Sky Metals Limited (ASX: SKY) has exercised the option to acquire the Iron Duke project from Balmain Minerals Pty Limited. With the issuing of 6,841,294 shares and 781,862 options at A$0.064 each, the company will acquire 100% of the issued capital in Balmain Minerals.
“While SKY remains focused on exciting developments at the Tallebung tin project and continues to work towards mine scoping studies…, the purchase of 100% of the Iron Duke project brings additional valuable exposure to copper-gold into SKY’s existing copper-gold portfolio,” commented SKY CEO, Oliver Davies.
“SKY plans to build on the existing copper-gold resources and test the numerous undrilled copper-gold mine workings at the Iron Duke Project in due course.”
The Iron Duke project is located in New South Wales (NSW), Australia, with multiple undrilled historic workings and has historical drilling results including:
- KIDRC003: 31m @1.13% Cu and 0.96g/t Au from 34m
- KIDRC006A: 24m @1.53% Cu and 1.55g/t Au from 49m
- KIDRC009: 13m @1.56% Cu and 4.48g/t Au from 37m
- KIDRC004: 24m @1.07% Cu and 0.24g/t Au from 32m
SKY is focused on the exploration and development of high value mineral resources in Australia and its project portfolio offers exposure to copper, gold, and tin markets in New South Wales.
SKY is currently progressing its Tallebung project, located ~70km north-west of Condobolin in central NSW. SKY has defined a maiden MRE of 10.2Mt @ 0.18% Sn and SKY plans to advance the Tallebung by increasing the resource to the 16-21Mt exploration target and continue to propel the project towards future mining.
For further information, please visit: www.skymetals.com.au
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