{australien_flagge}Five drill holes have been completed by the joint venture partners Conico Ltd. (ASX: CNJ; FRA: BDD) and Greenstone Resources Ltd (ASX: GSR) on its Mt Thirsty Joint Venture (MTJV) (GSR 50%: CNJ 50%) tenement south of Galileo Resources’ (ASX: GAL) Callisto discovery. Drilling has intersected the identical geological sequence of weakly disseminated sulphides – disseminated sulphides – strongly disseminated sulphides – disseminated sulphides and weakly disseminated sulphides at the expected depths that Galileo also intersected in its ongoing drilling campaign. The main focus is on a zone of accumulated sulfides near the contact between ultramafic rocks and a package of sedimentary rocks. This marker horizon was intersected in all five drill holes.
{australien_flagge}Five drill holes have been completed by the joint venture partners Conico Ltd. (ASX: CNJ; FRA: BDD) and Greenstone Resources Ltd (ASX: GSR) on its Mt Thirsty Joint Venture (MTJV) (GSR 50%: CNJ 50%) tenement south of Galileo Resources’ (ASX: GAL) Callisto discovery. Drilling has intersected the identical geological sequence of weakly disseminated sulphides – disseminated sulphides – strongly disseminated sulphides – disseminated sulphides and weakly disseminated sulphides at the expected depths that Galileo also intersected in its ongoing drilling campaign. The main focus is on a zone of accumulated sulfides near the contact between ultramafic rocks and a package of sedimentary rocks. This marker horizon was intersected in all five drill holes.
The joint venture parties have now completed 1,650 meters of its 4,200 meter drill program. A further 15 holes will be drilled over the next six weeks. Holes MTRC014D, MTRC007D and MTRC003D were drilled from east to west parallel on strike to Galileo. Meanwhile, the joint venture parties continue to advance southward. Meanwhile, the sixth well (MTRC017D) is already underway, approximately 800 meters south of the Callisto discovery of Galileo. Drilling to date confirms the existence of the prospective horizon over at least 300 by 400 meters, with this area growing rapidly. Conico geologists suggest that the prospective mineralized horizon is open in all directions and extends for an additional 2.0 km of strike.
Figure 1: Overview of holes drilled to date on the Mt. Thirsty JV.
Preliminary evaluation of diamond and reverse circulation drilling south of Callisto has intersected semi-massive and/or strongly disseminated sulphides in all completed holes as follows: MTRC003D: 127.3 metres of disseminated sulphides over 178.4 metres, including 37.1 metres of strongly disseminated sulphides from 268.6 metres; MTRC007D: 122.0 meters with disseminated sulfides from 227.0 meters, including 19.0 meters with strongly disseminated sulfides from 227.0 meters; MTRC009D: 51.6 meters with disseminated sulfides from 227.0 meters, including 34.3 meters with strongly disseminated sulfides from 232.0 meters, MTRC014D: 108.2 meters of disseminated sulfides from 208.0 meters, including 72.3 meters of strongly disseminated sulfides from 208.0 meters, and MTJV001: 65.0 meters of disseminated sulfides from 190.0 meters, including 22.0 meters of strongly disseminated sulfides from 233.0 meters (as previously reported on 18/08/22).
Drill core detected Cu and Ni sulphide species commonly associated with PGE mineralization at Callisto. MTJV001 has now been submitted for assay and results are expected within the next 2-4 weeks. Results for MTRC003D, MTRC007D, MTRC009D and MTRC014D are expected within the next 3-6 weeks. All holes will be assayed for palladium, platinum, gold, copper, nickel, and rhodium with results to be released at regular intervals.
Executive Director, Guy le Page, commented, “The continuity of prospective horizons south of Callisto is encouraging as recent drilling of this first phase has intersected thick and continuous zones of highly disseminated sulphides in the first five holes. A prospective horizon of at least 300 x 400 meters on the MTJV property was found to dip south and to be open in all directions.”
The focus of the upcoming drilling will now shift further to the south and east, supported by a smaller multi-purpose drill rig to be mobilized later this week.
In addition to the PGE potential on the MTJV, the intention is to test the lithium cesium tantalum (LCT) potential on the western edge of the Mt Thirsty licenses, where historical drilling and mapping has already documented pegmatites within the MTJV license area. Importantly, 150 meters west of the MTJV licenses lies the Mt Thirsty pegmatite, where Galileo has previously reported a series of steeply dipping, north-south trending pegmatites. Galileo collected six grab samples from mica-bearing pegmatite (lepidolite) which returned an average grade of 2.3% Li2O, 1.87% Rb and 476 ppm Ta205.
In conclusion: Conico’s rapid success at the Mt. Thirsty JV on the heels of Galileo owes much to the high predictability of the targeted mineralized horizon at the contact between magmatic and sedimentary layers. For exploration, there is little better than structurally-bound mineralization like this. Therefore, there is much to be said for the expectation that the mineralized horizon could continue to grow rapidly. Tonnage should thus be plentiful. The main open question now is how high the PGE Cu-Ni values actually are. Investors will have to wait a few more weeks for these results. In the process, it is almost forgotten that Conico is carrying out a much larger drilling program on its two Greenland projects in parallel. An update on this is actually overdue, as the season is rapidly drawing to a close there. However, unlike last year, Conico’s share price is no longer dependent on its success in Greenland. Mt. Thirsty seems to be enough for most investors and quite a few would probably like to see a separation of the Greenland assets. Conico continues to be exciting.
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