Melbourne-based explorer Cohiba Minerals (ASX:CHK) is moving ahead with various activities across its portfolio of tenements stationed in Canada, Western Australia, South Australia, and Queensland.
The company, which has a $8.85 million market capitalisation, says it has formally engaged the services of technical services company Dahrouge Geological Consulting, which is currently well underway on a ‘comprehensive’ desktop study scheduled for completion on 14 August 2023.
This study is expected to form the basis for determining the phase of the exploration program, as well as enable the 4 prospect areas to be prioritised accordingly.
Cohiba reports its prospects situated in the Olympic Domain region of South Australia have been reviewed further and has resulted in the definition of additional drillholes as a follow-up to the persistent, low-grade mineralisation, and ‘significant’ mineralising structures encountered to date at the Horse Well prospect.
Due to the ‘complexity’ of these target zones, and the depth to mineralisation, the company states these factors have warranted a lengthy assessment to optimise the potential for exploration success.
The company also notes a review of work completed to date over the Pernatty C prospect has given way to the definition of an additional drill site. This new drill site has been defined as ‘high priority’ to further investigate the zinc-lead-silver mineralisation previously encountered.
Meanwhile, in conjunction with ongoing activities across the South Australian and Canadian tenements, Cohiba announces it is continuing to discuss potential direct investment into the Wee MacGregor Copper Project as a means to bring the project forward, and provide some renewed focus to its Queensland assets.
Cohiba further reports it has applied for a renewal of Mining Lease ML90098 at Wee MacGregor, which now has an expiry date of 31 December 2034, bringing it in line with ML2504.
A ‘significant’ exploration target, which represents an extension to the existing resource, is noted to have been postulated for Wee MacGregor, and is intended to be fully investigated.
Speaking on the update, Cohiba Minerals Chief Executive Officer (CEO) Andrew Graham says: “On multiple fronts our small and dedicated team is working to deliver value to all stakeholders.
To assist us plan the next steps in the exploration program at our Canadian assets we have contracted Dahrouge Geological Consulting. Dahrouge is undertaking a detailed desktop study on the Ontario lithium projects which we expect to be finished on 14 August 2023.
“In the meantime our Olympic Domain projects in South Australia remain key priorities of our portfolio“
In the meantime our Olympic Domain projects in South Australia remain key priorities of our portfolio. We have completed a review of the Olympic Domain projects and identified additional strategic drill hole sites.
We have also had numerous discussions in relation to direct investment into the Wee MacGregor copper project in Queensland and are working towards securing an outcome. We have further incentivised this investment opportunity by securing an extension on ML90098, a key Mining Lease at Wee MacGregor, until 31 December 2034.”
Cohiba Minerals is an ASX-listed explorer focused on its portfolio of assets, including the Olympic Domain Project in South Australia, the Pyramid Lake Project in Western Australia, and the Wee Macgregor Project in Queensland.
The company had $1.8 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Cohiba Minerals Ltd