The Conversation (0)
Wildsky Resources Inc. (TSXV: WSK,OTC:HWTHF) (the "Company") is pleased to announce that it has signed a binding Letter of Intent (LOI) dated October 1, 2026 to acquire a 100% interest in the NewRidge Gold Project and to assume an option to purchase three adjacent Mining Claims (Claim No. 18035-18037 BM), located in Manicaland Province, Zimbabwe. This proposed arm's length acquisition represents a strategic milestone for WSK as it expands its portfolio of high-quality African mineral assets and builds long-term shareholder value.
Project Overview: A High-Potential Gold System
The NewRidge Gold Project is hosted within the prospective Odzi-Mutare-Manica greenstone belt, a major Archean terrane within the Zimbabwe Craton. The project lies on the southern limb of the Mbeza syncline, approximately 6.5 km from the Red Wing Gold Mine , which occurs on the northern limb. Both are situated within greenstone belt rocks near the basal conglomerate contact, demonstrating the district-scale potential of the area.
The project comprises Mining Claim No. 17848 BM, covering 150 hectares, with an active mining permit and environmental impact assessment (EIA) approval already in place, positioning the project for a potentially rapid transition to production once a positive exploration program has been completed.
Key Project Attributes
Significant Mineralization: The main mineralized zone has been traced over 1,100 metres along strike, hosted by a diorite porphyry intrusion and its contact with serpentinite. The porphyry hosts broad zones of low-to-medium-grade gold mineralization, while the contact zone hosts higher-grade, lens-shaped gold mineralization.
New Mineralization Style with Exploration Upside: Unlike classic Archean greenstone-hosted gold deposits typical of Zimbabwe, the NewRidge Gold Project is preliminarily interpreted as a gold system genetically linked to a diorite porphyry emplaced during a late-orogenic extensional stage. The porphyry is not only a favourable host rock but also exhibits pervasive alteration and mineralization (sericitization, silicification, and disseminated pyrite). Based on extensive trenching and artisanal pit sampling conducted by WSK's technical team since September 2025, the Company believes significant exploration potential exists at depth and along strike.
Strategic Location with Excellent Infrastructure
The project is located 10 km by road northeast of Mutare, a major mining centre in eastern Zimbabwe, and is approximately 300 km by road from the Port of Beira in Mozambique, providing direct access to regional and international logistics networks.
Transport: All-weather road access to Mutare and the A3 highway; road and rail links to Beira Port.
Utilities: Mobile and satellite coverage across the site; new camp with a capacity for 30 personnel.
Supplies: Mining consumables, spare parts, and daily necessities are readily available in Mutare.
Water: Municipal water is used for domestic purposes and heap-leach operations, while water for other industrial activities is sourced from the mine shaft.
Power: The project is connected to the national electricity grid.
Workforce: Mutare is a well-established mining centre with a large pool of experienced local mining talent.
Background to the Acquisition
On August 23, 2026, Golden Cube Mining Corporation (Private) Limited ("Golden Cube") entered into an agreement to acquire a 100% interest in the NewRidge Gold Project (Claim 17848 BM). Concurrently, Golden Cube also secured exclusive exploration rights for a two-year period over three adjacent claims (18035-18037 BM), covering approximately 300 hectares, with an option to acquire these claims for additional consideration upon satisfactory exploration results.
Additionally, on August 17, 2026, Golden Cube entered into a joint venture agreement with the landowner of 50 hectares of private land within the claim area, for the joint development of oxide gold mineralization within 60 metres of the surface over a 36-month period.
WSK Transaction Terms
Following WSK's technical team's site visit and discussions with Golden Cube after the August 23 agreement, the parties have agreed in principle for WSK to acquire a 100% interest in the NewRidge Gold Project from Golden Cube.
The key terms of the proposed transaction are as follows:
Exclusivity: Upon signing a binding LOI, Golden Cube will grant WSK a 60-day exclusive due diligence period. Upon satisfactory completion of due diligence and other requirements set out in the LOI, the parties will enter into a definitive agreement.
Exploration Rights: Upon signing the definitive agreement, WSK will pay Golden Cube US$100,000 in cash and will be granted the right to conduct exploration activities on the NewRidge Gold Project.
Second Payment and Share Issuance: At 6 months, WSK will pay Golden Cube US$200,000 in cash and issue 1,000,000 common shares of WSK.
Third Payment and Share Issuance: WSK will pay Golden Cube US$1,700,000 in cash and issue 4,000,000 Wildsky common shares to Golden Cube after the title to the Main Claim has been transferred to Wildsky's wholly owned subsidiary in Zimbabwe.
Final Payment and Share Issuance: WSK will pay Golden Cube US$1,000,000 in cash and issue 6,000,000 Wildsky common shares to Golden Cube on or before the date that is six (6) months after the title to the Main Claim has been transferred to Wildsky's wholly owned subsidiary in Zimbabwe.
Upon completion of all payments and share issuances, WSK will hold 100% ownership of the NewRidge Project mining claim. The closing of the definitive agreement will be subject to receipt of TSXV approval.
The proposed transaction will constitute a Fundamental Acquisition pursuant to TSXV Policy 5.3 Acquisitions and Dispositions of Non-Cash Assets ("Policy 5.3"), the trading of the Company's common shares on the TSXV is expected to be halted pending TSXV receipt and review of acceptable documentation as required under Policy 5.3.
Remaining Interest: The existing joint venture between Golden Cube and the landowner will be preserved solely with respect to the right to mine oxide ore within 60 metres of the surface on the 50-hectare private land, for a period of 36 months.
Termination of Prior Transactions
The Company also wishes to provide an update on its previously announced transactions. As previously disclosed on March 23, 2026, the Company entered into a non-binding memorandum of understanding (the "MOU") with Midau Mining (Private) Limited and Krumlin Mining (Private) Limited with respect to an option to acquire a 100% interest in Exclusive Prospecting Orders 1725 and 1622, and certain claims within those areas owned by the optionors, located in Zimbabwe. However, the two EPOs have expired and, to date, the owners have not been able to renew them. As a result, the conditions for proceeding with the proposed transaction have not been met, and the Company has terminated the MOU.
In addition, as previously disclosed on April 21, 2026, the Company entered into a non-binding letter of intent (the "Phoenix LOI") with respect to the acquisition of Phoenix Art Ltd. ("Phoenix"). Phoenix holds a 51% interest in Wilsite Gold Mining (Private) Limited, which in turn holds a 100% interest in the Felsite Gold Project located in the Gweru area of Zimbabwe. Under the proposed transaction, the Company would only indirectly acquire a 51% interest in the Felsite Gold Project, rather than a 100% interest. By contrast, the proposed acquisition of the NewRidge Gold Project will provide the Company with a 100% interest in the project, which the Company believes offers significantly greater exploration potential. Accordingly, the Company has decided to terminate the proposed acquisition of Phoenix Art Ltd. and will not proceed with the acquisition of the 51% indirect interest in the Felsite Gold Project. The Company will instead focus all of its human and financial resources on completing the acquisition of the NewRidge Gold Project and advancing its subsequent exploration and development.
In connection with the termination of the Phoenix LOI, Phoenix has agreed to repay the loan amount of USD$255,000 to the Company, which loan was made pursuant to a loan agreement between the parties. Upon receipt by the Company of the cash repayment of the loan, Phoenix will have no further liabilities or guarantees owing to the Company. The Company did not advance any other funds in connection with the MOU or the Phoenix LOI.
Qualified Person
The scientific and technical information disclosed in this news release has been reviewed and approved by Kairan Liu, the Company's VP Exploration, a Qualified Person as defined by NI 43-101.
About Wildsky Resources Inc.
Wildsky Resources Inc. is a Canadian exploration and development company focused on the African resources sector. The Company is dedicated to creating sustainable shareholder value through strategic acquisitions and responsible project development.
ON BEHALF OF THE BOARD OF DIRECTORS
"signed by Wenhong Jin"
Wenhong Jin
President and CEO
For more information on Wildsky Resources, please contact the Company at (604) 671-9586, or visit the Company's website at www.wildskyresources.com.
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.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the proposed acquisition of the NewRidge Gold Project; the negotiation and execution of a definitive agreement; the completion and results of due diligence; the timing and receipt of TSX Venture Exchange and other regulatory approvals; the payment of cash consideration and issuance of common shares; the transfer of title to the project; the Company's ability to satisfy the terms of the proposed transaction; the exploration potential, mineralization, infrastructure, development and production prospects of the NewRidge Gold Project; the timing, scope and results of future exploration and development activities; the Company's strategy and ability to create shareholder value; and repayment of the loan.. Forward-looking information is based on assumptions, estimates, analysis and opinions of management considered reasonable as of the date of this release, including assumptions regarding the parties' ability to negotiate and enter into a definitive agreement, the availability of financing, the receipt of required approvals, the validity and transferability of mineral tenure and permits, the accuracy of historical and current geological information, the availability of personnel, equipment, infrastructure and supplies, and political, legal and economic conditions in Zimbabwe. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied, including risks relating to the completion of due diligence and definitive documentation, regulatory approval, financing, title and permitting, exploration and development, operating in foreign jurisdictions, commodity prices, currency fluctuations, environmental matters, community and land-access arrangements, political and economic conditions, and other risks described in the Company's continuous disclosure filings. There can be no assurance that the proposed transaction will be completed on the terms described herein, or at all, or that exploration or development of the NewRidge Gold Project will produce the anticipated results. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317039
