Conico Ltd (ASX:CNJ) has signed a binding term sheet to acquire 100% of England-registered Longland Resources Ltd and its projects in East Greenland in consideration for 120 million shares in Conico.
Longland has a 100% interest in the Ryberg project which covers 4,512 square kilometres and contains the Sortekap gold prospect and the Miki Fjord and Togeda copper-nickel-cobalt-PGE-gold magmatic sulphide prospects.
Underexplored province
Ryberg is an underexplored mineral province containing multiple targets and deposit styles akin to those in the Yilgarn of Western Australia.
Gold is associated with the greenstones and significant magmatism that has intruded through sediments of the Kangerlussuaq Sedimentary Basin has resulted in sulphide saturation in the mafic-ultramafic rocks and the formation of magmatic sulphides visible at surface as globules and disseminations.
CEO appointment
Geologist and Longland founder Thomas Abraham-James will join Conico as joint chief executive officer.
Abraham-James is a geologist with more than 15 years’ experience in the mineral exploration industry having undertaken both technical and corporate roles.
Longland was founded by Abraham-James in 2017, focused solely on the Ryberg Project in East Greenland, a locality he identified as being highly prospective and underexplored for nickel-copper magmatic sulphides.
Aside from Longland, he has held senior positions (managing director and exploration manager) with listed and private explorers, operating in locations spanning four continents.
He has been involved in the discovery of new mineral resources, notably the Rukwa Helium Project for Helium One Ltd which he was co-founder and has worked with capital markets in Australia, Canada and the United Kingdom.
Abraham-James resides in Portugal with his family and looks forward to dedicating his efforts to the advancement of Conico.