- Conico (CNJ) intersects sulphide mineralisation in three holes at the Miki prospect which is part of the Ryberg Project in Greenland
- The company recently began drilling and survey work to follow up on existing anomalies and assess the potential of the Ryberg Project
- Two of the holes have encountered mineralisation between a two- and three-metre interval
- The third hole revealed an area of significant magnetism to the north which Conico is following up on by drilling two further holes
- Company shares are down 13.1 per cent to trade at 5.3 cents
Conico (CNJ) and has received results from three holes drilled at the Miki prospect at the Ryberg Project in Greenland.
The Miki prospect contains magmatic sulphide mineralisation and is wholly-owned by Conico's subsidiary, Longland Resources.
The company began drilling and geophysical surveys less than two weeks ago to follow up on previously identified anomalies.
MIDD003 intersected sulphide matrix mineralisation over 2.9 metres from 96.8 metres to 99.7 metres downhole.
Hole MIDD002 encountered trace chalcopyrite mineralisation within gneiss with trace sulphides from 278 metres to 280 metres downhole.
Further, a downhole magnetic survey of the MIDD001 has revealed an area of significant magnetism to the north. Conico is currently following up on this by drilling two further holes.
The company re-logged the MIDD001 core which identified the presence of chalcopyrite at 117.5 metres downhole.
Longland Resources' CEO, Thomas Abraham-James, commented on the results.
"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.
"The two holes currently underway are drilling the source of the magnetic anomalism and it’s very exciting."
Drilling and survey work at Ryberg is ongoing and Conico believes it has the potential to host sulphide mineralisation.
Company shares were down 13.1 per cent to trade at 5.3 cents at 11:18 am AEST.