ASX-listed resource company Cohiba Minerals (ASX:CHK) has executed a deed of settlement and release with private company Olympic Domain to acquire the remaining 20% ownership in its copper-gold tenements in South Australia.
The company reports its 100% interest in the Olympic Domain tenements will now be formally registered with the South Australian Department of Energy and Mining.
Following the executed deed, Cohiba will issue 40 million fully paid ordinary shares at an issue price of $0.005 per share to Olympic Domain with a 3-month escrow period.
Commenting on the agreement, Cohiba Minerals Chief Executive Officer, Andrew Graham says: “We are pleased to finally come to this agreement and for the company to own a 100% interest in these Olympic Domain tenements. Our goal remains the same, to build significant shareholder value through the identification of one or more IOCG (iron oxide copper-gold) deposits within our tenement package.”
Cohiba reports the acquisition of the remaining 20% interest frees management to solely focus on its ‘highly’ prospective ground position in South Australia. The company says it has been encouraged by the discovery of ‘high-grade’ copper at its Horse Well prospect, and will continue to assess further drill targets over the coming months.
“Our goal remains the same, to build significant shareholder value through the identification of one or more IOCG (iron oxide copper-gold) deposits within our tenement package”
The company also says the Olympic Domain region is expected to see increased activity compared to recent years, noting several companies have announced exploration programs or resource definition drilling in their areas of interest.
Cohiba Minerals is an ASX-listed resource company focused on its portfolio of copper, copper-gold, and gypsum projects in Australia. These assets include the Olympic Domain Copper-Gold Project in South Australia, the Pyramid Lake Project near Esperance in Western Australia, and the Wee Macgregor Copper Project near Mt Isa in Queensland.
Olympic Domain consists of 8 exploration licences that cover an area of 831km-square in the Gawler Craton region. Prospects within the project include the Horse Well (Pernatty B), Pernatty, and Andamooka-Peninsula (Lake Torrens) areas.
Images: Cohiba Minerals Ltd
