Drilling Contractors Secured and Pyramid Lake Update
Cohiba Minerals has signed an agreement with DRC Drilling to undertake the drilling at both Horse Well and Pernatty C. The Horse Well holes will target deeper (~1,000m) Iron Oxide-Copper-Gold (IOCG) mineralisation similar to BHP's nearby Oak Dam West deposit while the Pernatty C holes will target shallower (~300m) sedimentary-hosted Mt Gunson-style copper-cobalt-silver mineralisation.
DRC Drilling has significant experience in both IOCG and sediment-hosted environments in South Australia and with major companies such as FMG Metals, OZ Minerals and BHP Billiton. Cohiba is currently aiming to commence drilling in the next 2 weeks.
Cohiba has also signed an agreement with Groundwork Plus to deliver the Mining Operations Plan (MOP), Mining Lease (ML) application and associated Mine Closure Plan for the Pyramid Lake (WA) gypsum project. The successful completion of this program of work will provide Cohiba with a Mining Lease (ML) over the primary gypsum resource and enable the Company to progress its plans for the mining and processing of gypsum for the agricultural markets in Western Australia.
Pyramid Lake has the potential to generate consistent returns for the Company and showcase the Company's ability to span the value chain from explorer to minerals producer.
Cohiba's CEO, Andrew Graham says, "After waiting for some time to obtain the necessary permits, we are pleased to finally secure the drilling contractor for the Horse Well and Pernatty C drill holes. We are excited about testing our multiple target zones and look forward to reporting updates as they emerge."
About Cohiba Minerals Limited
Cohiba Minerals Limited (ASX:CHK) is listed on the Australian Securities Exchange with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation. The shares of the company trade under the ticker symbol CHK.
The Company recently acquired 100% of the shares in Charge Lithium Pty Ltd, which holds exploration licences in Western Australia.
Cohiba Minerals Limited