Conico receives green light to start Greenland exploration
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Conico could soon test its theory that Nova-Bollinger style mineralisation is present at its Ryberg project after securing Greenland approval for field activities.
With full approval for all activities at the Ryberg and Mestersvig projects granted by the Ministry of Mineral Resources, the company can proceed with drilling and other activity from May.
The significance for Conico (ASX:CNJ) is potentially massive given that mineralisation at Ryberg has been likened to the famous, large-scale Nova-Bollinger magmatic sulphide deposit in Western Australia’s southwest.
However, there is one significant difference, and it is a big one.
The mineralisation at Ryberg begins at surface with no soil profile or anything obscuring it, which could substantially reduce development costs.
“This is a very big year for us, the news flow will be significant and a very exciting time for the company and our shareholders,” chief executive officer Thomas Abraham-James said.
“We will be conducting a maiden drill program at the Ryberg project which has outstanding potential for in-demand battery and precious metals, while also gathering high-resolution magnetic survey data across the entirety of the Ryberg and Mestersvig Projects.”
Conico plans to kick off diamond drilling at both the Miki and Sortekap prospects and a high-resolution aeromagnetic survey across the entire 4,500sqkm Ryberg project.
Drilling at Miki will follow-up on surface geochemistry that returns grades up to 2.2 per cent copper, 0.8 per cent nickel, 0.1 per cent cobalt, 3.3 grams per tonne (g/t) palladium and 0.2g/t gold.
It will test conductors that were identified from two electromagnetic surveys that were acquired in 2017 and 2020.
Meanwhile, drilling at the Sortekap prospect will follow up on surface geochemistry of up to 2.7g/t gold and 0.33 per cent nickel as well as an induced polarisation anomaly that was identified last year.
At the Mestersvig project, the company will carry out a licence-wide high-resolution aeromagnetic survey and sample for rare earth elements and base metal sulphide bearing rocks.
The project is located on Greenland’s east coast and contains the historical Blyklippen mine that produced 545,000t of ore grading 9.3 per cent lead and 9.9 per cent zinc between 1956 to 1962.
There are multiple mineralised occurrences that remain untested by drilling, and 13km of untested strike length that extends from the mine.
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.