Business
Sky Gold Corp. Assigns Shebandowan Star Lake Option to Gold X2
VANCOUVER, BC / ACCESS Newswire / January 12, 2026 / SKY GOLD CORP. ("Sky" or the "Company")...
About this update from Sky Gold Corp.
[{"type":"text","content":"Sky Gold Corp. Assigns Shebandowan Star Lake Option to Gold X2VANCOUVER, BC / ACCESS Newswire / January 12, 2026 / SKY GOLD CORP. (\"Sky\" or the \"Company\") (TSX.V:SKYG)(US:SRKZF) announces it has signed a definitive agreement (the \"Definitive Agreement\") with Gold X2 Mining Inc. (\"Gold X2\")(TSXV: AUXX ) whereby Gold X2 will acquire, in stages, Sky Gold's interest in an option agreement (the \"Option Agreement\") for the Star Lake claims located approximately 60 kilometres west of the City of Thunder Bay, in northwestern Ontario (see initial PR dated March 23, 2023 and as amended on July 11, 2025).\"By bringing in Gold X2 to our Star Lake option we are now able to focus our efforts in Nevada on the Evening Star project. Gold X2 is very focused in the area and will be in a much better position to properly advance the Star Lake project.\" commented Mike England, Sky Gold CEO.Deal TermsPursuant to the Definitive Agreement, signed on January 9th, 2026, Gold X2 has the right to earn 50%, 75% and 100% of Sky Gold's interests in the Option Agreement (the \"Option Interest\") between Sky Gold and a local prospector (the \"Local Prospector\") on the terms outlined below. The Definitive Agreement, including all share issuances thereunder, remains subject to the approval of the TSX Venture Exchange (\"TSXV\"). Gold X2 will have the exclusive right to purchase a 100% interest in the mineral rights forming the Star Lake Property according to the following stages:Stage 1 - Acquisition of 50% of the Option Interest: In order to acquire 50% of the Option Interest Gold X2 must: (i) provide $395,200 of assessment credits for the Star Lake Property, which has been provided as of today; (ii) issue to Sky Gold shares of Gold X2 having a total value of $75,000; (iii) pay the Local Prospector $200,000 in either cash or Gold X2 shares, at Gold X2's election and issue the Local Prospector shares of Gold X2 having a total value of $25,000, in each case, by March 14, 2026; and (iv) complete Sky Gold's exploration spend obligation under the Option Agreement totaling $1,000,000 on or before March 14, 2028.Stage 2 - Acquisition of 75% of the Option Interest: In order to acquire 75% of the Option Interest Gold X2 must: (i) incur an additional $250,000 exploration spend on the Star Lake Property; (ii) issue to Sky Gold shares of Gold X2 having a total va...