Conico Ltd. provide an update on exploration activities at the Mt Thirsty Joint Venture in Western Australia, with assays having now been received for an additional 22 drill holes targeting Ni-Co-Sc-PGE holes) and LCT mineralisation (11 holes). The Phase I drill campaign was principally focussed on testing the deeper ultramafic sill horizons at Mt Thirsty, including any potential extensions to the recent palladium-platinum-gold-copper-nickel (PGE horizon) Callisto discovery by Galileo Mining Ltd. (Galileo) located less than 200 metres from the MTJV's northern tenement boundary. The upper zone consists of a weathered ultramafic peridotite rock hosting Nickel-Cobalt-Manganese- Scandium mineralisation. Importantly, the most recent drilling has confirmed the presence of a lower, and potentially higher-grade, Ni-Co-Mn-Sc zone, which is currently outside of the existing resource and supported by historical drilling most recent intercepts include: MTRC011DA: 78.0 metres @ 0.11% Co, 0.50% Ni, 1.38% Mn & 46.4g/t Sc from 3.0 metres, incl: 15.0 metres @ 0.45% Co, 0.91% Ni, 5.42% Mn & 40.9g/t Sc from 45.0 metres; MTRC065D: 45.0 metres @ 0.03% Co, 0.33% Ni, 0.23% Mn & 35.9g/t Sc from 5.0 metres, incl: 8.0 metres @ 0.08% Co, 0.54% Ni, 0.43% Mn & 40.3g/t Sc from 19.0 metres. The most recent drill campaign utilised a combination of both reverse circulation and diamond drilling methods which allowed holes to be extended to an average depth of ~350 metres below surface,
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.