Conico intersects sulphides and magnetite in first hole at Sortekap

Conico Ltd’s wholly-owned subsidiary Longland Resources Ltd has intersected sulphides and magnetite in the first holes drilled at the Sortekap and Miki prospects within the Ryberg Project in Greenland. The first hole, SODD001, at Sortekap Prospect is complete and preliminary investigations show zones of interest with initial assessment down to 236.7 metres including: 59.2-112.2 metres downhole - ~2% chalcopyrite; 121.9-180 metres downhole - ~80% magnetite + ~5% disseminated sulphide (pyrrhotite + other); 180.7-193.4 metres downhole - ~80% magnetite; 195.2-196.5 metres downhole - ~30% pervasive sulphide (pyrrhotite + minor chalcopyrite); 220.7-209.8 metres downhole - ~90% magnetite + ~10% disseminated sulphide (pyrrhotite + minor chalcopyrite); and 234.6-236.7 metres downhole - ~80% magnetite. “Multiple styles of mineralisation” Longland CEO Thomas Abraham-James said: “The find at Sortekap is significant, we are seeing multiple styles of mineralisation all in one drill-hole. “The IP survey coupled with surface geochemistry has successfully guided us to a very prospective location that also happens to have the most magnetic readings of all the Ryberg Project area – as indicated by the recently completed regional magnetic survey. “This opens up a very large area of interest that we will now be assessing in earnest.” IP anomaly The drill hole targeted an Induced Polarisation (IP) anomaly from a survey conducted in 2020 and this was satisfied by the presence of sulphide mineralisation identified at the target depth. Longland has also started drilling targeting the IP anomaly at SODD002, which is 350 metres south of SODD001. At the Miki Prospect hole MIDD007 intersected the Miki Fjord Dyke and zones of copper sulphide mineralisation. The aeromagnetic-radiometric survey across the Ryberg Licence area is 100% complete and has identified numerous areas of interest, some of which will be drill tested in the coming weeks. Sortekap discussion The IP survey is regarded as having successfully identified sulphide mineralisation, with drill-hole SODD001 intersecting sulphides within 10 metres of the interpreted chargeable anomaly. This anomaly will now be re-tested down-dip by at least two additional drill holes, the first of which is underway (SODD002). Prior surface sampling yielded a grade up to 2.7 g/t, with the gold associated with trace sulphides. Each drill-hole will be penetrating two zones of interest, the amphibolite for gold and then the deeper IP anomaly. The magnetite encountered in SODD001 is massive in form, fine-grained and persists for a combined total of 89.4 metres downhole. In addition to the magnetite, disseminated sulphide mineralisation is present and analysis is awaited to determine what other metals aside from iron may be present. Helicopter-borne survey The preliminary findings at Sortekap are encouraging and the presence of magnetite is something that the IP survey did not identify. A recently competed helicopter-borne magnetic survey has identified Sortekap, and a location about 13 kilometres to the southeast, referred to as Pyramiden, as the most strongly magnetic locations within the entire Ryberg Project area. The combined area of interest covers around 75 square kilometres and is regarded as being highly prospective for additional sulphide and magnetite mineralisation. Longland has observed iron oxide during the initial reconnaissance of Pyramiden and now plans to conduct more reconnaissance operations to locate sites for drilling this field season.