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Sky Gold's Newfoundland portfolio consists of two non-contiguous claim blocks in Central Newfoundland. The south-western Mustang property hosts the Outflow Prospect comprised of the Mustang and Piper mineralized zones, located adjacent to New Found Gold Corp's recently announced intersect of 92.86 g/t Au over 19.0 meters.
Two geologic models have been proposed for the gold mineralization at the Mustang zone. A low sulphidation epithermal model is proposed, based on the silicified zones, locally in association with fault zones, and consist of chalcedonic silica in association with comb-textured and crustiformquartz and hydrothermal breccia. However, Altius Mineral Corp. considered the Mustang zone as a possible example of Carlin-style mineralization (Altius Minerals press release dated Aug. 21, 2003), supported by typical enriched trace-element assemblages (As, Sb, Tl, Hg and Ba) of Carlin deposits, and barite veins, breccia matrix and stockwork hosted by calcareous sedimentary rocks.
Gold mineralization was discovered at the Outflow Prospect in 1987 by Noranda Exploration Company Limited, whom completed geologic mapping, trenching and shallow (average 84 m) diamond drilling (12 holes totaling 1007.6 m). Highest gold values, up to 28 grams per tonne gold (g/t Au) over 0.8 metres, occur in dark gray hydrobreccia units, associated with higher arsenopyrite concentrations. Selected diamond-drill assay results from Noranda’s drill program include 1.27 g/t Au over 11.3 m, 0.67 g/t Au over 18.3 m and 0.92 g/t Au over 9.0 m.*
*Gold values on adjacent properties in similar rocks, and assays based on historical work, are not representative of the mineralization on the property, have not been verified, and should not be relied upon.
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