ASX-listed Conico Limited has hit more sulphides as its drilling campaign at the Ryberg project in Greenland continues to ramp up. Matrix sulphide mineralisation was intersected over 2.9 metres from 96.8 metres in one drill hole and trace sulphides were encountered between 278m and 280m downhole in another. The drill rigs have started two new holes in search of a significant magnetic anomaly interpreted from a downhole survey.
Exploration at the Ryberg project on the east coast of Greenland began this month with Conico planning geophysical surveys and drilling at both the Sortetap orogenic gold-nickel prospect and the Miki multi-element magmatic sulphide prospect. Five to ten thousand metres of diamond core will be punched out over coming months at Miki as part of the drilling campaign.
The campaign will take aim at three targets at the Miki magmatic sulphide prospect within the southern portion of the Ryberg project area. The targets there were defined by geophysical conductors from modelling of electromagnetic surveys with coincident geochemical response. The geochemical targeting is zeroing in on an area of elevated assays from surface grab samples with results including 2.2 per cent copper, 0.8 per cent nickel, 0.1 per cent cobalt, 3.3 grams per tonne palladium and 0.2 grams per tonne gold.
Just days ago, Conico announced a sulphide intercept with its first drill hole at Miki and it is following suit with the next two holes. An impressive 54 metre interval of significant sulphide mineralisation from 78 metres depth was followed up with a downhole magnetic survey in the first hole. The Reflex Ez-trac tool survey showed anomalous magnetism from 115 metres with values exceeding the maximum operating range of the instrument at a bevvy of depths to the end of the hole at 214 metres.
The company has now moved the rigs, starting another two holes that will look to find the source of the magnetic anomaly, which it believes to occur because of nearby sulphide mineralisation.
Conico Chief Executive Officer, Thomas Abraham-James, says “the downhole magnetic survey is believed to be due to accumulations of sulphide minerals proximal to MIDD001 where disseminated, matrix and semi-massive sulphide were intercepted”.
No doubt the market will eagerly anticipate the results of the downhole magnetic surveys that were conducted on the two recently completed holes.
The surveys are currently being interpreted by a consulting geophysicist. Drill core from all the drill holes at the Miki prospect is also being processed to be assayed as soon as possible.
One of the drill rigs will then move to the Archean greenstone-hosted gold-nickel prospect at Sortekap that targets a structure interpreted from chargeability anomalies in an induced polarisation geophysical survey. Previous surface rock chip samples graded up to 2.7 g/t gold and 0.3 per cent copper.
Conico is also acquiring heli-borne regional aeromagnetic data, at 200-metre line spacing, across the entire 4521 square kilometre licence area.
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