SKY Metals (ASX:SKY) share price jumps on copper update

The SKY Metals Ltd (ASX: SKY) share price was up 3.4% today after the company noted copper sulphides in its latest exploration update.

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Record copper price ASX shares A happy minner does the thumbs up in front of an open pit copper mine, indicating a surging share price in ASX mining shares

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The SKY Metals Ltd (ASX: SKY) share price was up today after the company noted copper sulphides in its latest exploration update.

SKY Metals shares were trading 3.4% higher at 15 cents per share at the close of trade. 

Let’s see what’s spearheading a minor recovery in the SKY Metals share price today.

SKY Metals’ wide copper sulphides

SKY Metals reported exploration updates for three separate New South Wales drill projects today, all with ostensibly solid results.

The company has intersected wide zones of copper sulphides in its maiden reverse circulation drilling operations at its Iron Duke project. Iron Duke is a copper-gold project. 

The copper price is currently barnstorming near its all-time highs, so copper sulphides may have a positive impact on the SKY Metals share price. SKY Metals has submitted the samples from its Iron Duke project and is currently awaiting full assay results to discover whether its found any high-grade results.

The company clearly has faith in its Iron Duke project, however, as it’s already secured a diamond drilling rig from a contractor that’s due to start within two weeks.

The company also reported results from its Galwadgere project, another copper and gold mine.

SKY Metals currently has resource modelling underway for the Galwadgere deposit, but drill core re-sampling from its historic Galwadgere diamond drill holes has delivered “wide copper-gold results”.

The company reported  27.8 metres of 0.5% copper & 0.07g/t of gold from 175 metres deep.

Meanwhile, its Cullarin gold, lead and zinc mine has revealed “further strong zones of gold-lead-zinc” according to the company. SKY Metals is reporting nine metres of 0.57g/t gold, 0.31% copper, and 4.55% lead and zinc from 136 metres deep.

Sky Metals share price snapshot

The Sky Metals share price had barely nudged above four cents in the entire previous decade until 2020 when it tripled in four months between January and April last year.

It’s since fallen back off those highs and has been steady around the 15 cent mark in 2021. Overall, it’s down more than 50% in the past 12 months.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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