- Sky Metals (SKY) acquires the Galwadgere project in NSW
- SKY issued six million shares to ASX-listed Alkane (ALK) and completed $250,000 in-ground expenditure within 18 months to finalise the acquisition
- Galwadgere’s maiden JORC-2012 inferred resource sits at 3.6 mega-tonnes at 0.82 per cent copper and 0.27 grams of gold per tonne
- Soil sampling has identified multiple copper-gold future drill targets along strike and within three kilometres of the Galwadgere Resource
- By close of market on Tuesday, July 7, shares had dipped 4.55 per cent to trade at 10.5 cents
Sky Metals (SKY) has completed the acquisition of the Galwadgere project in NSW.
The project is located in the Central West of New South Wales and has been explored over a period of more than fifty years by a number of companies, most recently fellow ASX-lister Alkane Resources (ALK).
Galwadgere hosts several targets including the Galwadgere copper-gold deposit and the McDowells & Christies prospects.
SKY acquired an option to purchase the project in August 2020, through an agreement with Alkane, and once granted, began work at the project.
Since then, the company has issued 6 million fully paid ordinary shares following $250,000 in-ground expenditure within 18 months, completing the acquisition.
SKY completed reverse circulation and diamond drilling to validate the historic results at the Galwadgere deposit, and begin to explore for extensions to the mineralisation, as well as evaluate the other nearby copper-gold targets.
In a statement, SKY announced it had engaged H&S Consultants to prepare a mineral resource estimate for the Galwadgere Target, compiling data from drilling completed by SKY in 2020 and previous drilling completed by Alkane and other past explorers.
The company reported a JORC 2012 inferred resource of 3.6 mega-tonnes at 0.82 per cent copper and 0.27 grams of gold per tonne.
Additionally, soil sampling undertaken along strike from the Galwadgere resource has identified two copper-gold, multi-element pathfinder soil anomalies.
The northern soil sampling program over the McDowell’s mine and line of workings has delineated an adjacent soil anomaly which is coincident with several historic mine shafts with copper carbonate bearing rocks discovered near these workings.
Soil sampling south of the Galwadgere Target has identified another soil anomaly which SKY said appears similar in tenor to the anomaly identified at the McDowell’s mine.
These anomalies are said to be within three kilometres of the Galwadgere resource, which SKY said provides strong support for expanding the copper-gold resource at Galwadgere with exploration along strike.
Looking ahead, the company said these anomalies are priority drill targets.
By close of market on Tuesday, July 7, shares had dipped 4.55 per cent to trade at 10.5 cents.