DGAP-News: Conico Ltd. / Key word(s): Drilling Result
Conico Ltd.: FURTHER MINERALISATION/SIGNIFICANT AT RYBERG AND SIGNIFICANT MAGNETIC ANOMALY HIGHLIGHTS (news with
2021-07-30 / 10:30
The issuer is solely responsible for the content of this announcement.
ACN 119 057 457
AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT
30 July 2021
FURTHER MINERALISATION/SIGNIFICANT AT RYBERG AND SIGNIFICANT MAGNETIC ANOMALY
. MIDD003 is complete and preliminary investigations show that it has intersected sulphide matrix mineralisation over
2.9m from 96.8 - 99.7m downhole.
. A downhole magnetic survey of drill-hole MIDD001 has highlighted an area of significant magnetic anomalism that is
currently being tested by MIDD004 and MIDD005.
. Hole MIDD002 is complete and preliminary investigations show that it has intersected a zone of highly altered
gneiss, with trace sulphides from 278 - 280m downhole.
. All drill-holes are collared within the Miki magmatic sulphide prospect and core will be processed and assayed as
soon as possible.
. The aeromagnetic survey across the entire Ryberg License is ongoing, inclusive of the Miki Fjord Macrodyke, and has
the potential to identify additional targets that potentially host sulphide mineralisation.
Conico Limited (ASX: CNJ) ("Conico" or "the Company") and its wholly owned subsidiary Longland Resources Ltd ("Longland
") is pleased to announce preliminary results from drill-holes MIDD002 & MIDD003, and downhole magnetic results from
MIDD001. All holes are collared within the Miki magmatic sulphide prospect, located within the Ryberg Project in
MIDD003 encountered brecciated gneiss supported by a matrix of sulphide mineralisation containing pyrrhotite. The
sulphide conforms to the foliation within the gneiss, most likely a result of infiltration of a sulphide-rich liquid.
The sulphides represent approximately 20% abundance in the rock over a length of 2.9m from 96.8m downhole.
MIDD002 encountered trace chalcopyrite mineralisation within gneiss, the sulphides constitute approximately 1%
abundance in the rock over a length of 2m from 278.0m drilled depth.
The results are preliminary in nature as no drill core has yet been sent for analysis, with results in this
announcement coming from observation of the core by a suitably qualified and experienced geologist.
A downhole magnetic survey of drill-hole MIDD001 has shown an area of significant magnetism to the north. The magnetic
readings are deemed significant as they regularly exceeded the maximum threshold for operational range of the
instrument, commencing at 115m downhole. This is now subject to drill investigation by drill-holes MIDD004 and MIDD005.
Longland CEO Thomas Abraham-James said:
"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 from approximately 78 metres downhole depth. The two
holes currently underway are drilling the source of the magnetic anomalism and it's very exciting."
Re-logging of the MIDD001core over the last few days has also identified the presence of Chalcopyrite at 117.5m
This release contains preliminary results from drill-holes recently completed at the Miki magmatic sulphide prospect.
Drill-holes MIDD002 and MIDD003 were both completed on the 29^th of July, with the rigs now having moved and been
established on holes MIDD004 and MIDD005. Details of the results for drill-hole MIDD001 can be found in an ASX release
made by the Company on the 26^th of July 2021.
Drill-holes MIDD002 and MIDD003 were targeting electromagnetic (EM) anomalies identified in a 2020 survey. Drill-hole
MIDD003 was collared 20m to the east of MIDD001 and was designed to further investigate the modelled EM plate that
MIDD001 had successfully penetrated. The sulphide matrix breccia that was encountered is shallower than that in
MIDD001, and visually contains more sulphide - with the most readily identifiable mineral being pyrrhotite.
MIDD002 was collared on the northern EM modelled plate and represents the first drill-hole into this target. While
mineralisation was minimal, it did encounter a significant zone of alteration in the gneiss, extending from 237 to 282m
drilled depth. It is possible that this is due to the hole passing nearby a mafic intrusive. The trace chalcopyrite is
associated with quartz veins in the altered gneiss.
A downhole magnetic survey was conducted on hole MIDD001 that yielded readings exceeding the maximum threshold for
operational range (readings in excess of 100,000 nT). The highly anomalous magnetism began at 115m downhole, persisting
to end of hole at 214m drilled depth. The source of magnetism is to the north of drill-hole MIDD001, with drill-holes
MIDD004 and MIDD005 designed to intercept this area of interest. Additional downhole magnetic surveys have been
conducted on holes MIDD002 and MIDD003 with interpretation by a consulting geophysicist underway. The magnetism is
thought to be due to the presence of pyrrhotite, a highly magnetic sulphide mineral that was encountered in MIDD001 and
MIDD003. The source of the magnetic anomaly is also toward the Miki Fjord Macrodyke, a Tertiary mafic intrusion that
exhibits sulphide mineralisation at surface.
About the Miki Cu-Ni-Co-Pd-Au Prospect
The Miki Prospect is within the Ryberg Project that is located on the east coast of Greenland, approximately 350km NW
of Iceland. Conico subsidiary Longland is the 100% owner and operator of the licences that cover an area of 4,521km^2.
The Miki Prospect contains magmatic sulphide mineralisation associated with Tertiary mafic dykes/sills that have
intruded Archaean basement gneiss and Cretaceous sediments. There are well developed showings of
copper-palladium-gold-rich sulphides at surface, with mineralisation occurring as globular sulphides up to 15 cm in
diameter consisting of pyrrhotite and chalcopyrite.
Grab samples by Longland from surface rocks returned up to 2.2% copper, 0.8% nickel, 3.3g/t palladium and 0.15 g/t
gold. A second nickel-rich sulphide phase is also present, with surface samples grading up to 0.8% nickel and 0.1%
Guy T Le Page, FFIN, MAusIMM
COMPETENT PERSONS STATEMENT
The information contained in this report relating to exploration results relates to information compiled or reviewed by
Thomas Abraham-James, a full-time employee of Longland Resources Ltd. Mr. Abraham-James has a B.Sc. Hons (Geol) and is
a Chartered Professional (CPGeo) and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr.
Abraham-James has sufficient experience of relevance to the styles of mineralisation and the types of deposit under
consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the
Joint Ore Reserve Committee (JORC) "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr. Abraham-James consents to the inclusion in this report of the matters based on information in the form
and context in which it appears.
This announcement contains forward-looking statements that involve a number of risks and uncertainties. These
forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements
reflect current expectations, intentions or strategies regarding the future and assumptions based on currently
available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions
prove incorrect, actual results may vary from the expectations, intentions and strategies described in this
announcement. No obligation is assumed to update forward-looking statements if these beliefs, opinions and estimates
should change or to reflect other future developments.
Drill-hole Easting Northing Elevation Dip Azimuth Length
MIDD001 565,714 7,571,884 298m -80 215 217.0m
MIDD002 565,840 7,571,990 312m -80 355 313.5m
MIDD003 565,734 7,571,883 298m -80 215 180.0m
All coordinates are displayed in WGS84 UTM Zone 25N
JORC Code, 2012 Edition Section 1: Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling Nature and quality of sampling (e.g., cut channels, * Sampling of MIDD002 and MIDD003 was conducted
techniques random chips, or specific specialised industry using standard industry practices with diamond
standard measurement tools appropriate to the drilling. Magnetic readings were taken using a
minerals under investigation, such as down hole gamma Reflex EZ-Trac downhole survey tool.
sondes, or handheld XRF instruments, etc.). These
examples should not be taken as limiting the broad
meaning of sampling.
Include reference to measures taken to ensure sample * Drill-holes MIDD002 and MIDD003 were angled to
representivity and the appropriate calibration of any optimally intersect the interpreted electromagnetic
measurement tools or systems used. conductor.
Aspects of the determination of mineralisation that * Mineralisation in drill-holes MIDD002 and MIDD003
are Material to the Public Report. In cases where has not been quantitively determined and is
'industry standard' work has been done this would be awaiting assay. The determination in this report
relatively simple (e.g., 'reverse circulation is qualitative, based on visual observation made by
drilling was used to obtain 1 m samples from which 3 the Competent Person who is a geologist on site.
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