- Cohiba Minerals (CHK) has secured 80 per cent ownership of the Wee MacGregor tenements in Queensland
- The company’s subsidiary, Cobalt X, signed an agreement to acquire a stake in the Mt Isa tenements back in 2017
- Under the original farm-in agreement, Cobalt X was only required to ensure the tenements were in good standing
- Cohiba has now notified the tenement’s owner of the earn-in, with the company putting aside $500,000 for upcoming exploration work at the site
- Shares in CHK are trading up 5 per cent at 2.1 cents per share
Cohiba Minerals (CHK) has secured 80 per cent ownership of the Wee MacGregor tenements in Queensland.
The company’s subsidiary, Cobalt X, signed an agreement to acquire a stake in the Mt Isa-based tenements back in 2017.
Under the original farm-in agreement, Cobalt X were only required to ensure the tenements were in good standing.
Cohiba has now notified the tenement’s owner, Cyclone Metals subsidiary Mining International, of the earn-in.
CHK has put aside $500,000 for exploration work at the tenements, with plans to focus in on their copper potential.
Wee MacGregor was previously assigned an inferred resource of 1.65 million tonnes at 1.6 per cent copper for 25,818 tonnes of contained copper.
Cohiba Chief Executive Officer Andrew Graham said the company was excited to explore the tenements potential.
“We are pleased to add the additional tenement package to the company’s exploration portfolio,” he said.
“Whilst our focus remains on our initial success at Horse Well in South Australia’s Gawler Craton, Wee MacGregor is consistent with our focus on copper but adds further optionality to our portfolio,” he added.
“We have already budgeted for a material spend at the Project and with the
resource open along strike and at depth, including high-grade zones from surface, we are excited by its potential,” the CEO concluded.
Cohiba Minerals shares are trading up 5 per cent at 2.1 cents per share at 12:48 pm AEDT.