After a major metal discovery only 200m from its fence line, junior explorer Conico will embark on a 5000m diamond and RC drilling program at the company’s Mt Thirsty project 16km north-northwest of Norseman in WA in search of platinum group metals and lithium.
With all relevant approvals in order and target generation nearing completion, the maiden program is set to kick off early next month.
The state regulator has approved up to 10,000m of drilling and Conico has secured a large multipurpose rig capable of RC and diamond drilling to work around the clock.
Further details of initial drill targets and priorities are expected next week, along with the beginning of site access works and drill pad preparation.
Conico Executive Director, Guy Le Page said: “With the multidisciplinary drill target generation process now nearing completion, and targets being ranked and prioritised, we are excited to be testing the full potential of Mt Thirsty.”
Mt Thirsty is a 50-50 joint venture project between Conico and operator Greenstone Resources. In 2020, a pre-feasibility study was tabled, assessing the production of a mixed sulphide product to supply the battery industry from the project’s total resource of 26.9 million tonnes at 0.126 per cent cobalt and 0.54 per cent nickel.
Amid the fast-approaching green revolution and boiling geopolitical tensions, prices for battery metals reached a fever pitch earlier this year, delivering a taste of turbocharged economics for the venture.
Whilst prices appear to have returned to normal, ASX-listed Galileo Mining recently discovered a cache of platinum group metals only 200m from Mt Thirsty’s northern tenement boundary and Conico believes it could present another lucrative opportunity within its ground.
The explorer’s geological review indicates a further 1.5km of its neighbour’s prospective mineralised horizon may extend into its ground and notes only a small percentage of holes at Mt Thirsty penetrate beneath 100m, whilst Galileo made its discovery at 144m downhole.
In early May, Galileo reported its discovery hole returned 33m going 2.0 grams per tonne 3E – meaning palladium, platinum and gold – with assays showing 1.64g/t palladium, 0.28g/t platinum, 0.09g/t gold from 144m.
Notably, the broad intersection contained a high-grade interval of 1m running 3.21 g/t 3E — with assays showing 2.66 g/t palladium, 0.41 g/t platinum and 0.11 g/t gold.
Just last week Galileo continued its hot streak, reporting it had achieved its highest-grade assays from the new discovery so far with another 1m hit going a whopping 10.46 g/t 3E — consisting of 8.25 g/t palladium, 1.94 g/t platinum and 0.26 g/t gold from 170m.
In addition to its search for its share of platinum group metals, Conico and Greenstone are undertaking a geological review targeting lithium along the western margin of the project. The move is again inspired by Galileo collecting rock samples going up to 2.3 per cent lithium oxide just 150m to the west.
With Conico’s maiden program soon to begin, interest is sure to be mounting in what the explorer’s efforts can match those of its headline-grabbing neighbour.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
11 Nov 2024
25 Jul 2024
