Golden Sky Minerals Corp.
(AUEN.V) (LCKYF.PK) is pleased to
announce results from the 2020 surficial exploration program at its
100%-owned Bull’s Eye property in the Yukon’s White Gold District.
The discovery trench, designed to test the Gold
Crest zone, returned a value of 0.69 g/t gold (Au) over 78m with
significant higher-grade intercepts. Results are shown in the
following table:
Trench ID |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
BETR-20-01 |
0.0 |
78.0 |
78.0 |
0.69 |
including |
BETR-20-01 |
12.0 |
56.0 |
44.0 |
1.03 |
including |
BETR-20-01 |
14.0 |
38.0 |
24.0 |
1.42 |
The 2020 phase 1 exploration program was
primarily focused on the Gold Crest zone and involved the
collection of 560 soil samples, 50 prospecting grab samples, and
the completion of a 134-metre-long trench.
Soil sampling has expanded the geochemical
footprint of the Gold Crest zone to 500m x 200m
(see attached map). The zone remains open along strike. Traditional
soil sampling further along strike may be ineffective due to
glacial overburden and permafrost. Therefore, the company is
currently designing a Phase 2 geophysical program to explore these
areas.
The 134-metre-long discovery trench was
completed in the center of the Gold Crest zone. Results from the
trench indicate the bedrock source of the geochemical anomaly was
not fully exposed. The easternmost trench sample assayed 0.39 g/t
Au over 2m (0.0m to 2.0m).
In addition to trenching, hand-dug pits were
excavated in both directions along strike to confirm the bedrock
source of the geochemical anomaly. A grab sample of bedrock
material 100m south of the trench assayed 0.94 g/t Au; another grab
sample assayed 0.18 g/t Au 100m north of the trench.
The Gold Crest zone is located along a regional
geological contact between schists of the Devonian White River
Formation to the northwest, and gabbro of the Triassic Snag Creek
Formation to the southeast. This contact spans the entire length of
the property. Both lithologies are present in the trench, with gold
associated with quartz stockwork, strong silicification, sericite
alteration, and pyritic mineralization.
Reconnaissance soil sampling conducted along
this geological contact indicates potential for further
mineralization related to this contact. Soil samples along the
contact 1.7 km northeast of the Gold Crest trench assayed up to 31
ppb Au.
Soil sampling also identified a 250m x 100m gold
anomaly with values up to 32 ppb Au approximately 1 km southeast of
the Gold Crest zone. One soil sample in a glaciated area 1 km south
of Gold Crest assayed 889 ppb Au.
Due to favourable visual results, 30 additional
claims were staked during the program to increase the property to a
total of 142 claims (2968 ha).
The Bull’s Eye property is located in a
previously unrecognized gold sub-district 50 km south of Newmont’s
Coffee gold deposit. Bull’s Eye is adjacent to K2 Gold Corp.’s Wels
Gold project which has yielded notable drill intercepts of 2.37 g/t
Au over 28.5m and 0.76 g/t Au over 97.5m.
HOTSPOT UPDATE: Drilling at Hotspot, new
claims staked
Golden Sky Minerals is also pleased to announce
the completion of a Phase 1 program at its Hotspot property located
in the Yukon along the Yukon-Alaska border. The program’s primary
goal was preparation for a Phase 2 inaugural drill program to be
conducted mid-September, 2020. The program also involved the
collection of 135 soil samples and 23 prospecting grab samples
(assays pending). During Phase 1, 38 new quartz claims were staked
to increase property to a total of 222 claims (4640 ha).
Situated along the Big Creek Fault, the Hotspot
property hosts a 1.7-kilometer-long mineralized structure with
gold-in-soil values up to 4.1 g/t Au, associated with a pathfinder
signature indicative of a low-sulphidation epithermal system. A
short trenching program in 2018 returned values of 0.42 g/t Au over
44m (see September 10, 2018 news release). The Hotspot property is
located 25km southeast of the Taurus Cu-Mo-Au porphyry deposit
(located in Alaska) which has an inferred resource of 68.3 million
tonnes grading 0.275% Cu, 0.032% Mo, and 0.166 g/t Au.
Message from John Newell, President and
CEO:
“The trenching results from Bull’s Eye are very
encouraging. The fact that mineralization is open-ended gives even
more ‘blue sky’ to the potential width of this zone. On top of
this, the soil sampling has demonstrated 500m of open-ended strike
length at the Gold Crest zone as well as plenty of new targets for
follow-up along the regional geological contact.
Soil sampling and trenching have been prime
tools in locating mineralized areas in the White Gold district, and
results from the trench at the Gold Crest zone are similar to the
initial discovery trenches at both Coffee Creek and the Golden
Saddle that led to the drilling of those deposits. Building upon
this, I believe we have a drill-ready target at the Gold Crest zone
with enormous potential to expand further along strike.
Lastly, we would like to thank the Yukon
Territorial Government and Yukon Geological Survey for funding part
of this program through the Yukon Mineral Exploration Program
(YMEP). Their support has been instrumental in advancing Bull’s Eye
and similar programs through the initial exploration phase.”
Other
Carl Schulze, P. Geo., Consulting Geologist with
Aurora Geosciences Ltd, is a qualified person as defined by
National Instrument 43-101, for Golden Sky's Yukon exploration
projects, and has reviewed and approved the technical information
in this release.
ON BEHALF OF THE BOARD John
Newell, President and Chief Executive Officer
For new information from the Company's programs,
please visit Golden Sky's website at www.GoldenSkyMinerals.com or
contact John Newell by telephone (604) 568-8807 or by email at
info@goldenskyminerals.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that
are not historical facts are “forward-looking information” or
“forward-looking statements” (collectively, “Forward-Looking
Information”) within the meaning of applicable Canadian securities
legislation. In certain cases, Forward-Looking Information can be
identified by the use of words and phrases such as “anticipates”,
“expects”, “understanding”, “has agreed to” or variations of such
words and phrases or statements that certain actions, events or
results “would”, “occur” or “be achieved”. Although Golden Sky has
attempted to identify important factors and risks that could affect
Golden Sky and may cause actual actions, events or results to
differ materially from those described in Forward-Looking
Information, there may be other factors and risks that cause
actions, events or results not to be as anticipated, estimated or
intended, including, without limitation: inherent risks involved in
the exploration and development of mineral properties; the
uncertainties involved in interpreting drill results and other
exploration data; the potential for delays in exploration or
development activities; the geology, grade and continuity of
mineral deposits; the possibility that future exploration,
development or mining results will not be consistent with Golden
Sky’s expectations; accidents, equipment breakdowns, title and
permitting matters; labour disputes or other unanticipated
difficulties with or interruptions in operations; fluctuating metal
prices; unanticipated costs and expenses; uncertainties relating to
the availability and costs of financing needed in the future,
including to fund any exploration programs on its projects; that
Golden Sky may not be able to confirm historical exploration
results and other risks set forth in Golden Sky's public filings at
www.sedar.com. In making the forward-looking statements in this
news release, Golden Sky has applied several material assumptions,
including the assumption that general business and economic
conditions will not change in a materially adverse manner. There
can be no assurance that Forward-Looking Information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on Forward-Looking
Information. Except as required by law, Golden Sky does not assume
any obligation to release publicly any revisions to Forward-Looking
Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/048a4700-bbba-4838-90fa-90c293445713
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