Conico Limited provided an update on exploration at the 100% owned Mestersvig Project in East Greenland, where drilling concluded on 14th September, having commenced on 27th July 2022. A total of 10 diamond drill holes were completed, targeting vein-hosted Zn-Pb-Cu-Ag. Eight holes intersected zones of disseminated, heavily disseminated and/or matrix sulphides.

The drill campaign was testing for extensions to the known mineralised vein system identified at Blyklippen and Sortebjerg approximately 13 km along strike from one another. Drilling was conducted using two diamond drill rigs owned by Conico and operated by Cartwright Drilling Inc., with accommodation at an exploration camp located on site. The drill rigs and associated equipment will remain on site until the commencement of the proposed 2023 field season.

Holes that intercepted the modelled mineralised vein exhibit similar mineralisation to the historic Blyklippen Mine, consisting of vein-hosted disseminated sulphides, heavily disseminated sulphides and/or matrix sulphides, including: BKDD003: 3.3 metres of disseminated sulphides from 205.0 metres, BKDD004: 15.5 metres of disseminated sulphides from 211.5 metres, SBDD003: 4.5 metres of matrix sulphides from 134.1 metres, and SBDD005: 1.4 metres of heavily disseminated sulphides from 120.5 metres. Follow up reconnaissance at the Nuldal Prospect identified a mineralised vein running roughly parallel with Blyklippen, trending N-S. It contains several galena-bearing outcrops, and also hosts silver mineralisation. Two rock chip samples were taken here in 2020, grading 60.66% lead, 0.91% copper & 236 g/t silver, and 69.47% lead, 0.77% copper & 282 g/t silver (Conico ASX Announcement 8th December 2020).

Field observations this year have found a one metre wide occurrence of massive galena with disseminated chalcopyrite in outcrop. Local geology is dominated by Carboniferous, Permian and Triassic sediments intruded by Palaeogene dolerite sills and dykes. The area is bordered by the Palaeogene Werner Bjerge alkaline igneous complex to the south, and a major regional fault to the west, beyond which sits the Caledonian fold belt.

The Mestersvig graben is the most conspicuous feature of the project area, which occurs in a 15-20 km-long anticlinal fold structure amongst widespread faulting. The graben is 4 km wide and 12 km long, with the western graben fault being the host to the Blyklippen Mine that produced 545,000 tons of ore at 9.3% lead and 9.9% zinc between 1956-1962. Mineralisation occurs as fault controlled epithermal lead-zinc veins with accessory silver and copper.

Mineralisation is hosted within quartz veins that range in thickness from 2-50 m, from surface to unknown depth. Veins are mostly associated with the border faults of the Mestersvig graben, but also occur distally and are widespread throughout the project area. Ore minerals are typically massive sphalerite and galena, with minor chalcopyrite and barite.

The Sortebjerg Prospect is situated approximately 13 km south of the Blyklippen mine and is a mineralised vein that has been subject to historic drilling. It is interpreted to be the same mineralised western graben fault that hosts the Blyklippen mine, and contains similar Zn-Pb-Ag mineralisation, with the addition of chalcopyrite.