- Cohiba Minerals (CHK) has announced updated geophysics modelling for its Horse Well target on its Olympic Domain project in South Australia
- A new map of Horse Well confirms a ‘feeder’ zone with iron oxide-copper-gold (IOCG) mineralisation and provides further evidence of a deep-seated target within the rock at the site
- Additionally, the company has been waiting for a final heritage survey of its Horse Well site, which has been delayed while the Aboriginal corporation responsible has been in administration
- However, the Kokatha Aboriginal Corporation is coming out administration in June, and Cohiba hopes to have the survey done and drilling contracts completed within the month
- The new 3D inversion model has outlined what Cohiba is calling a “drill-ready target” within the feeder zone at the site
- Cohiba Minerals is trading 12.5 per cent higher today, with shares selling for 0.9 cents per share
Cohiba Minerals (CHK) has announced updated Geophysics and a pathway towards drilling on its Horse Well tenement, within its Olympic Domain project in South Australia.
Olympic Domain is made up of seven distinct exploration tenements in South Australia, of which Horse Well is one. Cohiba recently acquired the 51 per cent ownership stake it needed in Olympic Domain to advance the project.
A new map of Horse Well confirms a ‘feeder’ zone with iron oxide-copper-gold (IOCG) mineralisation and provides further evidence of a deep-seated target within the rock at the site.
The modelling confirms the presence of what Cohiba has called a “trending feature” within the rock that runs north-west to south-east across the site.
This was confirmed via the continued presence of low resistivity below 400 metres within this zone.
The company believes this zone contains “drill-ready targets” below 400 metres depth and has begun organising a drill campaign to test that theory.
Additionally, the company has been waiting for a final heritage survey of its Horse Well site, which has been delayed while the Aboriginal corporation responsible has been in administration
However, the Kokatha Aboriginal Corporation is coming out administration in June, and Cohiba hopes to have the survey done and drilling contracts completed within the month
The CEO of Cohiba, Andrew Graham, said the work conducted on the site provided “strong confirmation” for the north-west to South East trending zone on Horse Well and there was evidence of a moderately deep-seated drilling target within that zone.
“The target zone, from around 400 metres below the surface, is located in the same area that was identified as a major interest from historical gravity, magnetic and magneto-telluric surveys,” Andrew stated.
“Cohiba has overcome all previous hurdles in relation to the Kokatha Aboriginal Corporation and is looking forward to working with them as we finalise the drilling contracts at both Horse Well and Pernatty C for early June” he continued.
Cohiba Minerals is trading 12.5 per cent higher today, with shares selling for 0.9 cents per share at 11:53 am AEST.