Cohiba Minerals (ASX:CHK) is discussing its exploration strategy on the current activities across its project portfolio, located in Ontario, Canada and Queensland, Australia.
The company’s progressing discussions with major service providers, with expertise in Canadian lithium projects, with the aim of optimising the Canadian summer field season for initial reconnaissance work.
Cohiba’s share price has increased by 20% as at $0.03 as of 1.30pm today.
Major wildfires in Canada have halted the summer field season for the company, but Cohiba reassures that the current situation in Ontario should allow reconnaissance work to be conducted.
Meanwhile in Queensland, Cohiba has reviewed its Wee MacGregor Copper and Olympic Domain projects and is currently developing a Program of Work (PoW) for its Wee MacGregor Project.
The PoW is intended to ‘significantly’ increase the resource. Cohiba says it has received a registration of interest for a direct investment into the project and is progressing discussions regarding this opportunity.
Commenting on the ongoing activities, Cohiba Minerals Chief Executive Officer (CEO) Andrew Graham says: “We want to optimise the summer field work season in Canada and are working to finalise the necessary components to enable this to happen as quickly as possible.
“We want to optimise the summer field work season in Canada and are working to finalise the necessary components to enable this to happen as quickly as possible”
We are also developing a comprehensive program of work for our Wee MacGregor copper project in Queensland and are in discussions with an overseas group regarding direct investment into projects.
Whilst these are exciting new developments we remain committed to the Olympic Domain project which have returned some significant and highly encouraging results.
We have focused intently on gaining a solid understanding of the technical characteristics at each Olympic Domain prospect as we believe this will greatly enhance exploration success. We are continuing to review and refine our models with the intent of undertaking additional drilling in the near future.”
The company says it is committed to the Olympic Domain projects and believe its approach of undertaking very detailed technical assessments of each drillhole and modelling these accordingly will provide the greatest opportunity for exploration success.
Cohiba is continuing to review and enhance its exploration models with the intent of conducting further drilling over the Olympic Domain prospects in the near future.
Cohiba Minerals is an ASX-listed company, focused on its portfolio of assets including the Olympic Domain, Pyramid Lake, and Wee MacGregor projects.
As of 31 March 2023, the company had $930,000 cash and cash equivalents at the end of the quarter, according to its latest quarterly report published on 28 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Cohiba Minerals Ltd
