Cohiba says a survey shows its find is ‘similar’ to BHP’s huge copper strike next door
Mining & Resources
Mining & Resources
It's what's on the inside that counts. Picture: Universal Pictures
Nearology play Cohiba Minerals reckons a detailed survey over its Horse Well project area – next to BHP’s impressive Oak Dam West copper discovery — shows signs of “a possible IOCG target”.
Cohiba’s (ASX:CHK) share price was up about 11 per cent to 2c in early trade on the news.
The junior explorer’s share price is up almost 125 per cent from late November last year, when tenement neighbour and mining giant BHP announced a spectacular new iron oxide copper gold (IOCG) discovery, 65km southeast of its mammoth Olympic Dam operations in South Australia.
Iron oxide copper gold ore deposits (IOCG), like Olympic Dam, can be tremendously large, high grade, and simple-to-process concentrations of copper, gold and uranium ores.
Cohiba also told investors that data from a South Australian government database “show that the Horse Well magnetic anomaly is similar in dimensions to BHP’s Oak Dam East anomaly”.
Cohiba’s executive director Mordechai Benedikt said this could be a game-changer for the junior explorer.
“The company and its consultants will further investigate this data set to delineate the most prospective targets for drilling early in the program,” he said.
A jack of all trades
Cohiba started trading on the ASX in February 2012 at 20c per share.
Since that time, it has examined – but ultimately rejected – an Argentinian uranium project, bought a Western Australian lithium explorer with tenements around the Mt Cattlin, Pilgangoora and Greenbushes lithium mines, purchased a private Queensland cobalt explorer, and even released a project development study for small Western Australian gypsum operation.
In March last year it entered into a joint venture with a private explorer Olympic Domain over exploration ground in South Australia – which included Horseshoe Well.
Cohiba has focused its efforts on Horseshoe Well since BHP made its initial find in late November.