11/08/2021 - 15:53

Conico nails another sulphide hit in Greenland

11/08/2021 - 15:53


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ASX-listed Conico has notched up a second successive round of sulphide hits as its drilling campaign motors on at the Ryberg project in Greenland. Downhole intervals of 45 metres, 32m and 27.8m of copper sulphide mineralisation have been encountered. The company believes the mineralised system is likely to be ‘fertile’ at depth and is steaming ahead with further drilling and regional geophysics.

Outcropping sulphide mineralisation at Ryberg. Credit: File

ASX-listed Conico has continued its run of intersecting sulphide mineralisation as its drilling campaign motors on at the Ryberg project in Greenland.  The company has drilled through additional broad zones of copper sulphides in two holes that went in search of significant magnetic anomalies interpreted from the project’s maiden drill hole. Conico believes the mineralised system is likely to be ‘fertile’ at depth and is steaming ahead with further drilling at both the Miki and Sortekap prospects, along with regional geophysics of the entire Ryberg project area.

The two latest holes were collared on the glacier at the Miki magmatic sulphide prospect.  Zones of significant mineralisation comprising vein-hosted and stringers of chalcopyrite and pyrrhotite were intersected intermittently over impressive downhole intervals of 45 metres, 32m and 27.8m. Both holes targeted magnetic anomalies, which the company believes represent sulphide mineralisation.

The broadest mineralised zone was intersected from 119m to 164m downhole and contained a visual approximation of between 1 per cent and 5 per cent sulphides.  Closer to surface, a 0.75m interval contained an impressive 30 per cent sulphides.  The second hole punched out an average 5 per cent sulphide content from 35m to 67m downhole and importantly encountered mafic lithologies assumed to be from the Miki fjord dyke. 

Interestingly, this latest drill hole has thrown up hints of hydrothermal activity with chalcopyrite mineralisation associated with chlorite-altered mafic from 111m  downhole.  The company believes the mineralised system is likely to be ‘fertile’ at depth, based on mineralisation at surface and the limited drilling to date.

The rig is now located 1.5 kilometres north of the previous drilling and has commenced the last of seven planned holes at the Miki prospect.  The company designed the hole to drill from the host gneiss into the Miki fjord dyke targeting sulphide mineralisation and expects drill rates to increase now that drilling on the glacier is complete.

Conico has now confirmed  sulphide intercepts in all drill holes at the Miki prospect.  

Conico director Guy Le Page said: “We are highly encouraged by the results of the first six drill holes into the Miki prospect with every hole intersecting sulphide mineralisation.  Importantly, drilling has only taken place in a confined part of the licence area with drilling now stepping out over as much of the 50-kilometre Miki fjord dyke that can be accessed, guided by surface expressions of mineralisation.”

Drilling has also kicked off at Sortekap, and Archean greenstone-hosted gold-nickel prospect about 30km north of Miki in the northern portion of the Ryberg project.

The first hole at Sortekap is targeting a structure interpreted from chargeability anomalies in an induced polarisation geophysical survey.  Previous surface rock chip samples graded up to 2.7 grams per tonne gold and 0.3 per cent copper. An additional three holes are also on the cards as part of the planned 5,000m campaign.

Simultaneously, a heliborne regional geophysics survey is continuing over the entire project area which so far has covered approximately 65 per cent of the 4,521 square kilometre Ryberg licence area.  The combined magnetic and radiometric survey is being acquired at 200m line spacing over the project, with plans to fly higher resolution data at 100m line spacing over the Miki and Sortekap prospects. 

Conico says the survey represents the first ever regional geophysics conducted at Ryberg and anticipates the results to significantly enhance future exploration programs. The data will be reviewed by consulting geophysicist Kim Frankcombe in Perth.


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


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