- Junior miner Cohiba Minerals (CHK) is busy finishing up the second drill hole at its Horse Well prospect in the Olympic Domain project in South Australia
- The first hole was drilled to 1013 metres and encountered some black shales between 684 metres and 890 metres
- These showed evidence of sulphide mineralisation and will be analysed for copper, lead, zinc, and gold
- The second hole ended its last drill shift at 1040 metres but is still progressing
- Cohiba CEO Andrew Graham said what the company has seen so far is exciting
- Shares in Cohiba spiked in early action but have since retreated and are currently trading almost 19 per cent lower for 1.3 cents each
Junior miner Cohiba Minerals (CHK) is busy finishing up the second drill hole at its Horse Well prospect in the Olympic Domain project in South Australia.
Cohiba announced drilling in the area had begun in August, and in mid-September the company bolstered its ownership of Olympic Domain to 80 per cent.
Today, the company said the first Horse Well hole has been completed with assays pending. The second has been drilled for more than 1000 metres but is still progressing.
While then company is still waiting for more specific results from the first hole, HWDD02, Cohiba told shareholders this morning that it encountered black shales from 684 metres to 890 metres. These showed evidence of sulphide mineralisation and will be analysed in one-metre intervals for copper, lead, zinc, and gold.
This first hole was drilled for 1013 metres.
As for the second hole, Cohiba said despite some delays from localised flooding, HWDD03 ended is last drilling shift at 1040 metres. The company said this hole encountered coarsely crystalline basement material from 890 metres which is “strongly altered quartz-earthy hematite-K-feldspar-epidote-chlorite-(muscovite) rock.”
On top of this, Cohiba said an open space pyrite vein was hit at 990 metres.
For those unfamiliar with the intricacies of geology, Cohiba CEO Andrew Graham simply said what the company has seen so far is exciting.
“We will continue drilling at HWDD03 and in light of the current progress will complete the drilling at Horse Well, which comprises an additional two holes, prior to commencing drilling at Pernatty Lagoon,” Andrew said.
“In addition, we have identified another key target area and will be seeking approval to drill test that target in the future,” he said.
Cohiba shares spike in early action but have since retreated deep into the red. At 11:16 am AEDT, shares are trading 18.75 per cent lower at 1.3 cents each.