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The Australian stock market has reacted with a standing ovation to today's release of the very first drill hole drilled by Conico Ltd. (ASX: CNJ; FRA: BDD) on its Ryberg project on the east coast of Greenland: The stock closed up about 70 percent on 158 million shares traded! The MIDD001 hole on the (Cu-Ni-Co-Pd-Au) Miki prospect is the first drill hole ever drilled on the 4,500 square kilometer Ryberg project.

It is all the more remarkable that significant sulphide mineralization from 78.24 m to 133.12 m (54.88 m in total) was intersected at the first attempt. Drill core analysis is still pending. The cores are now being shipped by express from Greenland to Australia to the laboratory. Results from the second hole are expected shortly, as this drilling is already underway and the target depth of the sulphide mineralization being sought is again expected to be only about 200 meters below surface, according to the electromagnetic measurements.

Thomas Abraham-James, CEO of Longland, thanked Conico shareholders for supporting him. "We are a greenfields exploration company in a location far from Australia. Our shareholders saw the potential of our Greenland assets, which I did. It gives me great satisfaction that the first drill hole at Ryberg has encountered significant sulfide mineralization."

First drill success confirms exploration hypothesis

To date, only 4 percent of the Ryberg prospect has been covered by geophysical methods, which is still equivalent to about 200 square kilometers. On the Miki prospect, in 2020, the search grid for electromagnetic measurements was narrowed down to an area of about one square kilometer in order to make ground-based measurements. These accurate measurements will form the basis for all Miki Prospect drilling planned for this season. Interpretation of the data revealed that three modeled plates correspond to the EM signal, collectively referred to as the ME1 target. The three plates form a U-shape, possibly representing sulfides accumulated along the base of a magma channel (chonolite) that is 300 meters wide and open along strike to the west.  Hole MIDD001 was drilled on the western margin of the southernmost plate and the mafic rocks intersected between 117-124 m may represent the margin of the interpreted chonolite.

The Miki prospect (Cu-Ni-Co-Pd-Au) is characterized overall by magmatic sulfide mineralization associated with mafic rocks intruded by Archaean basement gneiss and Cretaceous sediments. There are well-developed occurrences of copper-palladium-gold-rich sulfides at surface, with mineralization occurring as spherical sulfides up to ~15 cm in diameter, composed of pyrrhotite and chalcopyrite.  Grab samples from surface returned up to 2.2% copper, 0.8% nickel, 3.3g/t palladium and 0.15 g/t gold. A second nickel-rich sulfide phase is also present, with surface samples returning up to 0.8% nickel and 0.1% cobalt.

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Figure 1: It looks like abstract art, but the computer graphics show the results of the 2020 electromagnetic surveys. A total of three "plates" have been identified that are interpreted as sufide mineralization. The first drill hole, MIDD001, tested the western edge of the southernmost plate (shown in rusty brown). Longland CEO Thomas Abraham-Jones suspects that this may be the edge of the structure. The second hole is designed to test the deeper electromagnetic anomaly in the center of the Miki prospect. The bright red color indicates that the electromagnetic anomaly at this location is even stronger than hole MIDD001.

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Figure 2: This map must be read in close conjunction with the three-dimensional view of the plates in Figure 1. The top view shows the three electromagnetic anomalies on the Miki prospect marked in pink. The first hole is located at the southwestern edge of the measured anomaly. The second hole will test the center of the anomaly.

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Figure 3: Sulphide mineralization at 118.3 m drill hole depth.

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Figure 4: Sulfide mineralization at 120.3m drill hole depth.

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Figure 5: Sulfide mineralization at 132.9 m drill hole depth.

Conclusion: Sceptics might ask: What is the excitement about a single drill hole, especially since the final analyses are still pending? Is this just another made up hype, or is there more to it? We believe that the significance of the Conico discovery can hardly be overstated - and for several reasons. First, even the first drill hole appears to fundamentally confirm the underlying exploration model. The electromagnetically measured anomaly on the Miki prospect is - this much is now known - not a "false positive". This is a huge achievement of modern geology, considering the overall size of the Ryberg prospect, which is almost twice the size of the Saarland. Second, the sulfide mineralization was encountered at exactly the predicted location and target depth, again increasing the predictive value of the EM data. The data suggests that the results to date mark the south-western edge of the mineralization. The second drill hole, now underway, will test the center of the structure where the electromagnetic anomaly is strongest. The entire anomaly known to date is approximately 300 meters wide and open to the west.

In addition to the Miki prospect, Conico also plans to test the (Au-Ni) Sortekap prospect further inland this season. Again, this has never been drilled before. Surface samples returned grades of up to 2.7 g/t Au. Three sulphide phases were identified, arsenopyrite, pyrite and minor chalcopyrite. Adjacent to the gold veins is an ultramafic intrusion that has magmatic sulphides with surface samples grading up to 0.33% nickel.

It may sound audacious at this stage, but we believe that if further discoveries are made in the future, the Ryberg project could reach a dimension that would, in the long run, redefine Greenland's geostrategic role as a resource supplier. After all, the project's footprint is 4,500 square kilometers and exploration has just begun - after twelve years of mostly private preliminary work. This season, for the first time, the entire area will be flown electromagnetically. Who knows what other anomalies will be found? Are we dreaming? Time and drill results will tell.

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