Year in Review: Cohiba Minerals enjoys year of exploration and mineral discoveries in 2022

Cohiba Minerals (ASX:CHK) has seen another great year in 2022, progressing its projects in Queensland, South Australia and Western Australia.

The Melbourne-based ASX-listed company has explored the Olympic Domain tenements, in the heart of the ‘world-class’ Gawler Craton.

Strategically located in South Australia, throughout 2022 Olympic Domain has been at the centre of various exploration activities and has returned ‘significant’ multi-element mineralisation from various tenements and prospects.

Cohiba Minerals ticking all the boxes in 1H 2022

In February this year, the company confirmed additional copper (Cu), gold (Au) and silver (Ag) mineralisation from diamond drilling (DD) at the Horse Well prospect.

Hole HWDD05W1 intersected 70m at 0.30% Cu, 0.36g/t Au and 1.84g/t Ag from 962m and also returned Cu, Au, and Ag grades of up to 5.07% Cu, 3.5g/t Au and 14.5g/t Ag.

This wedge hole displayed mineralisation, brecciation and alteration styles in some of the mafic units that are typical of an iron oxide-copper-gold (IOCG) deposit.

During April, as 1 drilling campaign at the Warriner Creek prospect commenced, another at the Pernatty C prospect was completed.

Drilling at Pernatty C targeted both Zambian Copperbelt (ZCB) and IOCG mineralisation and returned encouraging signs that warranted further IOCG exploration at the tenement.

By mid-May, drilling at the Warriner Creek prospects was completed and warranted the continuation of further exploration, consisting of analysis for potential rare earth element (REE) and gold in numerous zones of strong sericite alteration encountered throughout drilling.

Leading up to the end of the 1H of 2022, Cohiba ended the first half on a strong footing with the discovery of the new major “Bluebush Fault” mineralised zone

Leading up to the end of the 1H of 2022, Cohiba ended the first half on a strong footing with the discovery of the new major “Bluebush Fault” mineralised zone, which provided a strong target zone for drillhole HWDD07.

The company noted at the time that the existence of major brecciated and haematised zones associated with structures such as the Bluebush Fault were a key vector for IOCG mineralisation.

By the end of the first half, Cohiba had a strong cash balance of $3.46 million.

Cohiba Map

2H 2022 delivered further mineralisation discoveries for Cohiba

In late July, Cohiba reported ‘significant’ zinc-lead-silver (Zn-Pb-Ag) results following its proof-of-concept drilling program at the Pernatty C prospect.

The results, generated by 2 drillholes that were co-funded by the South Australian government’s Department of Energy and Mining, had returned ‘significant’ assays from the targeted Tapley Hill Formation.

Key results from that drilling included hole PSDDH01 with 0.8m at 8.6% Zn, 1.9% Pb and 40.1g/t Ag from 865m, including 0.95m at 2.2% Zn from 735.2m and 1.3m at 5.9% Zn from 876.5m.

By late September, as reported, the company had intersected an extension of the recently discovered Bluebush Fault through drillhole HWDD07, which was completed to a depth of 1,519.0m and extended the zones strike length to 400m.

This result generated a ‘significant’ amount of confidence in the orientation of the fault and allowed for increasingly aggressive future step-out drilling.

Cohiba Minerals’ Chief Executive Officer (CEO) Andrew Graham said at the time that the Horse Well prospect represented a key IOCG target zone within the Gawler Craton and that the company was committed to investigating it to the fullest extent possible.

Then in November, Cohiba announced its intention to provide existing shareholders with the opportunity to participate in a capital raising through a Share Purchase Plan (SPP) targeting $2 million before costs with an issue price of $0.006 per share.

The funds raised under the SPP would be applied to additional exploration activities at the company’s exploration assets in South Australia, Western Australia and Queensland, and for working capital requirements.

As the company entered the December quarter, additional assays returned from drilling at Pernatty C revealed further ‘significant’ Zn-Ag mineralisation.

Further ‘significant’ intercepts from drillhole PSDDH01 included 1m at 5.28% Zn and 2.3ppm Ag from 788m; 1m at 2.78% Zn and 4.4ppm Ag from 1082m and 0.8m at 2.13% Zn and 13.3ppm Ag from 982.4m.

In conjunction with continued drilling across the Olympic Domain tenements, the company continues to focus on developing an exploration model for Pernatty C with the aim of conducting additional drilling.

On 22 December, Cohiba also reported that recent drilling at Horse Well continues to point to IOCG potential. Horse Well drillhole HWDD08 followed-up Western Mining’s greenfields exploration hole (HWD1) and has ‘significantly’ expanded the copper anomaly and confirmed the Horse Well Fault as a high-value target.

Author Image
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.