- Cohiba Minerals (CHK) confirms persistence of copper and gold mineralisation at its Horse Well project in South Australia
- The company says a new angled hole was drilled to further investigate mineralisation previously encountered in another drill hole in the same area
- The hole intersected grades of up to 10.8 per cent copper and up to 5.3 g/t gold and 20.6 g/t silver
- The company says ongoing petrological, mineralogical and alteration studies will be undertaken to enhance its understanding of the project
- Shares were trading at 1.9 cents at previous close
Cohiba Minerals (CHK) has further confirmed the persistence of copper and gold mineralisation at its Horse Well project in South Australia after receiving a new assay result.
The company said a new angled hole was drilled to further investigate mineralisation previously encountered at another drill hole in the same area.
The new hole reportedly returned a combined length of around 185 metres of mineralised core with some high-grade copper, gold and silver intersections. The longest intersection was 114.7 metres at 0.4 per cent copper, 0.3 g/t gold and 1.0 g/t silver from 1095.3 metres.
The hole intersected grades of up to 10.8 per cent copper and up to 5.3 g/t gold and 20.6 g/t silver.
The company says the initial technical review of the drill core has shown the mineralisation, brecciation and alteration styles in some of the mafic units are typical of an iron oxide copper gold deposit.
Assay results for the wedge hole have been received and will be reported once the assessment is complete.
The company also said ongoing petrological, mineralogical and alteration studies will be undertaken to enhance its understanding of the project.
Cohiba’s CEO, Andrew Graham, said the results from the drill hole provided further confirmation that the company is drilling in the right location.
“The mineralisation is becoming more pervasive, and we have seen a considerable increase in gold and silver mineralisation as well as copper,” he said.
“Given that HWDD05 was angled from HWDD04 (same collar location) even a small step out has returned significantly improved results.”
Shares were last trading on January 12 at 1.9 cents.