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Wildsky Resources Inc. (TSXV: WSK,OTC:HWTHF) (the "Company") hereby announces that it has entered into a non-binding letter of intent (the "LOI") with respect to the acquisition of Phoenix Art Ltd. ("Phoenix"). Phoenix, a private Ontario corporation, holds a 51% interest in the Zimbabwean corporation Wilsite Gold Mining (Private) Limited ("Wilsite"). Wilsite is the registered and beneficial interest holder of Felsite mining certificates in the District of Gweru, Zimbabwe.
Wilsite holds a 100% interest in the Felsite Gold Project, a package of three contiguous mining licences totaling approximately 250 hectares in the Gweru area of Midlands Province, Zimbabwe. The Project is accessible by road and is located about 26 km from downtown Gweru. The licence package is considered prospective for structurally controlled, near-surface gold mineralization hosted primarily in felsite and granitic-granodioritic dykes within the Gweru Greenstone Belt.
Work completed to date includes surface geological mapping and sampling, 46 trenches for an aggregate length of more than 7kms, and the submission of more than 1,100 surface and trench channel samples for assay. Property-wide drone-based LiDAR and aeromagnetic surveys have also been completed, with the aeromagnetic survey flown at 25 m line spacing.
Mineralization is concentrated along the central and eastern structural corridor of the Property and is mainly hosted in felsite intrusion, which are locally strongly foliated and contain abundant disseminated limonite (oxidized pyrite), Limonite clouds are elongated along foliation, together with dark sulphide-bearing quartz stockwork veinlets. According to the Company, exploration permits are in place, environmental impact approval is expected shortly, and the site is drill-ready with a 2700 square meters camp infrastructure nearing completion, including borehole water, a 30 kW solar system, a professional security team and accommodation for approximately 30 personnel. A Phase I drill program of approximately 5,000 m is planned, with two drill rigs and four experienced drillers already on site.
Pursuant to the terms of the terms of the LOI, the Company may purchase all of the issued and outstanding common shares in the capital of Phoenix for a cash purchase price of USD $1,998,000. The proposed transaction is subject to, among other terms, the parties entering into a definitive agreement and the approval of the TSX Venture Exchange (the "Exchange").
The parties to the proposed transaction are at arms' length, and no finder's fee is payable in connection with the proposed transaction.
About Wildsky Resources Inc.
Wildsky Resources Inc. is a Canadian based exploration and development company with an office located in Vancouver, B.C. The Company's goal is to create value for shareholders through continuously exploring and developing its current properties in Nigeria, and at the same time looking for new properties to acquire through its international connections.
For more information on Wildsky Resources, please contact the Company at (778) 889-4966, or visit the Company's website at www.wildskyresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
signed by "Wenhong Jin"
Wenhong Jin
President and CEO
Neither 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 of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/293629
