Sky Gold Mobilizes to Commence Drill Program Directed at High Priority Porphyry Copper-Gold System on the Evening Star Project, Walker Lane Trend, Nevada

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Positive)

Rhea-AI Summary

Sky Gold (OTC: SRKZF) retained Titan Drilling to mobilize a planned 2,400-metre diamond drill program at the Evening Star copper-gold project in Walker Lane, Nevada, with drilling expected within the coming week.

Targets focus on the interpreted High Life porphyry core and associated CRD-style polymetallic zones. The company announced a non-brokered private placement of up to 30 million units at $0.05 (up to $1.5M) with 36-month warrants at $0.08 to fund drilling and G&A. QA/QC uses Chrysos PhotonAssay for 500g samples; multi-element results are pending.

Positive

Planned 2,400-metre diamond drill program targeting porphyry and CRD
Non-brokered financing of up to $1.5M to support drilling
Use of Chrysos PhotonAssay 500g method for more representative gold assays

Negative

Potential shareholder dilution from issuance of up to 30 million units
No assay or drill results yet; multi-element data are pending
Private placement is subject to TSX Venture Exchange approval

04/07/2026 - 08:30 AM

ANNOUNCES FINANCING

VANCOUVER, BC / ACCESS Newswire / April 7, 2026 / SKY GOLD CORP. ("Sky" or the "Company") (TSX.V:SKYG)(OTC PINK:SRKZF) is excited to announce that it has retained Titan Drilling of Elko, Nevada, to commence an anticipated 2,400 metre diamond drilling program at its Evening Star copper-gold project located in the Walker Lane Trend, Nevada.

Drilling is expected to commence within the coming week, with mobilization currently underway.

The drilling program has been designed to test multiple high-priority targets developed through integrated geological mapping, geochemistry, and geophysical interpretation.

The Company has finalized drill targets designed to test:

The interpreted copper-gold core of the porphyry system at High Life
Polymetallic zones associated with carbonate replacement mineralization ("CRD")

Mike England, CEO of Sky Gold Corp., commented:
"The drill is being mobilized to site this week, and the proposed targets are large. We are very excited to start drilling these porphyry and CRD targets."

Recent fieldwork at the High Life target has identified strong alteration and gold mineralization consistent with a copper-gold porphyry system (see News Release dated March 31^st, 2026), including silicification, sericite alteration, quartz veining, and localized copper mineralization. See Figure 1. These features are spatially associated with geophysical anomalies, including strong magnetic highs with coincident resistivity highs, supporting the interpretation of a robust porphyry system at depth.

In addition, polymetallic mineralization is observed in the southern portion of the property, where the porphyry is in contact with the limestone host rocks, and is interpreted to represent carbonate replacement-style mineralization linked to the High Life porphyry system. See Figure 2. Historical drilling in this area returned significant copper, lead, zinc, and silver values, and recent surface sampling has confirmed the presence of gold-bearing sulphide-rich zones with strong geological characteristics typical of CRD systems. The interpreted CRD system displays a conductive high with a coincident magnetic low. See Figure 1.

The upcoming drill program is designed to test both the porphyry core at depth and the associated CRD-style mineralization along favorable carbonate host rocks.

Further updates will be provided as drilling progresses. Multi-element data, including copper-silver, lead and zinc values are pending for the rocks collected from target areas and surrounding fault zones.

Figure 1. Plan view map of High Life showing a very strong magnetic anomaly in pink. Alteration mapping highlights the phyllic alteration (sericite and pyrite) surrounding the silica, copper-gold rich core.

Figure 2. Section through High Life and CRD Hill with view to East. High Life porphyry is strongly resistive with a coincident 1-kilometer-wide magnetic high anomaly. CRD Hill is very conductive with a coincident large magnetic low.

The Company further announces a non-brokered private placement of up to 30 million units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to 1.5 million dollars (the "Offering"). Each Unit will be comprised of one common share ("Share") and one transferable Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the Subscriber to purchase one Warrant Share for a 36-month period after the Closing Date at an exercise price of $0.08 per share. Proceeds of the private placement will be used towards drilling at the Company's Evening Star property in Nevada as well as general and administrative purposes. Finder's fees will be paid pursuant to this financing. The private placement is subject to approval by the TSX Venture Exchange.

Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Danae Voormeij, P.Geo., Director of Sky Gold Corp., who is a Qualified Person as defined by National Instrument 43-101.

QAQC and Sample Methodology

The Company submits rock and drill core samples to MSA Labs in Elko, Nevada, for gold content by Chrysos PhotonAssay^TMtechnology. This process is non-destructive and analyzes 500-gram samples, which is more representative than the 50-gram sample required for the Fire Assay method. This innovative method catches more gold in the sample, reducing the nugget effect.

Samples are dried and crushed to P80 minus 2mm, and 500 grams is riffle split for PhotonAssay^TMmethod. Another 250 grams of the crushed material is pulverized to P85 minus 75 microns for ultra-trace 48 elements by ICP-MS following a 4-acid digest.

About Sky Gold Corp.

Sky Gold Corp. is a mineral exploration company focused on advancing precious and base metal projects in North America. The Company's flagship Evening Star Property, located in the prolific Walker Lane Trend, hosts multiple high-priority gold and copper targets, including Tower Gold, High Life, Gold Bug, CRD Hill and Evening Star. The project site has excellent infrastructure.

ON BEHALF OF THE BOARD

Mike England
CEO, PRESIDENT & DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT
Tel: 1-604-683-3995
Toll Free: 1-888-945-4770

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 identification or acquisition of additional mineral assets. 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 our 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.

SOURCE: Sky Gold Corp.

View the original press release on ACCESS Newswire

FAQ

When will Sky Gold (SRKZF) start drilling at Evening Star and how deep is the program?

Drilling is expected to start within the coming week and totals 2,400 metres. According to the company, mobilization is underway and the program will test multiple high-priority porphyry and CRD targets developed from mapping, geochemistry, and geophysics.

What is the purpose and focus of the Evening Star drill targets for SRKZF?

The drill program targets the interpreted copper-gold porphyry core at High Life and associated CRD polymetallic zones. According to the company, targets were chosen by integrated geological mapping, geochemical sampling, and geophysical anomalies including magnetic and resistivity highs/lows.

How is Sky Gold (SRKZF) financing the upcoming drill program at Evening Star?

Sky Gold announced a non-brokered private placement of up to 30 million units at $0.05 for up to $1.5M. According to the company, each unit includes one share and one warrant exercisable at $0.08 for 36 months to fund drilling and general corporate purposes.

What assay method will SRKZF use for samples from the Evening Star project?

The company will use Chrysos PhotonAssay on 500-gram samples for gold content, which the company says is more representative than traditional 50-gram fire assays. According to the company, samples are prepared to P80 minus 2mm prior to the PhotonAssay process.

Are there any immediate risks or approvals investors should note about SRKZF's program?

The private placement is subject to TSX Venture Exchange approval and assay/drill results are not yet available. According to the company, multi-element data are pending and finder’s fees will be paid under the financing, creating potential dilution and timing risk.