Conico hopes to repeat neighbour Galileo’s PGE hit

Conico and its partner Greenstone Resources have mobilised a drill rig in a bid to follow up one of the most exciting discoveries on the ASX this year, down the road from a major palladium find by one of Australia’s most famous mining identities.

When Mark Creasy’s Galileo Mining (ASX:GLL) revealed it had struck a treasure chest of palladium and other platinum group metals at its Norseman cobalt project in May, that piqued the interest of Conico (ASX:CNJ) and Greenstone (ASX:GSR).

They own the Mt Thirsty project next door. It already boasts a sizeable nickel and cobalt resource, but drilling has largely been defined to just 100m in depth.

Conico and Greenstone have now sunk the first diamond drill hole in a 5000m program, targeting an ultramafic sill and komatiite horizon to the sediment contact associated with the Callisto PGE-copper-nickel-rhodium found at Galileo’s Callisto target just 200km north of the JV’s tenement boundary.

Drilling still charging ahead in Greenland

Conico also has its fingers on the battery metals pulse, this time in northern Europe, with drilling continuing at the Ryberg polymetallic and Mestersvig zinc-lead-copper-silver projects in Greenland.

A second drill hole at the Sortekap target aiming for gold and magmatic sulphides is ongoing with a second hole south-east of the historic Blykippen mine targeting zinc and lead.

Labour issues have seen the program reduced from 10,000m to the vicinity of 4000-5000m, but key prospects including the Miki Fjord Prospect at Ryberg will be targeted where possible.

Conico says it is reviewing its drilling contract in relation to potential breaches by the contractor that may have occurred over the course of the 2022 field season.

This article was developed in collaboration with Conico (ASX:CNJ), 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.