicate gold grains (indicating a proximal source), as well as traces abnormal gold and copper in diamond drilling.
Figure 1: The imperial property of Sky Gold Corp. with regard to neighboring projects, notably Amex Exploration, Starr Peak Mining and Generic Gold Corp.
* Mineralization hosted on adjacent and nearby properties is not necessarily indicative of mineralization hosted on the Company’s properties.
Figure 2: The imperial property of Sky Gold Corp. is based on geology as mapped by the Ontario Geological Survey and the Quebec Ministry of Energy and Natural Resources
Final terms of the agreement
The Agreements set out the proposed transactions (the “Proposed Transaction”) under which Sky Gold will acquire a 100% interest in two projects from separate suppliers (collectively the “Suppliers”), collectively referred to as Imperial Property. The proposed transactions are subject to the approval of the TSX Venture Exchange (the “Exchange”).
To purchase a 100% interest in both projects, the company will pay cumulative payments, within 5 days of TSX Venture approval, of 10,500,000 company shares, $ 150,000 in cash and grant the seller a net return of Foundry (NSR) of 3% for each of the two contracts, one of which (1%) may be purchased by the Company from each supplier at any time for $ 1,000,000.
Qualified person – Catherine Fitzgerald, P.Geo., A Qualified Person under NI 43-101 and Independent Director of Sky Gold, is the Qualified Person responsible for reviewing and approving the technical content of this press release with respect to the Project imperial.
About Sky Gold Corp.
Sky Gold Corp. is a junior mining exploration company engaged in the acquisition and promotion of mining properties in Canada and the United States. In addition to the Company’s properties in Newfoundland, the Company also owns the Evening Star property, located 12 km southeast of Hawthorne, NV, which holds promise for gold mineralization and the base of the replacement deposit. of carbonate (CRD) and precious mineralization (silver and gold).
ON BEHALF OF THE BOARD
Mike England, CEO and Director
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This press release contains forward-looking statements that relate to future events or future performance and reflect the current expectations and assumptions of management. These forward-looking statements reflect the current beliefs of management and are based on assumptions 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 which 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 by applicable securities legislation, the Company assumes no obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our documents filed with SEDAR in Canada (available at WWW.SEDAR.COM).