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Sky Gold's Newfoundland portfolio consists of three non-contiguous claim blocks in Central Newfoundland. The eastern claim block, the 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.
The Virginia property comprises 100 hectares and is located 8.2 kilometers north-east of Sky Gold’s Mustang property. the property hosts the “Virginia Holdings” Prospect, which consists of quartz veining developed over a 35 meter wide zone within sheared gabbro and graphitic shale.
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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