Conico Limited provided an update on exploration activities at the Mt Thirsty Joint Venture (MTJV) (Greenstone Resources Ltd. 50%: CNJ 50%), where a continuous zone of disseminated sulphides has been intersected as part of the Phase I drill campaign. The Phase I drill campaign is testing for extensions to the recent palladium-platinum-gold-copper-nickel (PGE) discovery by Galileo Mining Ltd. (Galileo) located less than 200 metres from the MTJV's northern tenement boundary. The MTJV is located 16 kilometres North- Northwest of Norseman, Western Australia.

Diamond drill hole MTJV001 was the first of twenty holes to be drilled as part of the Phase I drill campaign targeting mineralisation associated with the same geological horizon hosting Galileo's recent Callisto discovery. MTJV001 was drilled 400 metres along strike from Callisto targeting the modelled contact between the ultramafic rocks of the Mount Thirsty Sill complex and an underlying sedimentary unit. This target horizon had been modelled at between 190 - 220 metres down hole.

Importantly, MTJV001 intercepted disseminated sulphides between 190 - 255 metres down hole, validating the comprehensive exploration model compiled over the past weeks by the MTJV in conjunction with a panel of technical experts. MTJV001 intercepted a similar downhole geological sequence as observed at Calisto, namely, weakly disseminated sulphides - disseminated sulphides - heavily disseminated sulphides - altered disseminated sulphides, including: 43 metres of disseminated sulphides in ultramafics from 190 metres downhole; 3 metres of heavily disseminated sulphides in sediments from 233 metres downhole; 19 metres of heavily disseminated sulphides in fluid altered ultramafics from 236 metres downhole. Geological logging recorded both chalcopyrite and pentlandite, serving to confirm the presence of both copper and nickel which are often associated with PGE mineralisation at Callisto.

MTJV001 has been logged, cut, sampled, and submitted for assaying, including palladium, platinum, gold, copper, nickel and rhodium. Final assays are expected within 4-6 weeks. The Phase I drill campaign continues on schedule with the drill rig having now moved further north (only 300 metres from Callisto) and is currently drilling MTRC014D.

The Mt Thirsty Project overlies a north-striking sequence of Archaean rocks of the Mount Kirk Formation at the southern end of the Norseman-Wiluna greenstone belt. The Mount Kirk Formation comprises metamorphosed peridotite, pyroxenite, sedimentary rocks and mafic and acid volcanics. Within the area, the Mount Kirk Formation is intruded by two major mafic ultramafic differentiated sills, the Mount Thirsty Sill and the Mission Sill.

Galileo recently announced the completion of six reverse circulation drillholes at Callisto targeting a mineralised sulphide unit on the contact between an ultramafic sill and a package of sedimentary rocks. An initial appraisal of the results from Callisto by Galileo indicates similarities in mineralisation style to the Platreef deposits on the northern limb of the Bushveld Complex in South Africa. The Platreef deposits are very large in nature and have combined indicated resources of >700Mt at a 1 g/t 3PE+Au cut off3 and contain palladium, platinum, gold, rhodium, copper, and nickel.

Significant intercepts from the discovery hole NRC266 drilled by Galileo on their tenure, include4: 33 metres @ 2.00g/t 3E5 (1.64g/t Pd, 0.28g/t Pt, 0.09g/t Au), 0.32% Cu & 0.30% Ni from 144m, including; 6 metres @ 2.69g/t 3E (2.21g/t Pd, 0.37g/t Pt, 0.11g/t Au), 0.41% Cu & 0.36% Ni from 159m; and 1 metre @ 3.21g/t 3E (2.66g/t Pd, 0.41g/t Pt, 0.14g/t Au), 0.48% Cu & 0.46% Ni from 176m. Importantly for the MTJV, Galileo's recent discovery at Callisto is only 200 metres from the northern tenement boundary held by the MTJV with the extension of the prospective mineralised horizon onto MTJV tenure supported by geophysics & lithology. Despite extensive shallow drilling over the Mt Thirsty resource area (JORC Inferred and Indicated Resources of 26.9Mt at 0.126% cobalt, and 0.54% nickel), the prospective eastern margin remains largely untested with only 3.5% of all holes drilled at Mt Thirsty penetrating deeper than 100 metres, also noting Galileo's discovery hole was from 144 metres downhole.

As such, an initial review indicates that a further 2.0km of the prospective mineralised horizon may extend onto the MTJV tenure. In addition to the untested PGE potential, the MTJV is undertaking a detailed geological review assessing the western margin of the Mt Thirsty licences for lithium- caesium-tantalum (LCT) potential, with historical drilling and mapping previously documenting pegmatites within the MTJV licence area. Importantly, 150 metres to the west of licences held by the MTJV is the Mt Thirsty pegmatite where Galileo previously reported a series of steeply dipping, north-south trending pegmatites.

Six grab samples of micaceous (lepidolite) pegmatite were sampled by Galileo returning an average assay grade of 2.3% Li2O, 1.87% Rb and 476 ppm Ta2056.