Cohiba Minerals’ (ASX:CHK) share price has increased 25% on the Australian Securities Exchange (ASX) just over a week following the release of its latest quarterly report.
The spike in its share price comes as Cohiba noted throughout the previous quarter it acquired Maple Minerals 2 to secure 35 claims covering 148km-square of lithium and rare earth targets in Ontario, Canada.
Cohiba reports during this time it signed a scope of works with Dahrogue Consulting for each of the Canadian prospect areas in conjunction with the start of fieldwork at the Gathering Lake prospect in the last week of September.
Meanwhile, Cohiba also secured an additional 28 blocks of ground abutting its Pyramid Lake Project under exploration licence E74/768 for a period of 5 years with an expiry date of 8 August 2028.
The company in Q3 2023 also renewed the mining lease at its Wee MacGregor Project in Queensland until 31 December 2034.
Cohiba Minerals retained a cash balance of $1.172 million as of 30 September this year.
The company is primarily focused on investing in the resource sector through direct tenement acquisition, joint ventures, farm-in agreements, and new project generation.
Write to Adam Drought at Mining.com.au
Images: Cohiba Minerals