Stellar market performer Sky attracts strong backing

SKY Metals has received strong market support for its exploration targeting of another McPhillamy’s-style gold deposit at the Hume target in New South Wales, raising more than A$10 million from undisclosed investors.
Stellar market performer Sky attracts strong backing Stellar market performer Sky attracts strong backing Stellar market performer Sky attracts strong backing Stellar market performer Sky attracts strong backing Stellar market performer Sky attracts strong backing

Another McPhillamy's being targeted by Sky

Sky will issue new shares priced at 22c each totaling $10.5 million, with $473,000 being subscribed for by directors.

Sky's management has direct experience with McPhillamy's, a 2 million ounce deposit - 60.1 million tonnes grading 1.05 grams per tonne - that Regis Resources is attempting to permit and bring into development. 

Drilling by Sky last month at Hume showed geology and mineralisation consistent with a McPhillamy's target.

Follow up drilling beginning next month will entail 1500-2000m of diamond core.

Shares in Sky were up 10.5% to 26.5c in midday trade, capitalising the company at $67.5 million.

The stock has a 52-week high-low range of 36.5c-0.4c.