SKYG.v Gold Summary for Nov. 29, 2019
2019-11-29 17:52 ET - Market Summary
by Stockwatch Business Reporter
Mike England's floundering -- but not quite foundering -- gold explorer, Sky Gold Corp. (SKYG), lost one-half cent to one-half cent on 129,000 shares. The company will roll back its stock 1:10 at the open on Tuesday. Mr. England, chief executive officer, says the consolidation will improve the company's competitiveness in the marketplace, as well as its flexibility -- true, since the stock will now have room to fall. Mr. England adds that the rollback will make the stock "more attractive to a wider audience of investors," thereby resulting in a more efficient market. (He is apparently targeting investors who would scorn a half-center but leap to buy a nickel stock.)
Sky Gold's biggest problems are that it is broke and its most recent gold promotion, Clone, died on the vine a few weeks ago. The company drilled six holes this summer at Clone, in the Golden Triangle district of British Columbia, and the first two produced assays as high as 124.6 grams of gold and 5.6 grams of silver per tonne over 4.1 metres. Mr. England deemed that result very encouraging, adding that the rest of the assays would help planning and targeting for an upcoming phase 2 program this fall. The rest of the assays were unspectacular, but Mr. England said that the company would continue compilation and interpretation work, with results directed towards plans for a summer exploration program.
That compiling and interpreting has apparently directed Sky Gold to drop Clone and to focus on its Evening Star property in Nevada. The company acquired an option on that project three years ago and Mr. England dubbed it an excellent early-stage exploration project that could be worked year-round. It could, but work was sporadic, usually occurring when Clone was inaccessible. Indeed, just three months ago, Mr. England fondly referred to Clone as the company's flagship asset. With that ship now sunk, Mr. England, ever the adaptable admiral, is also seeking other exploration opportunities.
