Conico : Gold Assays at Sortekap

ASX Announcement

26th April 2022

Gold Assays at Sortekap

Highlights

This announcement details assay results received from drill-hole SODD003 at the Sortekap Prospect, completed in the 2021 field season. The Sortekap Prospect is wholly within the Ryberg Project in Greenland which is 100% owned by Conico Ltd (via subsidiary Longland Resources Ltd).

Gold intercepts from SODD003 include:

1m @ 1.80g/t Au from 12m depth1m @ 1.09g/t Au from 20m depth1m @ 1.82g/t Au from 22m depth1m @ 2.58g/t Au from 41m depth1m @ 42.81g/t Au from 63m depth1m @ 1.12g/t Au from 174m depth1m @ 1.39g/t Au from 179m depth

Samples returning the above results contain quartz veins mostly within amphibolite of the local Archean basement. The mineralisation is interpreted to represent an orogenic style, gold-bearing, quartz vein system.

All assays from the 2021 field season have now been received.

An application has been lodged to increase the licence area over the Sortekap Prospect.

Gold mineralisation at Sortekap will be one focus of drilling activity for the 2022 field season.

Summary

Conico Limited (ASX: CNJ) ("Conico" or "the Company") is pleased to announce the identification of high-grade gold at our Sortekap Prospect in Greenland (Figure 1). The results are from drill-hole SODD003 that was completed during the 2021 field season, with assays only recently received due to Covid-19 related delays. The Sortekap Prospect is within Conico's 100% owned Ryberg Project, located on the east coast of Greenland.

The results of drill-hole SODD003 constitute the first time an orogenic-gold occurrence has been iden-tified on the east coast of Greenland. It has given impetus for the Company to increase its licence area, with an application lodged for additional adjacent ground. Little to no historic exploration activities for orogenic gold have occurred on Greenland's east coast, with Conico now the first mover and in a strong position to expand on this discovery during the 2022 field season. Similar orogenic occurrences are

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well known on Greenland's south coast, with the historic Nalunaq Gold Mine producing over 350,000oz gold from mineralisation with an average grade over 15g/t Au.

A total of three drill-holes were completed at Sortekap in 2021, two of which (SODD001 and SODD002) were targeting induced polarisation (IP) anomalies, while the third (SODD003) was targeting a zone of rock samples that had returned anomalous gold in previous analysis. As previously announced (Conico ASX announcement dated 1/2/2022), drill-hole SODD001 intersected nickel sulphides in a serpentinite unit.

The recently interpreted regional magnetic-radiometric survey has identied the presence of a significant geological structure to the south of SODD003, a deep-seated fault that has a lateral displacement of ~3-4km and vertical displacement of ~1km. This structure may have provided the conduit for ascending hydrothermal fluids and will be an important guide for future exploration.

Longland Resources CEO, Thomas Abraham-James commented:

"To obtain high-grade results in the one and only hole targeting gold from our 2021 drilling is very pleas-ing. Drill-hole SODD003 was designed to target known surface occurrences of gold at depth, without the aid of geophysics. The result opens up the east coast of Greenland as being a prospective location for the discovery of orogenic gold, and Conico has first mover advantage. "

Figure 1 Drill-core from SODD003. The sample interval assaying 42.8g/t gold is highlighted in yellow.

For and on behalf of the board,

Guy T Le Page, FFIN, MAusIMM

Director

Guy Le Page is a director of Conico and was authorized to sign this announcement.

For any queries regarding this announcement please contact Guy Le Page on [phone].

Disclaimer

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this report will therefore carry an element of risk.

This report contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this report. No obligation is assumed to update forward-looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Competent Person´s Statements

The information contained in this report relating to exploration results for the Greenland projects is based on information compiled or reviewed by Thomas Abraham-James, the CEO of Longland Resources Ltd. Mr. Abraham-James has a B.Sc. Hons (Geol) and is a Chartered Professional (CPGeo) and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Abraham-James has sufficient ex-perience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the Joint Ore Reserve Committee (JORC) "Australasian Code for Reporting of Exploration Results, Mineral Re-sources and Ore Reserves". Mr. Abraham-James consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

Appendix 1: SODD003 Drill Intercepts Over 1g/t Gold

NB:-

•  Results shown are represented as drilled intervals; due to the early stage of exploration the true withds represented by these sample intervals are not known.

Appendix 2: SODD003 Drill-Hole Collar Location

NB:-

•  Projection is WGS84 UTM Zone 25N

Appendix 3: Location Map for Conico's Greenland Projects

Appendix 4: The Ryberg project and Prospects