Conico (ASX:CNJ) shares rise after completing first hole at Mt Thirsty

• Conico (CNJ) completes the first drill hole at the Mt Thirsty project in WA which is held in an equal joint venture with Greenstone Resources (GSR)
• The hole intercepted 65 metres of disseminated sulphides, including 43 metres of disseminated sulphides in ultramafic from 190 metres downhole
• Drilling is testing potential extensions to the recent Callisto PGE discovery that Galileo Mining made 200 metres away
• Conico is expecting full assay results within the next four to six weeks
• CNJ shares are up 22.2 per cent in the green to trade at 5.5 cents and GSR is up 11.8 per cent to trade at 7.6 cents just before market close

Conico (CNJ) completed the first drill hole at the Mt Thirsty project near Norseman, Western Australia.

The Mt Thirsty Project is held in an equally-split joint venture (JV) with Greenstone Resources (GSR).

A phase one drilling program is testing for extensions to a recent platinum group element (PGE) discovery less than 200 metres from the JV’s northern tenement boundary.

Diamond drill hole MTJV001 was the first of 20 holes to be drilled as part of the
drilling campaign and was targeting mineralisation associated with the same geology hosting Galileo Mining’s recent discovery.

The hole intercepted 65 metres of disseminated sulphides, including 43 metres of disseminated sulphides in ultramafics from 190 metres downhole, three metres of heavily disseminated sulphides in sediments from 233 metres and 19 metres of sulphides in fluid altered ultramafic from 263 metres.

Mineralisation is hosted on the contact between an ultramafic sill and a sedimentary unit, which is the same as Callisto, according to Conico.

“The company is delighted to have intersected a thick continuous zone of heavily
disseminated nickel-copper sulphides in the very first hole drilled in this program,” Conico Executive Director Guy le Page said.

“Importantly, this hole is interpreted to have intercepted the same geological horizon
as that hosting the Callisto discovery, potentially extending the known strike horizon to
over 400 metres, while remaining open in all directions.”

Conico is expecting full assay results within the next four to six weeks.

The drill rig is now moving north to drill MTRC014D.

On the market, CNJ shares jumped 22.2 per cent in the green to trade at 5.5 cents and GSR was up 11.8 per cent to trade at 7.6 cents just before market close.