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Australia’s Conico (ASX: CNJ) has signed a conditional binding term sheet to acquire 100% of England registered Longland Resources in consideration for 120 million shares in Conico.

The main asset behind this purchase is Longland’s 100% interest in the Ryberg project in Greenland.

The Ryberg project 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.

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. 

“The scale of the discovery may be significant as it represents geology never seen before (revealed by ice retreat),” Conico said in a press release. “Mineralisation remains open in all directions.”

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. 

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 ‘license pending’ stage and, in the company’s view, granting is imminent. 

“The acquisition of Longland gives Conico exposure to a dominant license 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’s largest REE deposit (Kvanfjeld) outside of China,” Guy Le Page, a director at Conico, said in the media brief.

“The company’s intention is to accelerate exploration in Greenland commencing with a proposed field program 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 license, conduct the first-ever high-resolution gravity survey to identify extensions to the old mine.”