Golden Sky Minerals Corp. (TSX-V: AUEN.V) (OTC:MCREF) is pleased to announce that the company has signed an option agreement with Metals Creek Resources Corp. (TSX-V: MEK) (OTC: MCREF) whereby Golden Sky has the right to earn a 100% interest in the company’s Squid East claims in the Yukon.
Metals Creek Resources Corp initially staked the Squid East Property in February 2011, during the staking rush that ensued after the discovery of the White Gold deposit. The claims are located proximal to the Matson Creek placer gold operations, approximately 80 km northwest of Newmont’s Coffee Project and 90 km southwest of Dawson City. Soil sampling, trenching and limited diamond drilling carried out in 2013 and 2017 resulted in the discovery of a new gold-silver zone with characteristics similar to other discoveries in the White Gold district. Adding the Squid East Property bolsters Golden Sky’s land package in a district known for metallogenically diverse deposit settings including significant porphyry copper-gold-molybdenum systems, Intrusion Related Gold systems (IRGS), and Volcanogenic Massive Sulphide systems (Figure 1).
John Newell, President and CEO of Golden Sky Minerals Corp. states: “Golden Sky Minerals and the geological team are excited to compile the recently acquired Squid East data and get boots on the ground as soon as possible. We plan on confirming and expanding the known showings but also investigating areas that previous exploration may have overlooked. To add to this, the Squid East property is a neighbour to our recent bonanza-grade discovery on the Hotspot Property (42.4 g/t Au over 1.05 m, within 102 meters of 0.85 g/t Au in hole HS-21-02). We plan on using what we’ve learned at Hotspot and applying some of the same techniques at Squid East.”
Golden Sky Minerals Hotspot Property is located 18 kilometers southwest of the Squid East option along the Yukon-Alaska border (Figure 2). The properties are located in the North Ladue placer district which has produced >20,000 oz of placer gold. The North Ladue area is ~50km south of the prolific Sixtymile placer district which has produced >230,000 oz of placer gold historically.
Squid East Property Highlights
Figure 1 is available at
Figure 2 is available at
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Gold Sky Minerals will be deemed to have exercised the Option upon:
issuing an aggregate 1,200,000 Shares to Metals Creek as follows:
Golden Sky will pay an aggregate of $100,000 to Metals Creek as follows.
Golden Sky having expended a minimum of $850,000 of Exploration Expenditures on the Property as follows:
Once Golden Sky is vested at 100% by meeting all the payments and expenditures above, Metals Creek will retain a 2.0% Net Smelter Return Royalty on any future mineral production. Golden Sky Minerals Corp. will have the right to purchase 50% of the NSR from MEK for $1,000,000.
Alexander (Sandy) Stares, President and CEO of Metals Creek states, “We are delighted to find an option partner such as Golden Sky that is active in the Yukon, for an option agreement on the Squid East property. This agreement allows for the Squid East Project to receive the exploration it deserves while Metals Creek remains committed to and focused on the Dona Lake Gold Project in northwestern Ontario and the Ogden Project in Timmins.”
The foregoing proposal may be subject to Exchange approval, in which regard the parties will provide such assistance and cooperation as may reasonably be required.
About Golden Sky Minerals Corp.
Golden Sky Minerals Corp. is a well-funded junior grassroots explorer engaged in the acquisition, assessment, exploration, and development of mineral properties located in highly prospective areas and mining-friendly districts. Golden Sky’s mandate is to develop its portfolio of projects to the mineral resource stage through systematic exploration.
The drill-ready projects include Hotspot, Bullseye, and Luckystrike, all in Yukon, Canada. In addition, the recent purchases of the Rayfield Copper-Gold Project in southern British Columbia, and the staking of the Eagle Mountain Gold Project in the Cassiar Gold District in northern British Columbia, add to the company’s substantial early-stage Canadian project pipeline.
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