Option To Purchase Close To Finalisation
Sky Metals Limited (ASX:SKY) has intersected promising mineralisation at the Galwadgere Copper-Gold Project near Wellington in NSW.
The company has enacted a programme of RC percussion and diamond drilling to test the strike and depth extent of the Galwadgere copper- gold deposit, with seven holes completed to date.
CEO Mark Arundell said drillholes have intersected very encouraging widths of copper sulphide mineralisation (chalcopyrite), pyrite, quartz veining and associated alteration. Assay results for the first two drillholes GARC001 and GARC002 have been received. Two zones of high- grade copper-gold mineralisation have been intersected in GARC002 within a wide zone of copper-gold mineralisation:
- Hole GARC002: 53m @ 0.55 % copper, 0.75 g/t gold from 142m including 6m @ 1.04 % copper, 2.15 g/t gold from 142m and, 5m @ 1.98 % copper, 3.91 g/t gold from 183m
- Hole GAL008: 47m @ 0.90% Cu & 1.58g/t Au from 122m including, 8m @ 4.93 g/t gold from 172m
Drillhole GARC002 intersected a zone of copper sulphide (chalcopyrite), pyrite and quartz veining between 140 and 190m. Two zones (140-150m & 180-190m) of very strong chalcopyrite/pyrite and quartz veining were noted in logging and these correlate well with the reported high grade copper-gold intervals.
Drillhole GARC001 (150m) did not reach the planned target depth of 200m due to excessive drillhole deviation. No significant mineralisation was reported but encouraging sulphide (pyrite) mineralisation and alteration was noted which is thought to indicate potential for copper-gold mineralisation at greater depth. GARC001 was thus re-drilled as diamond hole GAD001 where intervals of copper sulphide mineralisation were noted between 160-180m depth confirming the observations made in GARC001.
Promising intervals of visual copper sulphide mineralisation have also been observed in the logging of diamond drillholes GARC004D and GARC005D. Samples from these drillholes, as well as GAD001, have been submitted for analysis. Logging and sampling of drillholes GAD002 & GAD002A is currently in progress.
“Results from drillhole GARC002 are considered both very exciting and extremely encouraging,” Mr Arundell said.
“The copper sulphide mineralisation and veining encountered in both the RC and diamond drillholes provides Sky with great confidence in the potential of the Galwadgere Copper-Gold project.