- The first drill hole at Conico’s (CNJ) Greenland project, Ryberg, has hit significant sulphide mineralisation
- The company found the sulphide mineralisation at a depth starting at 117 metres at the multi-element project
- Conico says the drilling core will be processed and analysed as soon as possible
- The second drill hole is nearly completed and rigs have been moved to holes three and four
- On the market, Conico is up 44.1 per cent and is trading at 4.9 cents at 1:27 pm AEST
Conico (CNJ) and its subsidiary Longland Resources’ first drill hole, MIDD001, has hit significant sulphide mineralisation at the Ryberg Project in Greenland.
The drill-hole identified a sequence of highly altered gneiss intruded by mafic rock that contains zones of intense sulphide mineralisation, commencing at a depth of 117 metres.
The sulphides are present in semi-massive, matrix, vein and disseminated forms.
Initial investigations show that mineralisation mostly includes pyrrhotite
and pentlandite, as well as minor chalcopyrite which is a typical magmatic sulphide assemblage.
Notably, these results are preliminary as no drill core has been sent for analysis.
Earlier geochemical analysis identified samples rich in copper, palladium, gold and also nickel, cobalt and platinum.
Longland CEO Thomas Abraham-James is pleased with the result of the first-ever drill hole.
“I would like to start by saying thank you to the shareholders and directors of
Conico for putting their faith in Longland Resources when it acquired the company last year,” Mr Abraham-James said.
“We are a greenfields exploration company in a location far from Australia, they saw what I did in the potential of our Greenland assets. I take tremendous satisfaction in the first ever drill-hole to occur at Ryberg encountering
significant sulphide mineralisation.”
The second drill-hole MIDD002 is nearly completed and rigs have arrived at holes MIDD003 and MIDD004.
On the market, Conico was up 44.1 per cent and is trading at 4.9 cents at 1:27 pm AEST.