High Grade Copper intersected at Horse Well Prospect
Melbourne, Mar 10, 2021 AEST (ABN Newswire) - Cohiba Minerals Limited (
ASX:CHK) is pleased to provide results for two of the drill holes from the exploration drilling program at its Horse Well project in South Australia (Figure 1*).
Highlights:
- Assay results received from latest two drill holes at Cohiba's Horse Well Project in the prolific Gawler Craton, the world's premier address for IOCG deposits.
- The Gawler Craton is host to BHP's Olympic Dam Cu-U Mine, Oz Mineral's Cu-Au Mine and BHP's Oak Dam West copper discovery which is directly adjacent to Cohiba's Horse Well project.
- Hole HWDD04 was assayed over a length of 473.6m (950 to 1,432.6m) from 950m depth and encountered persistent low-level copper throughout.
- High grade intersections included 0.9m @ 1.85% Cu from 974m; 0.8m @ 12.15% Cu from 1033m; 0.4m @ 0.97% Cu from 1089m and 0.5m @ 2.58% Cu from 1225.5m.
- Assay results have provided a strong incentive for Cohiba to continue its targeted exploration activities in the Horse Well area with further deep drilling programs being developed.
- Cohiba remains very well capitalized to pursue its exploration objectives with a cash balance of ~$7m at 31 December 2020.
Cohiba's CEO, Andrew Graham says, "The results from the Horse Well drilling program, particularly drill hole HWDD_04, have provided significant encouragement that we are drilling in the right location. Cohiba will expand its exploration efforts at Horse Well to further investigate these target areas as well as additional new targets that have been identified. We remain focussed on identifying one or more IOCG deposits to generate significant value for our shareholders. The company is also committed to its other projects at Pernatty C and Lake Torrens and is planning to conduct programs of work at these locations as well."
Cohiba commenced the targeted exploration program at Horse Well in the prolific Gawler Craton in early 2020. Following extensive geophysical reconnaissance and other work which identified a moderately deep-seated target approximately 450m below the surface the Company moved to the drilling phase. Four deep holes designed to test distinct IOCG target zones have now been drilled.
The two latest holes, HWDD_03 and HWDD_04, encountered rock types typical of an IOCG environment with HWDD_04 also returning some spectacular copper grades.
Issue of options
The Company will include a resolution in the next notice of general meeting to seek approval from shareholders for the proposed issue of 15 million unlisted options to each of the Directors of the Company with each option being exercisable at $0.04 (4 cents) per option and expiring 3 years from the date of issue. All of the options will be subject to a vesting condition being that the Company's market capitalisation must reach $200 million for a minimum period of 7 consecutive days prior to the expiry date.
*For full details, tables and figures, please visit:
https://abnnewswire.net/lnk/58HQII7G
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.
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