Conico Ltd Provides an Update on Exploration Activities At the Mt Thirsty Joint Venture in Western Australia
significantly deeper than the air-core methods typically utilised at Mt Thirsty in the past. As a result of this shallow air-core drilling large areas beneath the existing resource still remain untested. Additionally, the current drill campaign employed a comprehensive multi-element assay suite, serving to identify the presence of scandium which had not previously been assayed for, and is not included within the existing resource estimate. The potential addition of scandium to the existing Co-Ni Mt Thirsty Project may provide a valuable by-product revenue stream. The middle zone consists of an intrusive gabbro sill hosting anomalous palladium-platinum-gold- copper-nickel mineralisation. Importantly, highly anomalous mineralisation has been intersected in all 15 holes for which assays have been received, with the most recent results including: MTRC006D: 9.0 metres @ 0.14g/t 3E3, 0.09% Ni & 0.02% Cu from 223.0 metres; MTRC005D: 6.5 metres @ 0.12g/t 3E, 0.09% Ni & 0.02% Cu from 292.0 metres; MTRC012D: 3.0 metres @ 0.10g/t 3E, 0.06% Ni & 0.01% Cu from 247.0 metres. Having intersected both the target horizon and anomalous PGE mineralisation in all holes for which
results have been received, it is likely that secondary structural controls are influencing the spatial distribution of high-grade Callisto style mineralisation in the region. Based on currently available information it is believed that regional folding has created structural traps
serving to create localised zones of sulphide accumulation. Initial results from the Phase 1 campaign have been instrumental in refining this exploration model and have been utilised to further constrain the later phases of the Phase I drill campaign to areas which exhibit a similar structural signature as
Callisto.