Goldsky Resources

Goldsky Resources Provides Operational Update on 2026 Drilling Program at Rajapalot Gold-Cobalt Project, Finland

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Goldsky Resources Provides Operational Update on 2026 Drilling Program at Rajapalot Gold-Cobalt Project, Finland

February 27, 2026
Regulatory

VANCOUVER, Canada, February 27, 2026— Goldsky Resources Corp (TSX-V: GSKR, FNSE: GSKR SDB, OTCQX: GSKRF, FRA: HEG0) (“Goldsky Resources” or the “Company”) is pleased to provide an operational update on its ongoing 2026 winter diamond drilling program at the Company’s 100%-owned Rajapalot Gold-Cobalt Project in Northern Finland.

HIGHLIGHTS

  • 31 drill holes for 6,073 metres core drilled 
  • 61% of the planned 10,000 metre winter drilling program completed
  • Four diamond drill rigs currently operating on site
  • Drilling progressing at Palokas, South Palokas and Raja deposits, with one rig focused on target-test drilling
  • First assay results expected in March, with steady results anticipated thereafter
  • Drilling on schedule for completion in April 2026
  • No safety incidents reported to date

DRILLING UPDATE

As of February 26, 2026, the Company has completed 31 drill holes for 6,073 metres of drilling (1,210m NQ2 and 4,863 m HQ), representing approximately 61% of the planned 10,000 metre winter drilling program.

Drilling is being conducted with four diamond drill rigs. Three of the drill rigs are focused on a planned 8,000m of infill drilling designed to upgrade confidence of the currently defined Raja and Palokas Au-Co Inferred Resource envelopes, while a fourth rig is conducting target-test drilling on priority regional exploration targets.

Drill core from 2 holes has been cut and submitted for assay at CRS laboratories Oy, an additional 6 holes are being cut at Palsatech Oy. First assay results are expected in the coming weeks. 

At current productivity rates, drilling is forecast to conclude in April 2026.

Russell Bradford, CEO of Goldsky Resources, comments:

“The drilling at Rajapalot has progressed to plan and we expect first assay results next month. I am pleased to say with the progress we are making we should complete our drilling program in April.

Following the recently announced agreement to become the 100% owner of the Barsele Project, the Company recently undertook a highly successful strategy session for our 2026 work programme. These deliverables include completing a Preliminary Economic Assessment on the Barsele project in Q4 2026 and an extensive drilling campaign on the Barsele deposit. I look forward to giving the market more updates as we progress in our business alignment to achieve our objectives for 2026 including closing the Barsele transaction in Q2.”

CORPORATE UPDATE

Goldsky Resources will be attending the upcoming Prospectors & Developers Association of Canada (PDAC) convention, where the team has a full schedule of meetings with investors, strategic partners, and industry stakeholders. With strong momentum behind its exploration initiatives, Goldsky Resources will utilize PDAC as a key platform to showcase project updates, discuss growth plans, and build new relationships within the global mining community. The company’s leadership will be engaged throughout the event, reflecting both strong market interest and our commitment to advancing our portfolio through active collaboration and capital markets engagement.

Presentation Link: Corporate Presentation – Goldsky Resources

At a recent strategic meeting session held by Goldsky management, the leadership team came together to define the Company’s future direction and execution plan on the Barsele project. The intensive session focused on aligning long-term vision with an execution plan that will be used to manage our goals for 2026. The plan clearly defined what was required in both deliverables and management capability to progress the Barsele project through a significant drilling campaign and all related studies which will show the benefits to progress the project to the next level for all stakeholders.

The Rajapalot Deposit

At Rajapalot, mineralization is regarded as orogenic in nature. All examples of gold-cobalt mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite and cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to over 640 meters below surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project. 

Rajapalot Mineral Resource 

An Inferred Mineral Resource (“MRE”) has been calculated for the Rajapalot project (effective date August 26, 2021) and is based on an ‘underground only’ mining scenario containing 9.8 million tonnes @ 2.8 g/t gold (“Au”) and 441 ppm Co, equating to 867 thousand ounces (“koz”) gold and 4,311 tonnes of cobalt.

ZoneCut-off
(AuEq¹)		Tonnes
(kt)		Au
(g/t)		Co
(ppm)		Au
(koz)		Co
(tonnes)
Palokas1.15,6122.84755012,664
Raja1.12,7023.13852711,040
East Joki1.12994.536343109
Hut1.18311.342836355
Rumajärvi1.13361.442415142
Total Inferred Resources9,7802.84418674,311

Rajapalot Inferred Mineral Resource Effective August 26, 2021

  • The independent geologist and Qualified Person as defined in NI 43-101 for the mineral resource estimates is Mr. Ove Klavér (EurGeol). The effective date of the MRE remains unchanged to the Previous MRE (August 26, 2021, available on SEDAR as filed by the previous owner, Mawson) and will be restated in the PEA technical report when it is filed. 
  • The mineral estimate is reported for a potential underground only scenario. Inferred resources were reported at a cut-off grade of 1.1 g/t (AuEq1 Au g/t + Co ppm /1005) with a depth of 20 meters below the base of solid rock regarded as the near-surface limit of potential mining. 
  • Wireframe models were generated using gold and cobalt shells separately. Forty-eight separate gold and cobalt wireframes were constructed in Leapfrog Geo and grade distributions independently estimated using Ordinary Kriging in Leapfrog Edge. A gold top cut of 50 g/t Au was used for the gold domains. A cobalt top cut was not applied.
  • A parent block size of 12 m x 12 m x 4 m (>20% of the drillhole spacing) was determined as suitable. Sub-blocking down to 4 m x 4 m x 0.5 m was used for geologic control on volumes, thinner and moderately dipping wireframes. 
  • Rounding of grades and tonnes may introduce apparent errors in averages and contained metals.
  • Drilling results to 20 June 2021. 
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Technical Background, Data Verification and Quality Assurance and Quality Control

Four diamond drill rigs from Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm) and HQ (63.5 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson’s Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken, then half-sawn by independent contractors Palsatech Oy in Kemi and. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy (“CRS”) facility in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company’s quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project’s development. Dr. Fromhold (see “Qualified Person” below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.

All maps have been created within the TM35/Finland Uniform Coordinate System (EPSG:2393). Tables 1 in Schedule “A” hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. 

QUALIFIED PERSON 

The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a “qualified person” as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company. 

ABOUT GOLDSKY RESOURCES CORP

Goldsky Resources is a publicly listed gold exploration company, consolidating assets in Sweden and Finland. The Company’s flagship asset is the Barsele gold project in central Sweden, in which it has entered into a transaction to become the 100% owner from Agnico Eagle. Barsele is host to an Indicated Mineral Resource of 7.88 Mt grading 1.27 g/t Au containing 320,781 oz Au and an Inferred Mineral Resource: 28.75 Mt grading 1.98 g/t Au containing 1.83 Moz Au. 

Goldsky Resources owns a district-scale license position surrounding Barsele totalling approximately 80,000 hectares on Sweden’s Gold Line greenstone belt comprised of two additional projects (Paubäcken, Storjuktan). 

Additionally, in central Finland, Goldsky Resources is the 100%-owner of a district-scale position covering the entire underexplored Oijärvi greenstone belt, including the Kylmäkangas deposit, the largest known gold occurrence on this belt. Goldsky Resources is also the 100% -owner of the Rajapalot gold cobalt project situated in northern Finland, which has an Inferred Resource of 9,780kt containing 867 koz Au @ 2.8 g/t Au & 4.3 kt Co @ 441 ppm Co (NI 43-101 Technical Report ON A Preliminary Economic Assessment Of The Rajapalot Gold-Cobalt Project, Finland. Effective Date: 19 December 2023. Prepared for Mawson Finland Ltd by SRK Consulting (UK) LTD. SRK Qualified Person Christopher Bray Beng (Mining), MAusIMM(CP), Ove Klaver, MSc (Geology), Eur.Geol., Eemeli Rantala, MSc (Geology), P.Geo., Craig Brown, B.E. (Chem), GradDipGeosci, FAusIMM, Mathieu Gosselin, Beng (Mining), P.Eng.).

ON BEHALF OF THE BOARD OF DIRECTORS

Russell Bradford, 

CEO & Director 

For further information contact: 

Investor Relations

Neil MacRae

SVP, Corporate Development

ir@goldskyresources.com 

Tavistock PR (media contact)

Jos Simson/Saskia Sizen

goldskyresources@tavistock.co.uk 

The Company’s certified adviser on the Nasdaq First North Growth Market is Augment Partners AB, info@augment.se. 

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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 or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.

Forward-looking Information:

This news release contains forward-looking statements that reflect the Company’s intentions, beliefs, or current expectations about and targets for the Company’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions. The forward-looking statements in this news release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that they will materialize or that the assumptions on which they are based are correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this news release are free from errors and readers of this news release should not place undue reliance on the forward-looking statements in this news release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of the date of this news release and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this news release, unless it is required by law or applicable exchange rules. 

Schedule “A” – Tables and Figures:

Hole NumberHole SizePurposeNorthing (TM35)Easting (TM35)Elevation (mRL)AzimuthDipHole Depth (m)
PAL0428HQInfill736935840856917547.0-78.0310
PAL0427HQInfill737083140832517472.0-52.0290
PAL0426NQ2Target Test7370398408926174150.0-45.0137
PAL0425HQInfill737058440819717489.0-76.5280
PAL0424HQInfill7369352408571175150.0-66.5236.5
PAL0423NQ2Target Test7370354409272176155.0-45.0188
PAL0422HQInfill737083140832517482.0-51.5293.3
PAL0421HQInfill7369352408571175140.0-55.0223.5
PAL0420HQInfill7370584408197174115.0-66.5250.3
PAL0419NQ2Infill7370920408470174131.0-63.0209
PAL0418HQInfill737083940855017482.0-80.0134.6
PAL0417HQInfill736929440863117389.6-70.4212.5
PAL0416NQTarget Test7369184407841177147.0-45.0180
PAL0415HQInfill7370736408481174206.3-70.0212.5
PAL0414HQInfill737058440819717499.0-60.5251.7
PAL0413HQInfill736925640872017354.8-83.0170.7
PAL0412HQInfill7370734408481174162.2-69.5148.5
PAL0411HQInfill7369264408723173233.9-75.5158.5
PAL0410NQ2Target Test7369893408309176185.0-60.0173
PAL0409HQInfill7370798408490174152.1-74.5233.1
PAL0408HQInfill7370582408275174137.1-64.6190.8
PAL0407HQInfill7369264408723173236.0-55.5151.7
PAL0406HQInfill737079640848917471.8-77.3161.5
PAL0405NQ2Target Test7370343407817172159.8-49.6158
PAL0404HQInfill737049940821517595.8-66.1182.3
PAL0403HQInfill737079640849117470.1-58.7155.2
PAL0402HQInfill7370748408684174115.3-54.9149.2
PAL0401NQ2Target Test736918440833717578.2-71.1170.3
PAL0400HQInfill7370501408297175112.9-56.5121.4
PAL0399HQTarget Test7370557408334174117.5-76.0164.4
PAL0398NQ2Target Test7370485410134163124.5-45.0175.05

Table 1: Collar information for all completed holes at Rajapalot for this winter drilling season. Collar data presented is in Finnish national grid ‘TM35’.

Figure 1. Drilling update from the Rajapalot project 2026 winter drilling campaign. To date, a total of 6,073 metres of drilling has been completed from 31 drillholes. A total of 4,727 metres of infill drilling has been completed from 23 drillholes, while a total of 1,346 metres of Target Test drilling from 8 drillholes.

Figure 2: Drillhole photograph taken of drillhole PAL0406 from the Palokas Au-Co zone of mineralization from Rajapalot, where visible gold is observed at 111m downhole depth. Gold grains have formed alongside the salvages of a pyrrhotite-quartz vein.

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Cautionary Note Regarding Forward-Looking Statements

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the terms and conditions of the Arrangement, timing for the hearing for the final order of the Supreme Court of British Columbia to approve the Arrangement and the timing and ability of Gold Line to complete the Arrangement. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Gold Line’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Gold Line believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Gold Line. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain necessary approvals in respect of the Arrangement, the ability to consummate the Arrangement,; the ability to obtain requisite court approvals and the satisfaction of other conditions to the consummation of the Arrangement on the proposed terms and schedule; the potential impact on exploration activities; the potential impact of the announcement or consummation of the Arrangement on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the Arrangement; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Arrangement. This forward-looking information may be affected by risks and uncertainties in the business of Gold Line and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Gold Line with the Canadian securities regulators, including Gold Line’s financial statements and related management’s discussion and analysis for the financial year ended December 31, 2022 and its interim financial reports and related management’s discussion and analysis for the period ended September 30, 2023 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Gold Line has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.