Conico, Greenstone line up rig to test for Creasy’s intriguing PGM find

Conico has locked in a drill rig to test for extensions to the exciting third-party Callisto palladium and platinum discovery immediately to the north of its Mt Thirsty joint venture.

Mark Creasy-linked Galileo Mining had struck an intriguing 33m intersection grading 2 grams per tonne 3E (palladium, platinum and gold) just 200m from the northern tenement boundary in May.

Conico (ASX:CNJ) and partner Greenstone Resources (ASX:GSR) were quick to pick up the discovery with an initial review suggesting that they are well placed to follow up on the find.

The review of geology and geophysics confirmed that the prospective mineralised horizon continues for a further 1.5km into the JV’s tenure.

The JV has now appointed an independent team of multidisciplinary technical experts to support the target generation process and provide the best chance of defining projects along strike extensions to Callisto.

A multipurpose diamond and reverse circulation drill rig has also been confirmed for the maiden 5,000m program.

The multidisciplinary geological review targeting analogues to the famous Platreef deposits of South Africa’s Bushveld is expected to be completed in early July while approval of the Program of Work applications submitted with the Department of Mines, Industry Regulation and Safety are anticipated within the next two to four weeks.

Notification of ground disturbing activities has been submitted with Ngadju, and heritage approval is expected in July while drilling is expected to start in late July.

Big PGM potential

Galileo’s discovery of PGMs is exciting as an initial appraisal has indicated similarities in mineralisation style to the giant Platreef deposits on the northern limb of the Bushveld Complex in South Africa.

That this is located just over the tenement boundary is just cake for Conico and Greenstone as it provides them with a great idea of what is present and where to target its exploration.

And that is not all Mt Thirsty holds.

Extensive drilling has resulted in the definition of an Inferred and Indicated resource of 26.9Mt grading 0.126% cobalt and 0.54% nickel.

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.