Operational Update and Key Tenement Renewal
HWDD03 had just passed the 1,095m mark (only logged to 1,045m prior to delays brought on by seasonal rain) and continues to show evidence of persistent hematite-quartz-K-feldspar breccia with some possible carbonate (siderite?) and blebby and disseminated chalcopyrite (Figures 1 and 2*). The Company continues to push this hole deeper due to these encouraging signs, and will keep shareholders updated on its progress.
The Company also wishes to inform shareholders that Olympic Domain Pty Ltd (OD) has thus far refused to acknowledge the exceedance of the expenditure milestone to enable the Company to secure its 80% stake in the Olympic Domain tenements (Phase 3 by expenditure of $500k). With this milestone being reached it would require OD to contribute its 20% pro-rata of all expenditure costs going forward. It is the Company's belief that OD wish to stall this for as long as possible until such a time that results are forthcoming from our Olympic Dam and Pernatty C drilling program. The Company has provided full financial evidence of having exceeded this milestone and will initiate legal proceedings to enforce our rights.
Cohiba's CEO, Andrew Graham says, "We are excited about what we have seen to date and are continuing our drilling program at Horse Well, followed on by Pernatty C. It is also very pleasing to be able to renew one of our key tenements (EL6183) without any loss of area, which is a direct result of our commitment to fulfilling the entire program of work at Horse Well and across our SA tenements. Whilst it is disappointing that our Farm-In Agreement has not, as yet, been ratified at the 80% milestone, we are confident that this will be resolved soon, as we have definitively shown that the full expenditure commitment has been exceeded."
*To view tables and figures, please visit:
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