- Conico (CNJ) begins drilling and magnetic geophysical surveys at the Ryberg Project in Greenland
- Work began on July 19 with three diamond rigs currently onsite drilling 24 hours a day
- The primary focus is a series of electromagnetic anomalies at the Miki Prospect identified in surveys undertaken in 2017 and 2020
- A heli-borne aeromagnetic geophysical survey has also begun and will be flown over the entire Ryberg Project to give insight into the project area
- Shares in Conico are up 5.56 per cent and are trading at 3.8 cents at 2:30 pm AEST
Conico (CNJ) has begun drilling and magnetic geophysical surveys at the Ryberg Project in Greenland.
The Ryberg Project lies on the east coast of Greenland and covers an area of 4500 square kilometres.
While it is underexplored, geochemical analysis has identified samples that are rich in copper, gold, nickel, palladium, cobalt and platinum.
Work began on July 19 with three diamond rigs currently onsite drilling 24 hours a day.
The first focus is a series of electromagnetic (EM) anomalies at the Miki Prospect identified in surveys undertaken in 2017 and 2020.
The anomalies are at depths ranging from 80 metres to 200 metres and are prospective for magmatic sulphides.
Previous work in the area has identified up to 2.2 per cent copper, 0.8 per cent nickel, 0.1 per cent cobalt, 3.3 grams of palladium per tonne (g/t) and 0.2 g/t gold.
The aim of this drilling is to determine whether similar grades and concentration exists at depth.
Additionally, a heli-borne aeromagnetic geophysical survey has also begun and will be flown over the entire Ryberg Project to give insight into the project area.
Director Guy Le Page said Conico was ready to begin drilling and the company was anticipating promising results.
“This drill program is the first to occur at the Ryberg Project and the potential is truly vast,” Mr Le Page said.
“Previous years’ exploration has highlighted the Miki Prospect as a priority target, particularly multiple EM surveys that have independently identified conductive anomalies that are now the subject of drilling.”
Shares in Conico were up 5.56 per cent, trading at 3.8 cents at 2:30 pm AEST.