Cohiba Minerals (ASX: CHK) has announced that it has received encouraging results from the detailed MT survey over the Horse Well Project area in South Australia.
The company reported that further results from the data interpretation and 2D modelling of the magnetotelluric survey results over the Horse Well area show the presence of an additional potential “feeder” zone in the eastern part of the Horse Well area.
Cohiba noted that the additional potential “feeder” zone is coincident with a moderate amplitude magnetic anomaly that was identified from previous regional magnetic surveys.
The company reported that the additional potential “feeder” zone extends to depth and shows lateral continuity which supports the theory of a deep basement conductive zone associated with IOCG mineralisation.
Horse Well Project
The Horse Well project is located adjacent to mining giant BHP’s (ASX: BHP) Oak Dam West project. It may be noted that a spectacular new iron oxide copper gold (IOCG) discovery was made at Oak Dam West by BHP recently. This has led to the speculation of a deep basement conductive zone associated with IOCG mineralization in the Horse Well project area.
Encouraging MT Survey Results
The company reported that detailed magnetotelluric (MT) survey conducted by Zonge Australia has now identified an additional potential “feeder” zone in the eastern part of the area. Zonge had already identified a major potential “feeder” zone in the central part of the Horse Well area.
Cohiba noted that this additional potential “feeder” zone is coincident with a moderate amplitude magnetic anomaly which was identified from previous regional magnetic surveying and earmarked as a potential drilling target. The company said that the additional zone shows both depth and lateral continuity.
Current and Future Plans
CHK said that the detailed MT survey conducted by Zonge continue to show very good correlation with the previous regional MT survey in terms of the size and shape of the conductive zones and confirms lateral continuity (conductive trend).
Cohiba announced that the results from the remaining MT modelling work will be interpreted in relation to the existing gravity and magnetic targets. This is anticipated to enable Cohiba to select specific drill hole locations as part of its next stage of exploration work.
The company reported that major resource companies have approached Cohiba and expressed an interest in forging a working relationship after the exploration effort.
Cohiba’s Executive Chairman Mordechai Benedikt, said, “The company is pleased to see that the ongoing results from the detailed magnetotelluric survey in the Horse Well area have identified another potential “feeder” system in the eastern part of the area. The discovery of this potential “feeder” system, which also shows lateral continuity and is coincident with a magnetic anomaly has provided additional drilling targets for Cohiba’s next program of work. Data from additional lines in the Horse Well area are still being processed and will be released to the market when available. These data will provide a two-dimensional picture of the conductive zones at depth and alongside other magnetic and gravity data, will enable Cohiba to specifically target drill hole locations.