Vancouver, British Columbia, March 15, 2022 (GLOBE NEWSWIRE) — Golden Sky Minerals Co., Ltd. (TSXV: AUEN.V, OTC: MCREF) (“Company” or “Golden Sky”) announces that the company has signed an option agreement with Metals Creek Resource Corporation (TSXV: MEK, OTC: MCREF) and Golden Sky has the right to 100% interest. did. In the company’s Squid East claim in the Yukon Territory.
Metals Creek Resources Corp (Metals Creek) first stakes the Squid East Property in February 2011 during the staking rush that followed the discovery of the White Gold deposit. The claim is located approximately 80 km northwest of the Newmont coffee project and 90 km southwest of the city of Dawson, proximal to the Matson Creek placer mine. Soil sampling, trenching, and limited diamond drilling in 2013 and 2017 have resulted in the discovery of a new gold (Au) -silver (Ag) zone with similar characteristics to other discoveries in the White Gold area. I did. With the addition of Squid East Property, metallically diverse deposits such as the important porphyry copper-gold-molybdenum (Cu-Au-Mo) system, intrusion-related gold system (IRGS), and volcanic massive sulfide (VMS) The Golden Sky land package in the area known for the environment will be strengthened. ) System (Fig. 1).
John Newell, President and CEO of Golden Sky Minerals Corp., said: In addition to reviewing and expanding known shows, we plan to explore areas that may have been overlooked in previous studies. In addition to this, the Squid East property is adjacent to the recent jackpot grade discovery in the Hotspot property. (42.4 g / t Au over 1.05 m, within 102 meters from 0.85 g / t Au of hole HS-21-02).. We plan to use what we learned in Hotspot and apply some of the same techniques in Squid East. “
The Golden Sky Minerals Hotspot Property is located 18 km southwest of the Squid East Option along the Yukon-Alaska border (Figure 2). The property is located in the North Ladu Sand Mining District, which produces> 20,000 ounces of gold dust. The North Ladue region is about 50 km south of the abundant Sixtymile sand mining district, which has historically produced over 230,000 ounces of gold dust.
Squid East Property Highlights
- The squid is produced in Tintina Gold, a region that experienced significant igneous activity during the Cretaceous (Fig. 1). During this period of magmatic activity, the Cu-Au-Mo porphyry system and intrusion-related gold systems such as the Casino porphyry Cu-Mo-Au-Ag deposit (2.4 Bt grading 0.14% Cu and 0.19 g / t Au) and their Related to both surroundings. The Tanacross project hosts the Torus porphyry Cu-Mo-Au-Ag deposit in Alaska (75.2 Mt grading 0.275% Cu and 0.166 g / t Au).
- This property is located at the intersection of the northwest and northeast trend fault systems developed in connection with the more regional Tintina and Denali fault systems. Ignition activity is often concentrated around these secondary structures, which generally function as conduits for mineralized fluids.
- In 2013, an aerial magnetic geophysical survey was conducted by Metals Creek Resources to outline some magnetic anomalies in the southwestern part of the property (Figure 3). These magnetic anomalies are haloed by a moderate “low” magnetic signature, which is interpreted as a zone of magnetic destruction due to local metasomatism. By geochemical sampling of soil, these features have elevated levels of Cu, Au, Ag, Mo, zinc (Zn), mercury (Hg), arsenic (As), barium (Ba), and antimony (Sb). It became clear that it was related to. Anomalous zones of elevated molybdenum, copper, gold, and zinc can outline potential porphyry targets (Figure 3).
- Soil sampling in 2012 provided an overview of the exploit zone (~ 600m x 200m) with gold values in the soil ranging from 15.6ppb to 1,086.5ppb (Figure 4). In 2013 trenching, bleached local hematite and fucsite-altered sericite schist were found that returned 1.96 g / tAu and 160.6 g / t Ag over 22 meters. The 4-hole, 428 m diamond drilling program defined a shallow submerged mineral zone and was optimally spaced to analyze 1.55 g / t Au and 114.1 g / t Ag over 21.0 meters (August 6, 2013). And see the MEK press release dated October 8). 2013) (Fig. 5).
- Additional excavation was carried out by Trifecta Gold in 2017, bringing the total of five holes to 546.5 meters. This drilling has enabled the analysis of gold and silver up to 2.1 g / tAu and 325 g / tAg at 1.19 meters. (See the Trifecta Gold news release dated November 13, 2017). Trifecta’s drill program did not reproduce the Metals Creek intersection, but the mineralized horizon intersects at the expected location and the target remains open with a downdip along the strike in both directions.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc6b56a8-c295-445b-994f-46784f853f30.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/87a81e07-3c97-467d-8085-a94015ecfbfa.
Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/033e1063-0696-40fa-b2d9-4d827a61c58b.
Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b8c3ee16-afe2-45eb-8bda-5b139e204b6f.
Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fadbcd1b-1ace-400b-b4b9-b223d75c99da.
Gold Sky Minerals are considered to have exercised the option if:
Issue a total of 1,200,000 shares to Metals Creek as follows:
- 150,000 shares at the time of approval of the TSX Venture Exchange (“Exchange”) for the proposed transaction.
- 150,000 shares before 31 daysst December 2022;
- 200,000 shares before 31 daysst December 2023;
- 300,000 shares before 31 daysst December 2024; and
- 400,000 shares before 31 daysst Of December 2025.
Golden Sky will pay Metal Creek a total of $ 100,000 as follows:
- $ 10,000 upon receipt of Exchange approval for the proposed transaction.
- $ 15,000 before December 31, 2022.
- $ 20,000 before December 31, 2023.
- $ 20,000 before 31 daysst December 2024; and
- $ 35,000 before 31 daysst December 2025
Golden Sky has spent a minimum of $ 850,000 on exploration spending on properties as follows:
- $ 50,000 before 31 daysst December 2022;
- An additional $ 100,000 before 31 daysst December 2023;
- An additional $ 200,000 before 31 daysst December 2024; and
- An additional $ 500,000 before 31 daysst Of December 2025.
Once Golden Sky qualifies 100% after satisfying all of the above payments and expenses, Metals Creek will retain 2.0% Net Smelter Revenue (NSR) royalties for future mineral production. Golden Sky Minerals Corp. reserves the right to purchase 50% of NSR from MEK for $ 1,000,000.
Alexander (Sandy) Stares, President and CEO of Metals Creek, said: The agreement allows the Squid East project to undergo worthy exploration, but Metals Creek continues to work on the Dona Lake Gold Project in northwestern Ontario and the Ogden Project in Timmins. “
The above suggestions may be subject to Exchange approval. In this regard, the parties will provide support and cooperation that may be reasonably needed.
About Golden Sky Minerals Corporation
Golden Sky Minerals Corp. is a well-funded junior grassroots prospector engaged in the acquisition, evaluation, exploration and development of minerals in promising areas and areas suitable for the mining industry. Golden Sky’s mission is to develop the project portfolio to the stage of mineral resources through systematic exploration.
Drill-enabled projects include Hotspot, Bullseye and Luckystrike in Yukon, Canada. In addition, the recent purchase of the Rayfield Copper Gold project in southern British Columbia and the investment in the Eagle Mountain Gold project in the Cassia Gold district of northern British Columbia are the company’s substantially early stage Canadian project pipeline. Will be added to.
The company was founded in 2018 and is headquartered in Vancouver, British Columbia, Canada.
For more information, please visit our website at www.goldenskyminerals.com.
on behalf of THE board
John Newell, President and Chief Executive Officer
Carl Schulze, P. Geo, a consulting geologist at Aurora Geosciences Ltd. Is a Qualified Person as defined by National Instrument 43-101 for the Golden Sky Yukon Exploration Project, and has reviewed and approved the technical information for this release.
For new information about our program, visit the Golden Sky website (www.GoldenSkyMinerals.com), call (604) 568-8807 or email (firstname.lastname@example.org or email@example.com). ) To contact John Newell.
Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.
Description of future prospects
Non-past factual statements contained in this news release are “forward-looking information” or “forward-looking statements” in the sense of applicable Canadian securities law (collectively, “forward-looking information”). am. In some cases, forward-looking information may include the use of words or phrases such as “expect,” “expect,” “understand,” or “agree,” or such words or phrases that take specific actions. Can be identified by variations of or statements. The event or result is “occurs”, “occurs”, or “achieved”. Golden Sky will identify key factors and risks that may affect Golden Sky and whose actual actions, events, or outcomes may differ materially from those described in the forward-looking information. However, actions, events, or outcomes are not, but are not limited to, expected, presumed, or intended, including, but not limited to: Inherent risks associated with exploration and development of mineral properties. Uncertainty associated with the interpretation of drill results and other exploration data. Potential delays in exploration or development activities; geology, grade and continuity of the deposit. Future exploration, development, or mining results may not meet Golden Sky expectations. Accidents, equipment failures, ownership and permits. Labor disputes or other unexpected difficulties or interruptions in business. Fluctuating metal prices; unexpected costs and costs. Uncertainty regarding the availability and cost of future funding, including funding the project’s exploration program. Golden Sky may not be able to confirm past exploration results or other risks listed in the Golden Sky public filing at www.sedar.com. In making forward-looking statements in this news release, Golden Sky applied several key assumptions, including the assumption that general business and economic conditions do not change in a substantially unfavorable way. .. Actual results and future events may differ materially from those expected in such statements and there is no guarantee that the information regarding the future outlook will be accurate. Therefore, readers should not place excessive reliance on information about future prospects. Unless required by law, Golden Sky publishes a revised version of the forward-looking information contained in this news release to reflect events and circumstances after this date or in the event of an unexpected event. We do not undertake any obligation to reflect.
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Golden Sky Minerals Corp. selects Squid East Properties at the Matson Creek Placer Camp in Yukon, a Canadian business journal.
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