Shares in Conico Limited (ASX: CNJ) closed up over 67% on Monday after reporting that its wholly-owned subsidiary Longland Resources has intersected “significant” sulphide mineralisation from the first-ever drill hole at its Ryberg Project, located on the east coast of Greenland. The MIDD001 hole, designed to test a magmatic sulphide target, delivered the mineralisation between 78.24m to 133.12m downhole, for a total of 54.88m.
“Significant” sulphide mineralisation
Conico reports that sulphides are present in semi-massive, matrix, vein and disseminated forms, with preliminary work indicating that mineralisation may consist mostly of pyrrhotite and pentlandite, plus minor chalcopyrite.
Drill core from MIDD001 is currently awaiting assay, with MIDD002 approaching completion and rigs established on holes MIDD003 and MIDD004 targeting the Miki Prospect.
Ryberg Project
The 4,521km² Ryberg Project is comprised of the Miki Prospect (Cu-Ni-Co-Pd-Au) and the Sortekap Prospect (Au-Ni). Surface samples have included 2.2% Cu, 0.8% Ni, 3.3g/t Pd and 0.15 g/t Au from Miki, along with 2.7 g/t Au and 0.33% Ni from Sortekap.
“I take tremendous satisfaction in the first ever drill-hole to occur at Ryberg encountering significant sulphide mineralisation”
Management comments
Longland Resources CEO Thomas Abraham-James said: “I would like to start by saying thank you to the shareholders and directors of Conico for putting their faith in Longland Resources when they acquired the company last year. We are a greenfields exploration company in a location far from Australia, they saw what I did in the potential of our Greenland assets. I take tremendous satisfaction in the first ever drill-hole to occur at Ryberg encountering significant sulphide mineralisation.”
Images: Conico Limited