Australia\u2019s Conico Ltd. signed a conditional binding term sheet to acquire 100% of England registered Longland Resources Ltd in consideration for 120 million shares in Conico.<\/p>\n
The main asset behind this purchase is Longland\u2019s 100% interest in the Ryberg project in Greenland, which covers an area of 4,521 square kilometres containing the Sortekap gold prospect and the Miki Fjord & Togeda Cu-Ni-Co-PGE-Au magmatic sulphide prospects.<\/p>\n
According to the companies, the project sits on a newly discovered Archaean greenstone belt containing orogenic, quartz vein-hosted gold mineralisation, and where limited surface sampling to date grades up to 2.7g\/t gold. <\/p>\n The main asset behind this purchase is Longland\u2019s 100% interest in the Ryberg gold project<\/p>\n<\/blockquote>\n<\/figure>\n \u201cThe scale of the discovery may be significant as it represents geology never seen before (revealed by ice retreat),\u201d Conico said in a press release. \u201cMineralisation remains open in all directions.\u201d<\/p>\n The miner reported that mineralisation occurs over a strike length of >50km with surface samples grading up to 2.2% Cu, 0.8% Ni, 0.1% Co, 3.3g\/t Pd and 0.15g\/t Au. <\/p>\n Longland also has an exclusive application for the Mestersvig project containing the historic Blyklippen Pb-Zn mine and Sortebjerg Pb-Zn prospect. Blyklippen produced 545,000 tonnes @ 9.3% Pb and 9.9% Zn between 1956-1962. The Mestersvig project application has progressed to the \u2018license pending\u2019 stage and, in the company\u2019s view, granting is imminent. <\/p>\n \u201cThe acquisition of Longland gives Conico exposure to a dominant licence area in East Greenland, a location deemed to be highly prospective for precious and base metals. There is renewed interest in Greenland as a world-class mineral province, with new shipping routes, and hosting the world\u2019s largest REE deposit (Kvanfjeld) outside of China,\u201d Guy Le Page, a director at Conico, said in the media brief. \u201cThe company\u2019s intention is to accelerate exploration in Greenland commencing with a proposed field programme for 2020. The objective is to generate drill targets at the Sortekap gold prospect, discover additional magmatic sulphide occurrences, and upon the successful grant of the Mestersvig Pb-Zn licence, conduct the first-ever high-resolution gravity survey to identify extensions to the old mine.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" The company said that its intention is to accelerate exploration in Greenland.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[43],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1198902"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1198902"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1198902\/revisions"}],"predecessor-version":[{"id":1198958,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1198902\/revisions\/1198958"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1198902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1198902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1198902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n