BHP discovery near Olympic Dam drives junior activity

Olympic Dam. Credit: BHP

Junior miners Cohiba Minerals and Auroch Minerals have talked up the potential of their projects in the wake of BHP’s revelation of a discovery near Olympic Dam in South Australia.

BHP yesterday announced it had identified an iron-oxide copper gold (IOCG) mineralised system from drilling results that took place about 65 kilometres from its Olympic Dam operations.

The company reported promising assay results that included a 180 metre interval of 6.07 per cent copper, 0.92g/t of gold and 12.77g/t of silver from a 425.7 metre intersection.

BHP also confirmed intercepts of 0.5–6 per cent copper with some gold, uranium and silver metals.

Though BHP has stressed that the discovery is still in an early stage, this hasn’t stopped junior miners from becoming excited about the region’s potential.

Cohiba announced via the ASX today that it planned to accelerate exploration at its Olympic Domain IOCG project in an adjacent tenement to BHP’s discovery in response to the news.

The company stated that it was reviewing IOCG targets in light of active drilling by BHP, Red Metal and OZ Minerals (Carrapateena) in the area.

According to Cohiba executive director Mordechai Benedikt, “[BHP’s] discovery being just two kilometres to the east of our ground is very exciting for Cohiba as it emphasises the prospectivity of our Olympic Domain project.”

Fellow junior Auroch Minerals, also citing BHP’s discovery in an ASX release, pointed to the company’s drilling interval results.

Auroch announced it had pegged 1622 square kilometres of highly prospective ground in the Lake Torrens region as part of its Torrens East copper project.

“BHP’s recent drilling programme 50 kilometres to the east of our project has intercepted high-grade copper mineralisation up to 6 per cent over 18 metres [down-hole],” Auroch chief executive officer Aidan Platel said.

“With the world-class Olympic Dam and Carrapateena IOCG deposits located nearby and in the same geological province, the exploration potential of the region is enormous.”