Insights

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.
The post SKY Metals (ASX:SKY) share price jumps on copper update appeared first on The Motley Fool Australia. –

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

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.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

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.

The post SKY Metals (ASX:SKY) share price jumps on copper update appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!