Drilling at Cohiba Minerals’ Horse Well Project has returned highly encouraging assays that could point to an IOCG (Iron Ore Copper Gold) system in the mineral-rich Gawler Craton.

Drill hole HWDD08 followed-up a Western Mining greenfields exploration hole, punched in 1982, significantly expanding the copper anomaly.

Top hits for Cohiba Minerals (ASX:CHK) included 111.6m at 0.27% copper, 0.05ppm gold and 0.35ppm silver from 1043.2-1154.8m, including 0.8m at 1.17% copper, 0.34ppm gold and 0.83ppm silver from 1068.2-1069m.

Importantly, the hole has added a lot to the understanding of this location including the discovery of what Cohiba named the Horse Well Fault, considered to have formed during regional IOCG deposit formation.

CHK is now eagerly awaiting 356 additional assay results for the remainder of HWDD08.

Priority target

IOCG deposits, including BHP’s nearby Olympic Dam, can yield extremely large and high-grade concentrations of copper, gold and other economic minerals.

Horse Well is also only 5km from BHP’s Oak Dam as well as the Carrapateena copper mine that attracted the Big Australian’s takeover bid.

Cohiba’s CEO, Andrew Graham says: “The Horse Well Prospect has delivered two key exploration target zones; the central eastern area where the Bluebush Fault has been traced in multiple holes and the central northern area where the Horse Well Fault has been identified.

“Persistent low-level copper, gold and silver mineralisation in drill hole HWDD08, which is only the second hole drilled in the region since 1982, has confirmed that the Horse Well Fault Prospect is an IOCG target area worthy of thorough investigation.

“A thorough review of the Western Mining’s HWD1 hole drilled in 1982, coupled with our own technical assessment of the geophysics and geology led us to prioritise this area as a standalone IOCG target.”

The announcement about Horse Well came a day after Cohiba’s December Quarterly Report, which detailed its other progress including in-fill assays at Pernatty C returning significant zinc-silver results.

The company is well funded for exploration in the IOCG dress circle after completing a share purchase plan for $0.87m, bringing its cash balance to $1.48m for the Quarter.




This article was developed in collaboration with Cohiba Minerals, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.