- Conico (CNJ) has intersected sulphides and magnetite in the first hole ever drilled at the Sortekap prospect within the Ryberg Project in Greenland
- The hole targeted a conductive anomaly and intersected zones of 5 to 10 per cent disseminated sulphides, with another hole being drilled 350 metres south
- Conico has also intersected copper sulphide mineralisation at the Miki prospect which is also part of the Ryberg Project
- The miner has also completed a survey across the project which highlighted multiple areas of interest that will be drilled in the coming weeks
- Company shares are down 8.7 per cent to trade at 6.3 cents at 1:44 pm AEST
Conico (CNJ) has received preliminary results from two holes drilled over the Sortekap and Miki prospects which are part of the Ryberg Project in Greenland.
The first hole, SODD001, is the first hole ever drilled at the Sortekap prospect and was targeting nickel sulphide mineralisation at surface.
Conico is also targeting a conductive anomaly identified during an induced polarisation (IP) survey completed last year.
This hole intersected multiple zones of interest including massive units of magnetite containing around 5 to 10 per cent disseminated sulphides — most of which is chalcopyrite (copper sulphides).
The massive magnetite begins at 121.9 metres to 236.7 metres downhole with intermittent pauses in between.
Conico’s subsidiary Longland Resources’ CEO Thomas Abraham-James commented on the initial observations.
“The find at Sortekap is significant, we are seeing multiple styles of mineralisation all in one drill-hole,” Mr Abraham-James said.
The hole was terminated at 287 metres downhole and drilling has since moved 350 metres south to drill SODD002 and re-test the IP anomaly.
Drill hole MIDD007 has been completed at the Miki prospect. It successfully intersected the Miki Fjord Dyke and zones of copper sulphide mineralisation.
Additionally, the company has completed a heli-borne magnetic-radiometric survey across the Ryberg Project which highlighted numerous areas of interest.
The combined area of interest covers around 75 square kilometres and is considered highly prospective for further sulphide and magnetite mineralisation.
Conico plans to drill the new areas of interest in the next few weeks.
Company shares were down 8.7 per cent to trade at 6.3 cents at 12:12 pm AEST.