Conico rights issue gobbled up ahead of Greenland exploration
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More than half of the shares offered under Conico’s fully underwritten $2.49m rights issue to fund exploration at its Greenland projects and assess its Mt Thirsty project in WA have been snapped up.
Shareholders in the company subscribed for 101.8 million shares priced at 1.3c each to raise $1.32m while the remaining $1.17m worth of shares were placed with underwriters Peloton Capital.
More recently the Galileo Mining Ltd (ASX: GAL) PGM discovery at Callisto is located only 200 metres north of the Mt Thirsty Joint Venture tenement held by 50:50 by Conico Limited (ASX: CNJ) and Greenstone Resources Ltd (ASX: GSR). Mineralisation appears to strike south into this tenement.
The joint venture parties are now seeking approvals to commence a diamond drill program along strike from this discovery in June/July.
Conico (ASX:CNJ) says its 2022 field season, which is funded by the rights issue, comprises further drilling at the Ryberg nickel-copper-cobalt-PGE gold project and first drilling at the Mestersvig project on the eastern coast of Greenland.
East Greenland is relatively underexplored despite the operation of a high-grade lead-zinc mine at Blyklippen within the Mestersvig licence.
Reconnaissance exploration and geophysical surveys by Conico over the previous two field seasons and its 2021 drill program also highlighted the potential for magmatic nickel and copper sulphides, strataform copper, vein hosted zinc-lead-copper-siler mineralisation and layered intrusions that are known to host platinum group metals.
Drilling at Ryberg will begin at the Miki, Sortekap and Pyramid prospects while drilling at Mestersvig will follow down dip and along strike extensions of Blyklippen, high-grade zinc mineralisation from previous drilling at Sortebjerg and high-grade lead-copper-silver surface mineralisation identified by the company at the Nuldal prospect.
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.