Cohiba Minerals saddles up on potential iron oxide copper-gold system at Horse Well, South Australia

Cohiba Minerals (ASX:CHK) believes it is situated within proximity to an iron oxide copper-gold (IOCG) system following a detailed technical review of drillhole HWDD03 completed at the Horse Well prospect in South Australia. 

The company says the results received from the drillhole provide sufficient indicators that the project lies nearby to an IOCG system and warrant further investigation. 

Cohiba reports IOCG indicators include a HEMQ-altered fault, the presence of disseminated chalcopyrite, and ‘extensive’ chlorite alteration. Additionally, drillhole HWDD03 is interpreted to add to the Bluebush Fault prospect, as well as the Horse Well Fault prospect, for a total of 3 prospective sites from the initial 5 locations selected for grass-roots drilling at Horse Well tenements. 

Drillhole HWDD03 was completed to a total depth of 1,179.7m from 12 September 2020 to 22 October 2020, about 4.5km east of BHP’s (ASX:BHP) Oak Dam IOCG deposit. Initial logging of the drillhole, in conjunction with the open gravity high portion of the geophysical target, led to the undertaking of hole HWDD06. However, this hole was poorly altered and mineralised.  

The company also notes these results have been delivered following the execution of a deed of settlement and release with Olympic Domain for the acquisition of the remaining 20% ownership in the Olympic Domain tenements, as announced by the company in April 2023. 

Cohiba stated this acquisition gave its management the chance to focus solely on its ‘highly prospective’ ground position in South Australia, where it will continue to assess further drill targets over the coming months.  

Commenting on the results, Cohiba Minerals Chief Executive Officer (CEO) Andrew Graham says: “The Horse Well Prospect now comprises three significant IOCG target zones which we are committed to investigating to the fullest extent possible. Due to the depth and complexity of these environments, we have spent considerable time ensuring that we extract as much information out of the drilling data as possible. 

The Horse Well Prospect now comprises three significant IOCG target zones which we are committed to investigating to the fullest extent possible”

This technical report provides further evidence of the technical rigour applied to our exploration efforts as we seek to make a major IOCG discovery. The results to date are highly encouraging, and we remain confident that our systematic and detailed approach will maximise exploration success.”

Cohiba Minerals is an ASX-listed company focused on investing in the resource sector through direct tenement acquisition, joint ventures, farm-in arrangements, and new project generation. The company currently has a portfolio of projects scattered across Australia, located in South Australia, Western Australia, and Queensland, with a key focus on its Olympic Domain tenements in South Australia. 

The Olympic Domain tenements comprise the Pernatty C, Horse Well (Pernatty B), and Andamooka-Peninsula (Lake Torrens) targets, while other projects currently included in the company’s exploration arsenal include the Wee Macgregor Project in Queensland and the Pyramid Lake Project in Western Australia. 

Images: Cohiba Minerals Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.