Total
0
Shares
CHK reports Horse Well project results
Source: Cohiba Minerals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Cohiba Minerals’ (CHK) shares have plummeted despite high-grade assay results from the company’s Horse Well Project
  • Thus far, the company has drilled four deep holes at the project, to test distinct iron ore-copper-gold (IOCG) target zones
  • The two latest holes encountered rock types typical of an IOCG environment, with one hole returning “spectacular” copper grades
  • The company has been encouraged by these results and plans to expand its exploration efforts at the Horse Well Project
  • Despite the assay results, Cohiba Minerals has fallen 63.83 per cent and is trading at 1.7 cents per share

Cohiba Minerals’ (CHK) shares have plummeted despite high-grade assay results from the company’s Horse Well Project.

The mining company has been conducting a targeted exploration program at the South Australian project since early 2020. The Horse Well Project lies within the Gawler Craton, a region well-known for being prolific with iron ore-copper-gold (IOCG) deposits.

Thus far, Cohiba has drilled four deep holes at the project, in order to test distinct IOCG target zones. The company has now received the assay results from the two latest holes, HWDD_03 and HWDD_04.

Both holes encountered rock types which are typical of an IOCG environment, but hole HWDD_04 stood out by returning what were described as “spectacular” copper grades. The hole was assayed from 950 metres depth to 1, 432.6 metres depth and encountered persistent low-level copper throughout the 473.6-metre length. 

Other high-grade intersections included 0.9 metres at 1.85 per cent copper, 0.8 metres at 12.15 per cent copper, 0.4 metres at 0.97 per cent copper, and 0.5 metres at 2.58 per cent copper.

Cohiba Minerals’ CEO, Andrew Graham, commented that results from the Horse Well drilling program have provided encouragement that the company is drilling in the right direction.

“Cohiba will expand its exploration efforts at Horse Well to further investigate these target areas as well as additional new targets that have been identified,” he said.

“We remain focussed on identifying one or more IOCG deposits to generate significant value for our shareholders. The company is also committed to its other projects at Pernatty C and Lake Torrens and is planning to conduct programs of work at these locations as well,” he added.

Despite the assay results, Cohiba Minerals has fallen 63.83 per cent to trade at 1.7 cents per share at 3:04 pm AEDT.

CHK by the numbers
More From The Market Herald
St George finds reports more strong results at Mt Alexander

" Marquee Resources (ASX:MQR) begins RC drilling at Redlings

Marquee Resources (MQR) has begun a maiden reverse circulation (RC) drilling program at the Redlings Rare-Earth Element Project.
Red Mountain Mining (ASX:RMX) - Managing Director, Jon Dugdale - The Market Herald

" Red Mountain Mining (ASX:RMX) starts exploring Mt Mansbridge

Red Mountain Mining (RMX) has begun the exploration field season at its Mt Mansbridge Project in WA’s East Kimberley region.
Troy Resources (ASX:TRY) faces delays in Guyana’s first underground mine

" Troy Resources (ASX:TRY) faces delays in Guyana’s first underground mine

Troy Resources’ (TRY) share price has dropped today after updating the market on its Karouni Gold Project in Guyana.
Musgrave Minerals (ASX:MGV) - Managing Director, Rob Waugh - The Market Herald

" Musgrave Minerals (ASX:MGV) extends mineralisation at Big Sky

Musgrave Minerals’ (MGV) most recent assay results from the Big Sky prospect have more than doubled the strike length of gold mineralisation.