- Conico (CNJ) intersects multiple lenses of massive sulphides in the first hole drilled at the Cascata Prospect, within the Ryberg project in Greenland
- The prospect was identified at the end of august and is interpreted as a volcanogenic massive sulphide occurrence
- Results from the drill core are pending however Executive Director Guy Le Page said the massive sulphide encountered is very encouraging
- Conico has completed the season at Ryberg with three drill rigs stored on site for the 2022 season
- Shares have been trading 3.5 per cent lower at 5.5 cents at 10:02 am AEST
Conico (CNJ) has intersected multiple lenses of massive sulphides in the first hole drilled at the Cascata Prospect, within the Ryberg project in Greenland.
The company identified the prospect at the end of August, interpreting it as a likely volcanogenic massive sulphide (VMS).
Drilling was conducted on the upper end of the stratigraphy with the first drill hole terminated at 407 metres downhole after going through a reported 275 metres of volcanic-sedimentary units and ending in gabbro.
CNJ said the gabbro is layered and extends laterally and vertically which is said to represent a newly discovered layered mafic intrusion prospective for precious and base metals.
While the core from the drill hole is in the process of being logged, Executive Director Guy Le Page said the massive sulphide encountered is very encouraging and justifies the company’s interpretation that Cascata is a VMS occurrence.
Conico has now completed the field season at Ryberg, with core from a drillhole at the Miki prospect also in the process of being logged.
The company said all up, the season was successful in identifying visible sulphide mineralisation at each locality, with assay results pending and expected to be released in the fourth quarter of 2021.
A longer field season was expected however CNJ said late arrival of equipment hindered progress, as did poor weather conditions brought on by a hurricane.
Drill rigs have been stored on site in preparation of an early commencement of the 2022 program. Conico said access to the region in April is possible, and mobilisation and accommodation options are being assessed.
Once results from the 2021 season have been received, the company plans to consider ancillary activities to complement further drilling campaigns.
Shares were trading 3.5 per cent lower at 5.5 cents at 10:02 am AEST