SKY GOLD DRILL PERMITS APPROVED FOR THE EVENING STAR COPPER-GOLD PORPHYRY PROJECT LOCATED IN MINERAL COUNTY, NEVADA

Highlights:

• Drill permits approved for copper-gold targets in Nevada
• Copper porphyry drill targets
• Intrusion related Gold drill targets

October 23, 2024, Vancouver, BC, Canada – Sky Gold Corp. (“Sky Gold” or the “Company”) (TSX.V: SKYG) (US: SRKZF) is pleased to announce it has received its NOI level permits from the US Bureau of Land Management to drill its Evening Star Copper-Gold property in Mineral County, NV. The road accessible, 1,450-acre (586 hectare) property is located about 10 miles (16 km) east of Hawthorne, NV, in the prolific Walker Lane Trend and about 52 miles (83 km) southeast of the Yerington, Nevada porphyry copper deposit. The Evening Star property is in the Pamlico Mining district which has a history of exploration for base metal skarn and carbonate-replacement prospects.

The most recent exploration work by Sky Gold geologists suggests that there is a possibility for an undiscovered porphyry copper-gold deposit as well as a separate intrusion-hosted gold deposit.

“While we await assay results from our Shebandowan Nickel Copper Gold project in Ontario, we are excited to get a long-awaited drill program organized for our now permitted Evening Star project in Nevada. Our copper and gold targets have been carefully selected after years of work in a hot area of Nevada and with the surge in commodity prices sparking a renewed interest in the junior mining exploration space there is no time like the present to get drilling!” stated Mike England, CEO of Sky Gold.

Sky Gold’s upcoming drill program at its Evening Star property will test the “Highlife Copper” porphyry/skarn copper target and the “Tower Gold” intrusion-hosted gold target. The 3,500 foot (1,060 meters) drill program will consist of two holes at Highlife and three holes at Tower Gold.

Highlife Porphyry Copper Target

At the Highlife Copper target, a +1000 foot (304 meters) long copper-in-soil anomaly overlies bedrock of altered quartz monzonite porphyry dikes that intruded a biotite-rich granodiorite. Samples of the porphyry dikes exposed in roadcuts and old prospect pits contain up to 1.54% copper and 0.159 ppm gold. The quartz monzonite porphyry dikes exhibit pervasive quartz-sericite-pyrite alteration (QSP) and is possibly the “phyllic” alteration zone found in/with porphyry copper-gold systems. The drilling program is designed to test for a deeper “potassic” alteration zone, where if present, copper-gold mineralization is likely to be the strongest. Also, a ground-based magnetic “high” anomaly is coincident with the Highlife Geochem anomaly. This suggests that the deeper, richer part(s) of a copper-porphyry system may lie below the mineralized altered quartz monzonite porphyry exposed at the surface.

At the Yerington, Nevada porphyry copper deposit 52 miles (83 km) to the northwest, the copper ore is related to the potassic alteration zone. Yerington has produced over 1.75 billion pounds of copper (793 million Kg)*.

*Source: https://nevadacopper.com/projects/location/

Tower Gold Target

At the Tower Gold target several holes are planned to test a +3000 foot (914 meters) long by up to 300 foot (91 meters) wide zone of anomalous gold in soil and bedrock. The target area is an intrusion-hosted zone(s) of shallowly-dipping, gold-bearing quartz veins marked by old prospect pits, trenches and declines. Rock samples of the limonitic quartz veins and altered granitoid host rocks returned up to 18.21 ppm gold and 1.16% copper. Soil samples contain up to 2.83 ppm gold and 930 ppm copper. The Tower Gold mineralized zone has been traced for approximately 1.5 kms along the surface and bedrock sampling suggests it may be 160 feet (50 meters) or more in width. Tower Gold may be a distal gold system to a porphyry Cu deposit or another event of the Walker Lane trend.

This news release contains scientific and technical information with respect to other properties of the Company’s Evening Star property, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding the geology, mineralization and mineral resources on these other properties is not necessarily indicative of the mineralization on the Company’s properties.

Qualified person

Sky Gold Corp.’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by David Taff, P.Geo., who serves as a qualified person under the definition of National Instrument 43-101 and is a consultant to the Company.

ON BEHALF OF THE BOARD
Mike England
CEO, PRESIDENT & DIRECTOR

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Forward Looking Statements

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements, including with respect to the completion of the Consolidation or the identification or acquisition of additional mineral assets. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.