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SKY METALS LIMITED

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Sky Metals : New Zinc Zone Confirmed Along Strike From 3KEL - Doradilla

01/16/2022 | 05:35pm EDT
11.2m @ 3.09% zinc from 144.9m including,
1m @ 6.54% zinc from 150m
3KDD013 was drilled to test for mineralisation 500m northeast along strike from the 3KEL Target.
The new zinc zone is open in all directions and represents a significant addition to the large-scale3KEL tin-polymetallictarget, mineralisation is now open along strike for over 2.5km.
Resumption of diamond drilling has been delayed due to localised flooding and will recommence as soon as conditions allow.
11.2m @ 3.09% zinc from 144.9m
3KDD013:
ASX: SKY
ASX ANNOUNCEMENT
17 January 2022
NEW Zinc zone Confirmed along strike from 3KEL - Doradilla
Assays from the first drill hole (3KDD013) of the recent drilling program have confirmed the discovery of a new zone of strong zinc sulphide mineralisation, results include:

only

use

personal

The Board of Sky Metals Limited ('SKY' or 'The Company') is pleased to provide an update on exploration activities at the 3KEL Tin-Polymetallic Target at the Doradilla Tin-Polymetallic project in NSW.

DORADILLA project: TIN- polymetallic (EL 6258, SKY 100%)

3KEL Target - Diamond Drilling

Assays have now been received for 3KDD013; the first hole drilled in the most recent drilling program at the Doradilla Project. The hole was designed to test along strike additions to the 3KEL Target to the northeast and was targeted using 3D modelling of the mineralisation in combination with the detailed magnetic survey flown by SKY in 2020 (Figures 1, 3 and 4). 3KDD013 intercepted strong zinc mineralisation, results include:

3KDD013:

ForThis mineralisation represents the discovery of a previously unknown zinc sulphide zone and extends the strike of the 3KEL Target by 500m. As a result, the 3KEL Target now has a total strike length of over 2.5km. Zinc sulphide (sphalerite) mineralisation is typical in large and zoned tin systems such as the 3KEL Target and the discovery of strong zinc mineralisation is very promising for SKY's ongoing exploration. The limits and size of the new zinc zone are unknown and it is open in all directions. SKY is planning follow up drilling to continue to expand this strong mineralisation.

SKY Exploration Manager Oliver Davies commented "These strong results demonstrate the exciting potential of this large 3KEL Target and the polymetallic nature of the mineralisation along this broad strike length. SKY is very excited by the opportunity of 3KEL to be a large multicommodity target. SKY will continue to develop this exceptional system over the coming months with a combination of diamond and RC drilling planned to quickly progress this project."

SKY METALS LIMITED

+61 2 6360 1587

207 BYNG STREET, ORANGE NSW 2800

WWW.SKYMETALS.COM.AU

ABN 46 098 952 035

personal use only

Figure 1: 3KEL Target - Cross-section showing 3KDD013 mineralisation open up dip and down dip as well as along strike with the

targeted magnetic anomaly which indicated the continuity of the 3KEL Target along strike.

The second drill hole in this program, 3KDD014, intercepted strong visual UV fluorescent, potential tin mineralisation over at Forleast a 30m interval from approximately 151-189m (Figure 2). This visual mineralisation represents an 80m extension down

dip at depth of the large 3KEL Target below 3KRCD007 - assays are anticipated to be received by SKY in the next fortnight.

Drilling has also been completed on a third hole, 3KDD015, to further extend the strike to the southwest and test under a previous high-grade tin intercept from historic aircore drilling which intercepted 42m @ 1.02% tin from 0m (3KAC020). This hole is over 200m further along strike from any previous drilling by SKY and aims to increase the established and extensive strike at 3KEL - assays are pending.

Diamond drilling to expand the strike and depth extents of the 3KEL mineralisation has been temporarily suspended due to flooding in the Project area, however, drilling will recommence as soon as conditions allow. In addition to this current program, planning for a large infill RC program has commenced, currently anticipated to begin in early March.

2

onlyuse

Figure 2: 3KEL Target - Cross section of 3KRCD007 and 3KDD014 aimed at extending mineralisation down plunge at depth.

When drilling recommences, diamond drillholes are planned to test depth extents to the high-grade tin mineralisation intercepted in 3KRC012, results include:

personal

3KRC012:

37m @ 0.31% Sn from 91m including,

1m @ 4.23% Sn & 0.20% Cu from 121m

Drillholes 3KRC005, 6 and 8 will be redrilled as these holes failed reach the target depth in the previous program due to

For

poor drilling conditions. A large diameter hole is planned to be drilled in the proximity of 3KRCD007 and 3KDD014 to provide sample for further metallurgical test work over the next few months.

3

For personal use only

Figure 3: 3KEL Target - Geological map of the 3KEL Target and drillhole collar positions and assays. Drillholes from latest drill program

are in the yellow boxes.

Table 1 - Doradilla Tin-Polymetallic Project, 3KEL Target. Collar summary for drill holes.

Hole ID

Easting

Northing

RL (m)

Dip

Azimuth

Total

Comments

(MGA)

(MGA)

(MGA)

Depth (m)

3KDD013

445302.3

6649969.1

129.2

-55

324.6

246.6

Intercepted strong Zinc mineralisation

3KDD014

444494.1

6649295.6

132.8

-60

324.6

237.7

Strong visual UV fluorescent tin minerals

3KDD015

443487.4

6648634.5

136.6

-55

323.6

222.5

Drilled under 3KAC020

Table 2 - Doradilla Tin-Polymetallic Project, 3KEL Target. Significant drillhole intersections.

Hole ID

From

To

Interval

Sn

Cu

Zn

In

Ag

Comment

(m)

(m)

(m)

%

%

%

g/t

g/t

3KDD013

144.9

156.1

11.2

0.03

-

3.09

5.97

1.11

Broad Zinc mineralisation

including

151

-

150

1

0.03

6.54

3.93

2.39

4

r personal use only

Figure 4: 3KEL Target - Schematic Long Section. Holes 3KRC005 and 3KRC008 were drilled from the same pad and both holes were abandoned before reaching the target depth.

5

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Disclaimer

Sky Metals Limited published this content on 16 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2022 22:34:03 UTC.


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