Conico hits sulphide mineralisation with first Greenland hole
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Conico is off to a promising start at its Ryberg project in Greenland with its first-ever hole intersecting sulphide mineralisation over a 54.88m zone from 78.24m.
Sulphides are present in semi-massive, matrix, vein and disseminated forms with the most abundant zone of mineralisation containing about 4.5m of sulphide-bearing rock between 117m and 124m down-hole.
Conico (ASX:CNJ) notes that the mineralisation consists primarily of pyrrhotite and pentlandite, plus minor chalcopyrite – making it prospective for both nickel and copper sulphide.
While it is still early days, the intersection of sulphides in the first hole justifies the company’s aggressive drill program.
This program sees three rigs operating 24 hours a day to drill a minimum of 5,000m to a maximum of 10,000m.
MIDD001, which was drilled by the company’s wholly-owned subsidiary Longland Resources, was collared on the ME1 electromagnetic target within the Miki magmatic sulphide prospect.
Drill core from the hole will be processed and assayed as soon as possible.
Further drilling of the Miki prospect is currently underway with the second hole already nearing completion while rigs are preparing to drill the MIDD003 and MIDD004 holes.
The Ryberg project covers more than 4,500sqkm and is believed to host Voisey Bay/Norilsk style mineralisation.
Previous surface sampling at the Miki prospect had returned up to 2.2% copper, 0.8% nickel, 0.1% cobalt, 3.3g/t palladium and 0.2g/t gold.
Drilling is aimed at determining whether a concentration of similar mineralisation exists at depth.
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.