Join our daily newsletter At The Bell to receive exclusive market insights
- Cohiba Minerals (CHK) selects a target for its next drillhole at the Horse Well project in South Australia
- Recent drilling identified the Bluebush Fault, a mineralised zone which is characterised by brecciation and haematisation and considered key target vectors for IOCG mineralisation
- The upcoming HWDD07 drillhole will test the Bluebush Fault and if it returns a successful intercept, it will add more confidence to the fault’s overall strike
- This is required to successfully hit the Bluebush Fault in any future wider-spaced, step out drilling
- CHK shares are trading flat at 0.9 cents at 12:20 pm AEST
Cohiba Minerals (CHK) has announced its plans for a new drillhole at the Horse Well project in South Australia.
The company recently identified a “major” mineralised fault zone, which has been named the “Bluebush Fault”. The fault defined a target zone that will be the focus of hole HWDD07.
As part of its strategy to enhance the prospectivity of the project, Cohiba conducted geophysical surveys and subsequent drilling which led to discovering “persistent” copper anomalism in holes HWDD04, HWDD05, and HWDD05W1.
A recent review of the holes reportedly highlighted a correlation of oxidised grey haematite-chalcopyrite as both clasts and matrix in lenses of breccia within the Bluebush Fault in hole HWDD05.
This hole returned an anomalous intersection of 40 metres at 0.52 per cent copper and 0.27 parts per million (ppm) gold from 1140 metres including 0.91 metres at 3.2 per cent copper and 1.15 ppm gold from 1158.85 metres.
Due to grey haematite-chalcopyrite being rare as an alteration type, and normally confined to ore zones within known iron oxide copper-gold (IOCG) deposits, the company believes there’s strong potential for IOCG mineralisation.
CEO Andrew Graham said Cohiba Minerals is committed to understanding the geology and structure of the Horse Well project area.
“The discovery of what has been named the Bluebush Fault, a persistent regional structure that is characterised by brecciation and haematisation, provides a strong focal zone for the ongoing exploration program at Horse Well,” he said.
The upcoming HWDD07 drillhole will test the inferred continuation of the Bluebush Fault from a collar position on the HWDD04, HWDD05, and HWDD05W1 drill pad.
If the hole returns a successful intercept, it will add around 250 metres of strike length to the Bluebush Fault and give more confidence in its overall strike, which is required to successfully hit the fault in any future wider-spaced, step out drilling.
The company believes the fault contains the “right mix” of alteration, elevated copper mineralisation, textural preparation by brecciation, and a likely dilational oriented structure. The only ingredient it said is missing is scale. However, with more than two kilometres of potential strike length, there’s potential to satisfy this component.
CHK shares were trading flat at 0.9 cents at 12:20 pm AEST.
