ASX-listed Conico Limited saw its share price double in intra-day trading this week after the first drill hole at its 100 per cent owned Ryberg base and precious metals project in Greenland hit a 54.88m interval of significant sulphide mineralisation. Drilling is targeting three modelled electromagnetic plates said to be prospective for magmatic sulphides at the Miki prospect, where surface grab samples returned elevated copper, nickel, palladium, cobalt and gold.
Conico has been operating in Greenland since acquiring Longland Resources last year.
The company only recently launched into a maiden drilling blitz at Ryberg, including between 5,000m and 10,000m planned at Miki, and its Sortekap prospect about 20km away.
The three electromagnetic plates at Miki combine to collectively make up the ME1 magmatic sulphide target projected at between 80m and 200m depth.
Management says the maiden intercept at ME1, from 78.24m to 133.12m depth, hosts sulphides in semi-massive, matrix, vein and disseminated forms. A particularly rich zone of mineralisation is reported between 117m and 124m depth.
Conico says the electromagnetic plates form a U-shape that could represent sulphides accumulated along the base of a 300m-wide “chonolith” said to remain open to the west. The 7m zone of mafic rocks intersected from 117m may have hit the margin of the interpreted chonolith, management said.
Assays for the hole are due in the coming weeks.
Curiously, grab samples at Miki previously returned numerous elevated results including 2.2 per cent copper, 0.8 per cent nickel, 3.3 grams per tonne palladium 0.15 g/t gold and 0.1 per cent cobalt.
The drilling is testing for similar concentrations of mineralisation at depth.
Longland CEO Thomas Abraham-James said: “We are a greenfields exploration company in a location far from Australia … I take tremendous satisfaction in the first ever drill-hole to occur at Ryberg encountering significant sulphide mineralisation.”
Three diamond drill rigs are currently active at Miki. One hole has been completed and a further two are in progress. A total of nine holes are planned for the prospect.
Later in the season one rig will relocate to Sortekap to follow up on sampling that returned 2.7 g/t gold and 0.33 per cent nickel. The drilling at Sortekap will also test chargeability anomalies identified by induced polarisation surveys last year.
The Ryberg tenure takes in a whopping 4,500 square kilometres on the east coast of Greenland. A heli-borne aeromagnetic geophysical survey flying the entire project area is also underway.
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By Matt Birney
