Multi-metals exploration company, Conico Limited has wrapped up the field season at its Ryberg base and precious metals project on the east coast of Greenland with yet another sulphide intercept. The new hit at the recently discovered Cascata prospect follows several other exciting sulphide intercepts at the Miki prospect some 30 kilometres to the south-west and the Sortekap prospect about 30km to the north-west.
Management says the first hole at Cascata intersected volcanic-sedimentary units containing massive sulphide lenses from surface through to 275 metres depth.
The presence of fine-grained lenses of massive sulphide in the interval has Conico believing the intercept could represent a volcanogenic massive sulphide, “or VMS” occurrence, a mineralisation style that is famous around the world for hosting mega deposits.
VMS deposits often form in clusters or camps and can be a major source of metals such as copper, lead and zinc and can also produce economic amounts of gold and silver.
The celebrated Iberian Pyrite Belt, running through Portugal and Spain, has seen the discovery of about 90 VMS deposits with several containing more than 100 million tonnes of ore.
Curiously, Conico says the latest hole also intersected a layered gabbro from 275m to the end of the hole at 407m, representing a newly discovered layered mafic intrusion.
The gabbro outcrops some 3km south of the intercept, suggesting potential for a large system prospective for precious and base metals at Cascata, according to the company.
Globally renowned layered mafic intrusion systems include the chromium and platinum group metal complex of Bushveld in South Africa that accounts for about 75 per cent of the world's platinum and about 50 per cent of the world's palladium resources.
The logging of a second hole drilled at Cascata and a ninth and final hole at Miki is ongoing.
Conico completed nearly 3,500m of drilling across Miki, Sortekap and Cascata during the field season, with visible sulphide mineralisation detected at each prospect.
Assay results from nine holes drilled at Miki, three holes at Sortekap and two holes at Cascata are projected for release in the fourth quarter this year.
Data from a regional heli-borne magnetic and radiometric survey covering the majority of the 4,500 square kilometres of Ryberg tenure is also currently being interpreted.
Conico has already turned its eye toward the 2022 field season which could commence as early as April. Further drilling campaigns may be on the cards at Ryberg, with the company also planning to further evaluate the precious metals, base metals and rare earths potential of its Mestersvig project, also on the east coast of Greenland.
Mestersvig hosts the historical Blyklippen mine that churned out 545,000 tonnes of ore at 9.9 per cent zinc and 9.3 per cent lead between 1956 and 1962. Conico has identified a 13km strike stretching from Blyklippen that remains untested by drilling.
Previous surface sampling at the tenure returned 7.0 per cent copper, more than 10 per cent lead, 0.8 per cent zinc and 273 grams per tonne silver.
Conico will no doubt be sweating on the results from its maiden drilling campaign after striking sulphides at three different prospects at Ryberg. If the assays deliver mineralised goodies, the Perth-based explorer just might be in for a cracking field season in 2022.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
25 Jul 2024
