Sky Gold Corp. Assigns Shebandowan Star Lake Option to Gold X2
Rhea-AI Summary
Sky Gold (US:SRKZF) signed a definitive agreement dated January 9, 2026, assigning its Star Lake option interest to Gold X2 in staged earn-in steps to 50%, 75% and 100%.
Key terms include $395,200 assessment credits provided, share issuances to Sky Gold totaling $300,000 in stages, cash and share payments to the local prospector totaling $300,000 plus a retained 2% NSR (buyable for $3M), and exploration spend obligations including $1.0M by March 14, 2028 for stage 1.
Positive
- Assessment credits of $395,200 already provided
- Stage 1 exploration spend obligation of $1,000,000 defined
- Local prospector retains only a 2% NSR with a $3M buyback
Negative
- Sky Gold to issue 250,000 shares by March 14, 2026
- Gold X2 must fund cumulative exploration spends of at least $500,000 beyond stage 1
- Gold X2 required to pay Local Prospector $200,000 by March 14, 2026
News Market Reaction – SRKZF
In the trading session that priced this news, SRKZF gained 3.52%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, 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 Terms
Pursuant to the Definitive Agreement, signed on January 9th, 2026, Gold X2 has the right to earn
Stage 1 - Acquisition of
Stage 2 - Acquisition of
Stage 3 - Acquisition of
Exercising the Option: Upon acquiring
NSR royalty on the Star Lake Property and Gold X2 will retain Sky Gold's rights under the Option Agreement to purchase the NSR royalty from the Local Prospector in full for
Sky Gold Issuances to Local Prospector:
(a) Sky Gold shall (i) on or before March 14, 2026, issue 250,000 common shares in the capital of Sky Gold ("Sky Gold Shares") in accordance with Section 3(b)(iv) of the Option Agreement; and (ii) on or before March 14, 2027, issue that number of Sky Gold Shares having an aggregate value of
(b) Local Prospector Milestone Share Issuance: Upon Gold X2 acquiring the
All Gold X2 and Sky Gold shares issued in connection with the Definitive Agreement will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable securities laws.
There are no finders' fees or commissions payable in connection with the Acquisition. The Company confirms that there are no non-arm's length parties involved in the agreement.
About Sky Gold Corp.
Sky Gold Corp. is a mineral exploration company focused on advancing precious and base metal projects in North America. The Company's flagship Evening Star Property, located in the prolific Walker Lane Gold Trend, hosts multiple high-priority gold and copper targets, including Tower Gold, High Life, Gold Bug, and Evening Star.
ON BEHALF OF THE BOARD
Mike England
CEO, PRESIDENT & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT
Tel: 1-604-683-3995
Toll Free: 1-888-945-4770
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
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.
SOURCE: Sky Gold Corp.
View the original press release on ACCESS Newswire