18/08/2021 - 15:45

Conico adds massive magnetite to Greenland portfolio

18/08/2021 - 15:45


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Conico has hit an impressive 70 metres of magnetite in its first hole at the Sortekap prospect and racked up more sulphide intercepts at the Miki prospect within the Ryberg project in Greenland. A regional airborne geophysical survey has also been completed and the company continues to reveal a bounty of targets and plans to keep the drill rods spinning.

Conico has motored on with its drilling program at its 100 per cent owned Ryberg project in Greenland which is unlocking a treasure trove of complex and prospective geology. Its first hole at the Sortekap Archean greenstone-hosted gold-nickel prospect hit a whopping 70 metres of massive magnetite and numerous intervals of disseminated, vein-hosted and massive sulphides. 

The ASX-listed company said copper sulphide mineralisation has also been intersected in the latest hole at the Miki magmatic sulphide prospect and it has completed its regional geophysics survey of the entire Ryberg project area which revealed some promising preliminary targets.

The first hole at the Sortekap orogenic gold-nickel prospect in the northern portion of the Ryberg project area has been completed in quick time. The hole was targeting a structure interpreted from chargeability anomalies in an induced polarisation geophysical survey.  Sulphides were encountered at a bevy of depths and Conico believes the geophysical anomaly was satisfied by the presence of sulphide mineralisation at the target depth.

The hole unearthed eye-watering intervals of magnetite including 12.7m containing 80 per cent magnetite from 180.7m downhole and an impressive 58.1m comprising 5 per cent disseminated sulphide in addition to 80 per cent magnetite. The company interpret the magnetite to result from hydrothermal alteration overprinting serpentinised ultramafic rock.

The early results from the first hole into the prospect have undoubtedly raised expectation levels with the team now eagerly anticipating what other grab bag of goodies may be uncovered.

Chief Executive Officer of Conico’s wholly owned subsidiary Longland, Thomas Abraham-James, said: “The find at Sortekap is significant, we are seeing multiple styles of mineralisation all in one drill hole.”

Conico’s drilling program seems to be gathering momentum with the rods already spinning at the next hole, located 350m to the south.  Two additional holes are planned to test the down-dip extension of the geophysical anomaly, which the company believes represents sulphide mineralisation. The drill holes also take aim at Archean greenstone amphibolite known to host gold veins as the company follows up on surface sampling that returned an impressive 2.7 grams per tonne gold.

Mr Abraham-James said: “The IP survey coupled with surface geochemistry has successfully guided us to a very prospective location”.

The Miki magmatic sulphide prospect is located within the southern portion of the Ryberg project area where the company is chasing targets defined by geophysical conductors from modelling of electromagnetic surveys.

The latest drill hole successfully intersected the mafic Miki fjord dyke with preliminary investigations finding copper sulphides as blebs and in veins.  Interestingly, the veins are associated with quartz-carbonate and the company believes the chalcopyrite to be hydrothermally mobilised.

Conico has extended its 100 per cent strike rate at Miki with sulphides being intersected in all the holes drilled there so far. The rods are already spinning on the next hole, located about 800m to the north-north-east with the follow up hole targeting sulphide mineralisation in the Miki fjord dyke. The company says information from these last two holes in the current drill program will assist in understanding the orientation of the dyke and aid in planning future drill holes.

The regional heliborne geophysics survey recently completed producing preliminary findings that point to significant magnetism at Sortekap and Pyramiden.  The combined area of interest covers 75 square kilometres and the company believes it to be highly prospective for additional sulphide and magnetite mineralisation.

The company said regional survey indicated that Sortekap and Pyramiden produced the most magnetic readings of all the Ryberg project area.

Pyramiden, located about 13 kilometres southeast of Sortekap, comprises Archean metamorphic rocks overlain by marine shales that have been intruded by mafic sills.

Conico field staff are hot on the trail of the magnetic high, already getting boots on the ground at Pyramiden and finding iron oxide at surface.  Plans are afoot to also fire up the drill rig there this field season.


Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au


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