ASX-listed Conico Limited has discovered a new massive sulphide prospect at its Ryberg project on the east coast of mineral rich Greenland. Preliminary field investigations discovered outcropping copper and iron sulphides across a 15 square kilometre area of interest, now referred to as the Cascata prospect.
Conico interprets the Cascata mineralisation as a potential volcanogenic massive sulphide, or “VMS”, occurrence.
The company has wasted no time in getting the drill rods spinning at Cascata and has commenced ploughing the first hole into the exciting new prospect. Results also continue to pour in from Conico’s drilling blitz across two other prospects.
Two additional drill holes at the company’s Sortekap orogenic gold-nickel prospect successfully encountered sulphide-bearing quartz veins including a 7.1-metre interval of about 6 per cent sulphide mineralisation from 188.5 metres downhole.
The latest drill results from the Miki massive sulphide prospect have added further to the treasure trove of metals being unearthed with molybdenite now on the menu at Miki in addition to a cocktail of other minerals.
Conico got boots on the ground in another area of the 4,521 square kilometre Ryberg project area and traversed 6km of strike of outcropping black shale, rhyolite and volcano-sedimentary units. The company encountered altered amphibolite and oxidised sulphides at surface and mineralisation is present as pyrite, chalcopyrite and bornite in massive, semi-massive, stockwork and disseminated forms.
Chief Executive Officer of Conico’s wholly-owned subsidiary Longland Resources, Thomas Abraham-James said: “The discovery of a potential new VMS occurrence at Cascata typifies the prospectivity of Greenland. Over 6 kilometres of strike has been traversed by foot with lithologies prospective for VMS accompanied by consistent sulphide mineralisation observed, justifying immediate drilling.”
The company continues its drilling blitz across the Ryberg project area with three holes now complete at Sortekap.
The first hole dug into the highly-magnetic greenstone-hosted gold-nickel target at Sortekap in the north of the Ryberg licence area where it hit an impressive 70-metre interval of magnetite. The hole targeted a geophysical anomaly from an induced polarisation survey, which Conico believes was satisfied by the presence of sulphide mineralisation at the target depth.
The next two holes planned to test the down-dip extension of the geophysical anomaly, taking aim at gold-laden quartz veins in amphibolite host rock. The first hole successfully intersected sulphide mineralisation over multiple intervals including 7.1 metres of about 6 per cent disseminated chalcopyrite and pyrrhotite. Zones of up to 20 per cent disseminated pyrite were hit from 320 metres downhole, along with sniffs of serpentinite. The hole was extended to 356m in search of serpentinite that was also found at the bottom of the first hole.
Linking the geology in the first two Sortekap drill holes has assisted the company with interpretation as it zeroes in on a firmer understanding of the regional stratigraphy.
The third hole at Sortekap picked up encouraging hints of trace and disseminated sulphides within a 78-metre interval of prospective quartz-bearing amphibolite. In particular, pyrite, pyrrhotite and chalcopyrite were encountered in amphibolite and quartzite from 60-75m downhole.
Drilling is not letting up at Miki either where Concio is onto a multi-element magmatic sulphide prospect located in the southern portion of the Ryberg project area. Over the past month, a cluster of six holes have been plunged into the electromagnetic plate targets at Miki. The seventh hole, some 1.5 kilometres to the north, threw up sulphide veins associated with quartz-carbonate alteration. An additional follow up hole, located about 800m north-northeast, targeted sulphide mineralisation in the Miki fjord dyke.
Conico has a 100 per cent strike rate hitting sulphide mineralisation in all holes drilled so far at Miki. This eighth hole was no exception. It also added molybdenite to the swag of interesting minerals to be encountered. That hole hit granitic country rock from about 80m downhole. The granite is variably potassic altered with a quartz-potassium feldspar-mica assemblage containing veinlets of molybdenite and occurrences of chalcopyrite, from 80m to 312m end-of-hole depth.
Potassic alteration zones are commonly associated with lucrative porphyry deposits. Although this alteration assemblage and molybdenite mineralisation was not targeted at Miki, it is not entirely surprising given the Flammefjeld porphyry molybdenum project is located just 38 kilometres to the west.
The drill rig from Sortekap has now been sent back to the Miki prospect where it will further target modelled electromagnetic plates extending to the east of the initial six-hole cluster.
Conico’s share price has been climbing too, up 30 per cent over the past five days before entering a trading halt today. The Cascata discovery could make things interesting for Conico who is positively spoilt for choice as it undertakes the difficult task of choosing its priority targets in what is undoubtedly elephant country when it comes to mineral discoveries.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
