AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT
11 August 2021
DRILLING INTERSECTS FURTHER COPPER SULPHIDES AT
RYBERG
HIGHLIGHTS Drill-holes MIDD005 and MIDD006 completed.
MIDD005
Net textured, disseminated, vein hosted and stringers of chalcopyrite
and pyrrhotite- mineralisation intersected intermittently over:
o27.8m, (from 40.6m to 68.4m downhole); and o45.0m (from 119.5m to 164.5m downhole).
MIDD006
Net textured, disseminated, vein hosted and stringers of chalcopyrite
and pyrrhotite- mineralisation intersected intermittently over:
o32.0m, (from 35.0m to 67m downhole); and o8.0m, (from 111.5m to 119.5m downhole).
MIDD005 and MIDD006 collared on a glacier and oriented to intersect
the Miki Fjord Dyke approximately 95-120 metres west (figure 1)with both
successfully intersecting **bro that is likely to be from the Dyke.
Both drill-holes targeted magnetic anomalies detected in the downhole
survey of MIDD001. Preliminary investigations show that the anomaly is
likely to represent pyrrhotite ±chalcopyrite sulphide mineralisation.
MIDD007 at Miki Prospect (approx. 1.5 km north of MIDD001 to 6) and
SODD001 at Sortekap Prospect (figure 12) commenced with drilling rates
anticipated to increase now that ground conditions are better known
and drilling on the glacier has been completed.
Aeromagnetic-radiometric survey across Ryberg Licence is 65%
completed.
3 Exploration Update Conico Limited (ASX: CNJ) (“Conico” or “the Company” and its wholly owned subsidiary Longland Resources Ltd (“Longland” is pleased to announce preliminary results from completed drill-holes MIDD005 & MIDD006, both located within the Miki magmatic sulphide prospect.
Drilling has commenced on hole MIDD007 situated 1.5km north of previous drilling at Miki Fjord (figure 1), and on SODD001 at the Sortekap Au-Ni prospect (Figure 12).
In addition, the regional magnetic-radiometric survey is now 65% complete (figure 13).
Conico director Guy Le Page said:
“We are highly encouraged by the results from the first 6 drill holes into the Miki Prospect with every hole intersecting sulphide mineralisation. Importantly, drilling has only taken place in a confined part of the license area with drilling now stepping out over as much of the 50km Miki Fjord dyke that can be accessed, guided by surface expressions of mineralisation.”
MIDD005 and MIDD006 MIDD005 and MIDD006 were collared on the glacier and oriented to drill through the host gneiss and intersect the Miki Fjord Dyke located approximately 95-120 metres west of the respective collar locations (figure 1). Both holes intersected the dyke, with contact zones between gneiss and **bro typically exhibiting sulphide mineralisation.
Both drill-holes MIDD005 and MIDD006 encountered sulphide mineralisation in the form of visible chalcopyrite and pyrrhotite. All drill-holes to date have now encountered sulphide mineralisation in some form.
The knowledge gleaned to date from the maiden drilling program at Ryberg has been significant and future drilling is now targeting additional mineralisation along the 50km+ strike length of the Miki Fjord and Togeda Dykes. Based on the limited drilling to date and mineralisation observed at surface, it is Conico’s opinion that this system is likely to be “fertile” at depth.
Drilling will now move 1.5km north of MIDD001-006, with MIDD007 drilling into the Miki Fjord Dyke targeting copper sulphides in the host gneiss, and contact sulphides at the dyke/gneiss interface.
The rate of drilling has been less than desired due to issues with the rigs moving on the glacier. Hole MIDD004 was abandoned due to such difficulties, while
4 holes MIDD005 and MIDD006 were terminated prior to reaching their planned depth, also due to the rig moving on its pad. All future holes will not be on a glacier, and the rate of drilling is anticipated to increase significantly.
MIDD005 - Discussion MIDD005 was designed to intersect magnetism identified in a down-hole magnetic survey of MIDD001. The hole was terminated at 381m and encountered two distinct zones of mineralisation within the host gneiss. The first zone persists intermittently from 40.6m to 68.4m downhole (27.8m downhole).
Net textured chalcopyrite (with minor pyrrhotite) is present over a 0.75m interval (from 60.85m downhole) containing approximately 30% sulphides (figure 4). Most of this mineralised zone contains dominant chalcopyrite mineralisation in the form of disseminations, and coarse mineralisation in hydrothermal veins (figures 2-3).
A second broader zone from 119.5m to 164.5 m downhole (45 m downhole), comprised abundant stringers of chalcopyrite-pyrrhotite and occasional hydrothermal veins also containing chalcopyrite-pyrrhotite (figure 5). This zone averages approximately 1-5% sulphides.
and its wholly owned
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