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Sky Expands the Mustang Property Contiguous to New Found Gold's Queensway Gold Project
VANCOUVER, BC / ACCESSWIRE / November 10, 2020 / Sky Gold Corp. (TSXV:SKYG)(OTC PINK:SRKZF)...
About this update from Sky Gold Corp.
[{"type":"text","content":"Sky Expands the Mustang Property Contiguous to New Found Gold's Queensway Gold ProjectVANCOUVER, BC / ACCESSWIRE / November 10, 2020 / Sky Gold Corp. (TSXV:SKYG)(OTC PINK:SRKZF)(\"Sky Gold Corp.\" or the \"Company\") is pleased to announce the acquisition of two properties, expanding the Company's \"Mustang Property\" contiguous to the Queensway Gold Project owned by New Found Gold Corp. (\"New Found Gold\").Properties acquired:Kings Point Extension - This property comprises one 150-hectare claim located over the Kings Point topographic feature on the Gander Outflow strait, south of and contiguous to the Mustang property. The property extends for 3.0 km along the border with New Found Gold in an east-west direction between the Appleton and JBP fault zones. New Found Gold has identified gold mineralization along and near the NNE-SSW trending Appleton Fault for over 5 km on trend and north-east of the Kings Point Extension claims.South Mustang Extension - This property comprises three claims totaling 125 hectares, located contiguous and south of the Company's current Mustang property. A mineral showing designated the \"SW Mustang zone\" is located approximately 500 meters southwest of the boundary with the Mustang property, and has been mapped, sampled, trenched and drilled by Noranda Exploration Ltd (1988) and Altius Resources Inc. (1998). Noranda trench channel samples returned 1.11 g/t Au over 1.0 m and 0.57 g/t Au over 5.2 m. Drill hole GO-88-05 returned 9.55 g/t Au over 0.5 m (@ 50.8 m), 0.54 g/t Au over 1.0 m (@ 67.0 m), and 2.14 g/t Au over 2.6 m (@ 79.7 m). Altius grab samples in 1998 returned 1.72, 1.08, 0.78, and 0.29 g/t Au, and drill hole GO-98-05 returned 0.46 g/t Au over 11.9 m (@ 30 m), with a higher grade interval of 1.26 g/t Au over 1.9 m. In 2016, a single float rock sample taken by the owner (Report 002D/15/0941) approximately 1 kilometer south of the main Mustang zone returned 6.13 g/t Au with anomalous arsenic and antimony. The Company is initiating a drill program on the Mustang and Piper Zones in mid-November, on trend and north-east of the South Mustang Extension claims.To earn a 100-per-cent interest in the property (comprising two claims groups) from two arm's-length parties, the company will make cash payments of $65,000, and issue 1.2 million common shares over a period of two years, and grant the under...