Sky Gold Update on The Newfoundland Properties and The Evening Star Property, Nevada

Rhea-AI Summary

Sky Gold Corp. (OTC PINK:SRKZF) has released an update regarding its Newfoundland properties and the Evening Star property in Nevada. The Company awaits assay results from 17 diamond drill holes at the Mustang property. A geophysical ground survey has been completed, and data is under review. In addition, the Virginia property is set for a summer drill program, with necessary permits acquired. Furthermore, preparations for a drill program at the Evening Star property are underway, with drilling expected to commence in June after securing a contractor.

Positive

• Drill program planned for Virginia property with all permits secured.
• Geophysical survey completed at Mustang property, aiding future exploration.
• Evening Star property drill program expected to start in June.

Negative

• Awaiting assay results from Mustang property delays decision-making.
• Historical assay results have not been verified and may not reflect current mineralization.

VANCOUVER, BC / ACCESSWIRE / April 22, 2021 / Sky Gold Corp. (TSX-V:SKYG) (OTC PINK:SRKZF) ("Sky Gold Corp." or the "Company") is pleased to provide an update on recent activities on the Company's Newfoundland properties and the Evening Star property, located in Mineral County, Nevada.

Newfoundland Properties

• Mustang property - The Company continues to await complete assays from the remaining 17 diamond drill holes drilled at its Mustang property located contiguous to New Found Gold's Queensway property and approximately five kilometres southwest of its discovery drill hole, NFGC-19-01. Recently a high-resolution magnetics geophysical ground survey has been completed over the entire Mustang property. The data is currently being reviewed and interpreted by the Company's consultant geologists and geophysicist.

• Virginia property - The Virginia property is located approximately 5.7 kilometres northeast of New Found Gold's drill hole NFGC-19-01 which intersected 92.86 g/t Au over 19 metres (see New Found Gold press release dated Aug. 12, 2020). The property is also contiguous to the south of Labrador Gold Corp.'s Kingsway property, where drilling is active on the "Big Vein" target. A Company representative has recently visited the Virginia property to review logistics for a drill program this summer. The Virginia property has received all necessary permits for its maiden diamond drill program. Historic results completed in the early 1990s by Manor Resources Ltd. report two areas of mineralization in the Zone A-2 target. One showing comprised quartz veining developed over a 35-metre-wide zone within sheared gabbro and graphitic shale (main shear) returning up to 8.7 g/t Au, and a second showing comprising a sheared gabbro returned a grab sample up to 109.6 g/t Au.*

* Gold values on adjacent properties in similar rocks and assays based on historical work in surface sampling and drilling are not representative of the mineralization on the property, have not been verified and should not be relied upon.

Evening Star property

The Company is pleased to announce that EM Strategies is finalizing the documents for submission to the Bureau of Land Management in Carson City, Nevada, for the permitting of a drill program on the Evening Star property. Eight drill site areas have been selected on the Gold Bug, Golden Eagle-Golden Bomber, and Good Hope 2 targets. The strong coincident geophysical (gravity and magnetic surveys) anomalies (refer to Press Release March 17, 2021) interpreted to be related to the silver-rich base-metal skarn and/or Carbonate Replacement Deposit mineralization at the Gold Bug target area will be a priority target. The Company has also secured a diamond drill contractor for the Evening Star property, pending completion of their current client's program, the drill program is expected to start in June on the Evening Star property.

Qualified Person

Catherine Fitzgerald, P.Geo., a Qualified Person under National Instrument 43-101, and Independent Director of Sky Gold, is the Qualified Person responsible for reviewing and approving the technical contents of this news release as they pertain to the Newfoundland and Evening Star properties.

About Sky Gold Corp.

Sky Gold Corp. is a junior mineral exploration company engaged in acquiring and advancing mineral properties in Canada and the USA. In addition to the Company's Newfoundland properties, the Company also owns the Evening Star property, located 12 km southeast of Hawthorne, NV, which is prospective for gold mineralization and CRD (Carbonate Replacement Deposit) base and precious (silver and gold) mineralization.

ON BEHALF OF THE BOARD

"Mike England"
Mike England, CEO & Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Tel. 1-604-683-3995
Toll Free. 1-888-845-4770

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

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).

SOURCE: Sky Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/641750/Sky-Gold-Update-on-The-Newfoundland-Properties-and-The-Evening-Star-Property-Nevada

FAQ

What is the latest update from Sky Gold Corp regarding the SRKZF stock?

Sky Gold Corp has provided an update on its Newfoundland and Evening Star properties, including plans for drilling.

When will drilling start at the Evening Star property?

The drilling at the Evening Star property is expected to commence in June after securing a contractor.

What permits has Sky Gold Corp obtained for its Virginia property?

Sky Gold Corp has received all necessary permits for a diamond drill program at its Virginia property.

What are the key activities at the Mustang property of Sky Gold Corp?

Sky Gold Corp is awaiting assay results from 17 diamond drill holes at the Mustang property while reviewing geophysical survey data.