Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sky Metals (SKY) is advancing diamond drilling at its Hume Target within the Cullarin Project in New South Wales
  • The drilling program is aimed at determining the controls and extensions of a high-grade gold mineralisation zone that spans more than 650 metres of strike
  • Assay results are pending for seven holes, and once these are collected, Sky will deploy another drill rig to further accelerate drilling
  • Sky Metals’ shares have slumped 23.2 per cent and are trading for 31.5 cents each

Sky Metals (SKY) has provided an update on diamond drilling at its Hume Target within the Cullarin Project in New South Wales.

The drilling program is aimed at determining the controls and extensions of high-grade gold mineralisation in its HUD002 hole.

The high-grade gold mineralisation is interpreted to be hosted by pyrite and base metal sulphides associated with intense silica-clay and sericite alteration near the Hume Fault. This favourable zone has now been recognised over a 650-metre strike length.

Drill hole HUD003, located approximately 50 metres east of HUD002, was targeted to test the up-dip extent of the mineralisation intersected in HUD002. The hole was completed at 510.4 metres, still within highly altered volcanics with sulphide mineralisation.

Additionally, HUD003 intersected an altered volcanic package from 24 metres to the end of the hole. Sulphides such as pyrite, zinc and lead are present throughout the target.

So far, assay results for between 0 and 260 metres of HUD003 have been received, with assays for the interval of 260 to 510.4 metres still pending.

“The diamond drilling program in progress at the Hume Target has enabled SKY’s geological team to rapidly determine the controls on high-grade mineralisation,” CEO Mark Arundell said.

Meanwhile, assay results for holes HUD004 to HUD009 are pending. Hole HUD010 is currently in progress and has been targeted to test the down-dip extent of the mineralisation intersected in HUD001.

The planned HUD011 hole, located roughly 325 metres north of HUD002, has been targeted to test the strike extent of the intense alteration and base metal mineralisation intersected in HUD005.

Once all assays results from the Hume program have been received, Sky will look into increasing to a multi-drill rig program to rapidly advance exploration and fully assess the potential of the Hume Target.

Sky Metals’ shares have slumped 23.2 per cent and are trading for 31.5 cents each at 12:28 pm AEST.

SKY by the numbers
More From The Market Herald
Raiden Resources (ASX:RDN) - Managing Director, Dusko Ljubojevic

" Raiden Resources (ASX:RDN) embarks on exploration in Eastern Europe

Raiden Resources (RDN) is continuing to progress its exploration strategy across the Western Tethyan portfolio of assets in Eastern Europe.
Dateline Resources (ASX:DTR) - Managing Director, Stephen Baghdadi

" Dateline Resources (ASX:DTR) completes Colosseum acquisition

Dateline Resources (DTR) has completed its acquisition of the Colosseum Gold Mine and associated permits from LAC Minerals.

" Tesoro Resources (ASX:TSO) eyes $7.3m capital raise for El Zorro

Tesoro Resources (TSO) is looking to raise $7.3 million to advance work at its El Zorro gold project in Chile.

" Investigator Resources (ASX:IVR) intersects encouraging gold and silver around Paris

Investigator Resources (IVR) has intersected encouraging gold and silver mineralisation at the Ares, Paris East and Helen East targets in Western Australia.