Conico eyes neighbours as it preps Mt Thirsty drilling
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Conico is scheduled to start drilling in early August at the Mt Thirsty joint venture project near Norseman, Western Australia, after securing all relevant approvals.
The company has contracted a multipurpose diamond and reverse circulation rig for the maiden 5,000m program, which has been approved by the Department of Mines, Industry Regulation and Safety to test platinum group element and lithium-caesium-tantalum targets.
An updated Heritage Agreement has also been signed with the local Ngadju people while the heritage survey was completed late last week.
Conico (ASX:CNJ) is keen to find out just what is present as the project as its northern tenement boundary is less than 200m from Galileo Mining’s recent Callisto palladium-platinum-gold-copper-nickel discovery.
This prospective mineralised horizon remains untested with a further 1.5km extending south into the Mt Thirsty tenure.
The multi-disciplinary target generation process is nearing completion, with further updates to follow.
“The joint venture partners are looking forward to commencing exploration targeting PGE and LCT mineralisation in early-August,” executive director Guy Le Page said.
“We would also like to acknowledge the Ngadju who have continued to be a supportive partner, proactively working with the joint venture partners to execute an updated heritage agreement and undertake a heritage survey with limited notice.
“With the multidisciplinary drill target generation process now nearing completion, and targets being ranked and prioritised, we are excited to be testing the full potential of Mt Thirsty.”
Galileo’s recent discovery returned assays such as 33m grading 2 grams per tonne (g/t) 3E (1.64g/t palladium, 0.28g/t platinum and 0.09g/t gold), 0.32% copper and 0.3% nickel which indicates extensive mineralisation at the Callisto discovery.
Initial appraisal has indicated that this find has similarities in mineralisation style to the very large Platreef deposits on the northern limb of the Bushveld Complex in South Africa.
Conico noted that despite extensive over the existing Mt Thirsty resource area, the prospective eastern margin remains largely untested.
Additionally, just 3.5% of all holes drilled at the project have been deeper than 100m while the Calisto discovery hole intersected mineralisation from 144m down-hole.
The Mt Thirsty JV is also undertaking a detailed geological review assessing the western margin of the Mt Thirsty licences for LCT potential as historical drilling and mapping had documented the presence of pegmatites.
This article was developed in collaboration with Conico, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.