Conico Limited provided an update on exploration activities at the Mt Thirsty Joint Venture (MTJV) (Greenstone Resources 50%: Conico Limited 50%), where all five diamond drill holes completed to date as part of the Phase I drill campaign have intersected thick zones of semi-massive and/or heavily disseminated sulphides. The current Phase I drill campaign is testing for extensions to the recent palladium-platinum-gold-copper-nickel (PGE) discovery by Galileo Mining Ltd. (Galileo) located less than 200 metres from the MTJV's northern tenement boundary. The MTJV is located 16 kilometres North-Northwest of Norseman, Western Australia.

Following from hole MTJV001, four diamond drill holes with reverse circulation pre-collars have subsequently been completed and recently logged as part of the ongoing Phase I drill campaign. Importantly, all holes drilled to date have intercepted wide zones of semi-massive and/or heavily disseminated sulphides, serving to define a prospective exploration horizon of at least 300 x 400 metres on the MTJV tenure, which remains open in all directions. Diamond & reverse circulation drilling south of Callisto continues with a total of five holes now completed.

All holes completed to date have intercepted semi-massive and/or heavily disseminated sulphides, including: MTRC003D: 127.3 metres of disseminated sulphides from 178.4 metres, including1: 37.1 metres of heavily disseminated from 268.6 metres MTRC007D: 122.0 metres of disseminated sulphides from 227.0 metres, including1: 19.0 metres of heavily disseminated from 227.0 metres MTRC009D: 51.6 metres of disseminated sulphides from 227.0 metres, including1: 34.3 metres of heavily disseminated from 232.0 metres MTRC014D: 108.2 metres of disseminated sulphides from 208.0 metres, including1: 72.3 metres of heavily disseminated from 208.0 metres o MTJV001: 65.0 metres of disseminated sulphides from 190.0 metres, including: 22.0 metres of heavily disseminated from 233.0 metres Mineralisation associated with an accumulation of sulphides near the sediment contact (as is Callisto). Cu & Ni sulphide species logged in core which are often associated with PGE mineralisation at Callisto2,3 First assays expected within 2-4 weeks, including palladium, platinum, gold, copper, nickel & rhodium. Prospective mineralised horizon remains open in all directions with a further 2.0km strike on JV tenure.

The Phase I drill campaign continues on schedule with five holes of the program now completed (1,650 metres) and fifteen still remaining (4,200 metres). The drill rig has subsequently moved further south (600 metres from Callisto) and is currently drilling MTRC017D. The initial focus of the campaign to date has been on testing for immediate along strike extensions to Callisto, the focus of the upcoming drilling will now shift further south and further east, supported by a smaller multi-purpose drill rig to be mobilised later this week.

MTJV001 has since been submitted for assaying with results expected back within the next 2-4 weeks. Assays 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 periodically released.

In addition to the untested PGE potential, the MTJV continues to undertake a detailed geological review assessing the western margin of the Mt Thirsty licences for lithium-caesium- tantalum (LCT) potential, with historical drilling and mapping previously documenting pegmatites within the MTJV licence area. Importantly, 150 metres to the west of licences held by the MTJV is the Mt Thirsty pegmatite where Galileo previously reported a series of steeply dipping, north-south trending pegmatites. Six grab samples of micaceous (lepidolite) pegmatite were sampled by Galileo returning an average assay grade of 2.3% Li2O, 1.87% Rb and 476 ppm Ta2057.