Sky Metals Limited (ASX: SKY) has announced outstanding results from a program of re-sampling of historic diamond core holes from the Hume Target within its Cullarin Gold Project near Goulburn in NSW.
The company announced that the re-sampling of historic drillholes from the Hume Target produced excellent results.
Significant results include 134.1m @ 1.10 g/t gold from 25.9m including, 12m @ 3.96 g/t gold from 32m including, 4m @ 7.15 g/t gold from 32m; and 135.8m @ 0.73 g/t gold from 23.8m including, 7m @ 5.14 g/t gold from 23.8m.
SKY reported that the RC drill testing of new soil gold anomalies at Cullarin has commenced, and the diamond core drilling of high-grade Hume gold target is anticipated to commence next week.
The company said that the sampling of historic drillcore from the Breadalbane Mine soil target in progress. SKY reported that a new soil gold anomaly has been defined at Hume West.
Cullarin project
The Cullarin Gold Project is located 25km west of Goulburn in central New South Wales.
The area comprises volcanosedimentary rocks of the Silurian Campbells Group and is considered prospective for a range of gold-copper-zinc mineralisation types. SKY’s earning in the project is 80%.
Highlight, ‘McPhillamys-style’ gold results from previous drilling at the Cullarin Project include 148.4m @ 0.97 g/t Au (WL31) including 14.6m @ 5.1 g/t Au from 16.2m, & 142.1m @ 0.89 g/t Au (WL28) including 12m @ 4.4 g/t Au from 25.9m. The Cullarin Project contains equivalent host stratigraphy to the McPhillamys deposit with a similar geochemical, geophysical, and alteration signature.
Hume prospect
The Hume Prospect is located at the southern end of the Cullarin Project tenement (EL7954). Previous exploration in this area has focussed on VHMS base-metal mineralisation. SKY, however, is targeting ‘McPhillamy’s Style’ gold mineralisation within the same rock sequence, but at a slighter lower stratigraphic level.
Re-sampling of historic diamond core holes
Sky Metals had recently commenced the re-sampling of historic diamond core holes from the Hume Target within the Cullarin project. These historic diamond core holes were stored at the NSW Government drillcore library.
The company said that a total of nine historic drillholes completed by previous explorers and located between HUD002 and HUD008 was logged and sampled. SKY’s sampling is the first time that these holes have been sampled by a consistent method.
Sky Metals has now reported the assay results from the first two holes of this program (WL28 & WL31). Assay results from the other seven drillholes are currently pending.
Outstanding results reported
SKY announced that high-grade results were reported from the first two holes of the program of re-sampling of historic diamond core holes.
Significant intersections include Hole WL28: 134.1m @ 1.10 g/t gold from 25.9m including, 12m @ 3.96 g/t gold from 32m including, 4m @ 7.15 g/t gold from 32m; and Hole WL31: 135.8m @ 0.73 g/t gold from 23.8m including, 7m @ 5.14 g/t gold from 23.8m.
The company said that both WL28 and WL31 are interpreted to have intersected the Hume high grade target at shallow depth and thus the results received are considered a strong validation of the current structural model.
Both drillholes intersected a zone of intense silica alteration with matrix base metal mineralisation at 30-40m downhole depth which is interpreted to represent the Hume high grade target. The company said that stringer base metal sulphide veins are present through the rest of the drillholes with associated lower grade gold mineralisation.
Sampling of historic drillcore from Breadalbane Mine target
SKY announced that a gold soil anomaly was identified to the northwest of the Hume Target proximal to the Breadalbane Iron Mine. The company said that a multielement soil anomaly covering an area of 500m x 400m peripheral occurs associated with a distinct magnetic high co-incident with the iron mine.
Sky Metals said that six diamond drillholes at the Breadalbane Iron Mine (B1 Prospect) completed in the 1970s and 1980s have been located at the NSW Government Core Library that cover this soil anomaly but have previously received very limited assaying for gold.
The company said that the logging and sampling of these drillholes is currently in progress.
New soil gold anomaly at Hume West
Sky said that a program of soil sampling (Hume West) was recently completed to the south and west of the Hume Target to evaluate the southern strike extent of the Hume mineralisation intersected in HUD008.
The company said that the assay results from these samples indicate a coherent gold plus multi-element pathfinder anomaly with a strike length of +400m and a width of 50m.
SKY said that negotiations are currently being undertaken to drill test this anomaly.
Updates and next steps
SKY said that a program of RC percussion drilling to test the Hume North soil anomaly commenced this week. The company said that a program of six 200m holes has been proposed as an initial test of the soil anomaly.
SKY reported that a program of diamond drilling to test the strike and depth extent of the Hume high grade gold target is scheduled to commence early next week. The company said that a drill rig has been mobilised and is expected to arrive on site this weekend. SKY said that a program of four to five 200-250m drillholes has been proposed as an initial test of the high-grade target.
Management comments
SKY CEO Mark Arundell said: “Resampling of historic drillcore has confirmed the potential of the Hume Target high grade target to host exceptional gold mineralisation.
In addition, the multi-rig drill program at Cullarin has commenced, with RC drilling of new gold targets underway, and diamond drill testing of the Hume target commencing next week. “