Sky awaits next gold assays after first follow-up hole underwhelms

SKY Metals has had a ‘technical success’ result from drilling at its Cullarin project near Goulburn in New South Wales, with the diamond core campaign in progress having “enabled Sky’s geological team to rapidly determine the controls on high grade mineralisation” intersected recently at the Hume target.
Sky awaits next gold assays after first follow-up hole underwhelms Sky awaits next gold assays after first follow-up hole underwhelms Sky awaits next gold assays after first follow-up hole underwhelms Sky awaits next gold assays after first follow-up hole underwhelms Sky awaits next gold assays after first follow-up hole underwhelms

Sky Metals' Cullarin gold project in New South Wales

The technical success came as the company reported today an assay from the first follow up hole at the Hume prospect of 20m grading 0.95 grams per tonne from 37m, including 7.3m at 2.08gpt gold.

"The scale of alteration and mineralisation observed is significant and Sky greatly anticipates the next round of assays," the ASX-listed junior said today.

Market interest in Norm Seckold-backed Sky took off in February when the company reported 93m grading 4.24gpt gold from 56m at the Hume prospect.

The company subsequently raised A$10.5 million in new equity later that month when it issued shares priced at 22c each.

Shares in Sky fell more than 24% to 31c in late trade, capitalising the company at $94 million. The stock hit an all-time high of 43.5c on Wednesday last week.

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