Conico Limited provided an update on drilling results at the 100% owned Ryberg Project on the east coast of Greenland, approximately 365 km NW of Iceland. A total of 11 diamond drill holes were completed across four prospects during the Greenland field season, targeting Cu-Ni-Au-platinum group element (PGE) mineralisation at the Sortekap, Miki, Cascata and Pyramid prospects. Assay results have now been returned for nine of the eleven holes and confirm the presence of Cu-Ni-PGE mineralisation in dykes at the Miki and Sortekap prospects, and Au mineralisation in a previously unknown zone of quartz veins in the Sortekap Prospect. Conico has now received all drill core form the 2022 Ryberg and Mestersvig drilling at its facilities in Portugal along with rock samples collected from the Mestersvig project. Assaying of the Mestersvig drill core and rock samples is a high priority, with results expected in December. Samples from Ryberg drillholes that were not sampled on-site will also be processed in the coming weeks. The Miki Dyke is an NNE trending body of dolerite and gabbro intruded into units of local basement gneiss. Six drill holes were completed along a 3,700 m length of the dyke where the surface width of the dyke varies between approximately 160 m and 400 m. Mineralisation consisting of chalcopyrite variably associated with bornite, pyrrhotite/pyrite, and magnetite was encountered within the footwall of the dyke and the contact zone with the underlying gneiss. Drill core samples were collected on-site for five of the six holes and shipped for preparation and assay at an accredited laboratory in Ireland. Assay results from the 2022 Miki drilling include the following: MIDD010: No significant assays. MIDD011: 6.00 m @ 0.27% Cu, 0.06% Ni, and 0.31 g/t 3E from 191 m. MIDD012: 1.00 m @ 0.55% Cu, 0.11% Ni, and 0.78 g/t 3E from 77 m &1.00 m @ 0.02% Cu, 0.04% Ni, and 0.15 g/t 3E from 85 m & 4.68 m @ 0.11% Cu, 0.03% Ni, and 0.19 g/t 3E from 205 m. MIDD013: 1.00 m @ 0.11% Cu, 0.04% Ni, and 0.21 g/t 3E from 37 m: 2.00 m @ 0.12% Cu, 0.11% Ni, and 0.16 g/t 3E from 60 m; 2.00 m @ 0.02% Cu, 0.05% Ni, and 0.14 g/t 3E from 65 m; 2.00 m @ 0.10% Cu, 0.03% Ni, and 0.14 g/t 3E from 82 m; 2.00 m @ 0.24% Cu, 0.05% Ni, and 0.20 g/t 3E from 102 m; 1.00 m @ 0.06% Cu, 0.10% Ni, and 0.17 g/t 3E from 106 m; 2.00 m @ 0.11% Cu, 0.03% Ni, and 0.13 g/t 3E from 119 m; 2.00 m @ 0.10% Cu, 0.06% Ni, and 0.15 g/t 3E from 128 m; 2.00 m @ 0.05% Cu, 0.04% Ni, and 0.12 g/t 3E from 131 m; 8.00 m @ 0.22% Cu, 0.04% Ni, and 0.22 g/t 3E from 134 m; 1.00 m @ 0.87% Cu, 0.08% Ni, and 0.17 g/t 3E from 145 m; MIDD014: 9.72 m @ 0.17% Cu, 0.07% Ni, and 0.20 g/t 3E from 55 m. MIDD015: Drill core now received in Portugal ­ awaiting sampling and assay. Mineralisation intercepted in the footwall contact of the Miki dyke albeit low grade, is encouraging as it confirms the targeted mineralisation style of Ni-Cu-PGE-bearing magmatic sulphides coalescing due to gravity within a magma intrusion. The sulphide mineral types intercepted provide good evidence that the dyke is fertile in Cu, Ni and PGE,
and given the right structural environment and orientation of the dyke, has the potential to further concentrate these economic sulphides into an area of pooling. Future work will focus on identifying structural changes in the dyke that could accommodate sulphide aggregation to higher grades and thicknesses. SORTEKAP PROSPECT DETAIL AND DRILL ASSAYS: Drilling at Sortekap targeted induced polarisation (IP) chargeability and magnetic anomalies from 3D inversions of data collected in 2020 and 2021. Hole SODD004 intersected a zone of mineralisation in the footwall of a mafic dyke and the contact zone with the underlying gneiss, coincidental with an IP chargeability anomaly. Mineralisation included weakly disseminated and/or disseminated chalcopyrite with minor pentlandite. The presence of blebby textured sulphides, as well as chalcopyrite and pentlandite is very encouraging as this indicates the sulphides are magmatic and the magma system has the potential to further concentrate a dense metal-bearing sulphide liquid within the magma system. Hole SODD005 intersected the same mineralised zone along strike but assay results indicate weaker mineralisation. The style of dyke and mineralisation seen in SODD004 and SODD005 resemble that seen in drilling at the Miki Dyke prospect and on surface at the undrilled Togeda Prospect, approximately 11 km south of Sortekap. This suggests either a continuation of dyke structures between Togeda and Sortekap prospects or the presence of additional mineralised dykes
within the Ryberg Project.
Hole SODD006 intersected a new zone of quartz veins hosted in dolerite and amphibolite
within an anomaly from a 3D inversion model of the aeromagnetic data; assay results
indicate the zone to be associated with low-grade gold mineralisation.
Assay results from the 2022 Sortekap drilling include the following: SODD004: 3.28 m @ 0.41% Cu, 0.07% Ni, and 1.12 g/t 3E from 105.5 m; (Including 1.00 m @ 0.83% Cu, 0.11% Ni and 2.49 g/t 3E from 105.5 m); 1.40 m @ 0.07% Cu, 0.01% Ni, and 0.11 g/t 3E from 109.2 m & 1.00 m @ 0.17% Cu, 0.04% Ni, and 0.33 g/t 3E from 112.8 m & 1.10 m @ 0.06% Cu, 0.02% Ni, and 0.14 g/t 3E from 117.1 m. SODD005: No significant assays. SODD006: 5.57 m @ 0.15 g/t Au from 344.43 m & 2.00 m @ 0.11 g/t Au from 354 m &1.94 m @ 0.26 g/t Au from 383.2 m & 2.00 m @ 0.33 g/t Au from 387 m & 7.00 m @ 0.23 g/t Au from 395 m. While the mineralisation intercepted from the 2022 drilling is generally low grade, Conico
considers the season and new data collected to be a very successful outcome.
Intercepting magmatic sulphide-hosted Cu-Ni-PGE mineralisation, as well as identifying
previously unknown quartz vein-hosted gold mineralisation is a positive result for the season
and provides building blocks for further work. Mineralisation consisting of 3.28 m @ 0.41% Cu, 0.07% Ni, and 1.12 g/t 3E (including one
metre at 2.28 g/t Pd) intercepted by hole SODD004 in the mafic dyke at Sortekap, and
potential links to the mineralisation at the Togeda and Miki prospects are promising new
features at the Sortekap Prospect. Grades of up to 2.28 g/t Pd are encouraging as they
show the magma system to have potential to concentrate PGE-bearing magmatic
sulphides into economic grades. Future work will focus on identifying structural controls
on sulphide accumulation, a review of the multielement geochemistry now available,
and reassessment of the 2021 geophysical data in light of the 2022 drilling results.