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- Cohiba Minerals (CHK) reports “significant” new copper, gold and silver assays from its Horse Well Fault prospect in South Australia
- The company launched a drilling program in October 2022 to follow up on “persistent” copper mineralisation encountered in Gawler Range Volcanics
- Cohiba says this follow-up work “significantly” expanded the copper anomaly
- The company believes its latest geochemical results could indicate proximity to an iron-ore-copper-gold system — especially as this is only the second hole to be drilled in the area
- Cohiba Minerals shares were down 7.14 per cent to 0.65 cents at 11:05 am AEDT
Cohiba Minerals (CHK) has reported “significant” assays from its Horse Well Fault prospect within its Horse Well project in South Australia.
The company launched a drilling program in October 2022 to follow up on “persistent” copper mineralisation encountered in Gawler Range Volcanics.
Cohiba said its follow-up work “substantially improved” its knowledge of the location and “significantly” expanded the copper anomaly.
Drilling returned elevated copper, gold and silver, with results including 111.6 metres at 0.27 per cent copper and 0.05 parts per million (ppm) gold and 0.35 ppm silver from 1043.2 metres.
Further assays included 0.65 metres at 2.52 per cent copper, 0.4 ppm gold and 1.51 ppm silver from 1107.35 metres.
Cohiba said it believed these “very strong and consistent” geochemical results could indicate proximity to an iron-ore-copper-gold (IOCG) system — especially as this was only the second hole to be drilled in the area.
“Persistent low-level copper, gold and silver mineralisation in drill hole HWDD08, which is only the second hole drilled in the region since 1982, has confirmed that the Horse Well Fault prospect is an IOCG target area worthy of thorough investigation,” Cohiba CEO Andrew Graham said.
The company has now confirmed Horse Well Fault as a “high-value target” and is awaiting the return of 356 additional results for the hole.
Cohiba Minerals shares are down 7.14 per cent to 0.65 cents at 11:05 am AEDT.
