Conico sets rigs spinning at Greenland project
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Conico (ASX:CNJ), via subsidiary Longland Resources, started drilling at the Ryberg project in Greenland yesterday, with three drill rigs on site operating 24 hours a day.
The drill program will consist of a minimum of 5,000m to a maximum of 10,000m, with the first target being a series of electromagnetic (EM) anomalies identified by surveys conducted in 2017 and 2020.
All rigs are at the Miki Prospect where the EM anomalies range from between 80-200m from surface and are prospective for magmatic sulphides.
Notably, previous surface sampling in the area returned up to 2.2% copper, 0.8% nickel, 0.1% cobalt, 3.3g/t palladium and 0.2g/t gold.
Conico aims to determine whether a concentration of similar mineralisation exists at depth.
Conico director Guy Le Page said the company acquired Longland Resources “in anticipation of this moment.”
“This drill program is the first to occur at the Ryberg Project and the potential is truly vast,” he said.
“We have a first mover advantage that has allowed us to accumulate a land package in excess of 4,500km2, all of which have the geological hallmarks that are prerequisite to discover magmatic sulphides.
“Previous years’ exploration has highlighted the Miki Prospect as a priority target, particularly multiple EM surveys that have independently identified conductive anomalies that are now the subject of drilling.”
The company has the option to keep all drilling equipment on site in preparation for the recommencement of drilling in 2022.
A heli-borne aeromagnetic geophysical survey has also commenced and will be flying the entire Ryberg Project area at 200m line spacing.
The total survey distance is in excess of 24,000-line km and Conico expects it will return significant new insights into the project area.
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.