Sky Metals advances Tallebung Project with $17.6M cash
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- Sky Metals completed over 500 drill holes at its Tallebung Project and retained $17.6 million in cash during the June quarter.
- The company spent $2.9 million on exploration, while its share price fell 1.30% following the market update.
- Sky Metals stated that its cash position will support upcoming pre-feasibility studies at Tallebung and planned drilling at Doradilla.
Sky Metals (ASX:SKY) completed over 500 drill holes at its Tallebung Project while finishing the June quarter with $17.6 million in cash.
The expanded drilling programme significantly scaled up geological data from 115 previous holes to support an upcoming pre-feasibility study.
Shallow, high-grade results from the campaign included an intersection of 23m at 1.14% tin from a depth of 19m.
The company also entered the environmental impact statement phase after submitting a scoping report to New South Wales regulators.
To focus resources on core sites, Sky Metals optioned its non-core Iron Duke Project to Locksley Resources (ASX:LKY) for up to $1.1 million.
Sky Metals stated that its current capital will support further exploration across its broader portfolio, including upcoming drilling at the Doradilla Tin Project.
Following the announcement, the Sky Metals share price was down at $0.076.
