Cohiba Minerals unearths Gawler Craton potential

Cohiba Minerals has returned assays of up to 12.15 per cent copper at the Gawler Craton in South Australia, which is located near BHP’s Olympic Dam mine and Oak West discovery.

Gawler Craton, a global hotspot for iron oxide copper-gold (IOCG) deposits, is currently mined by the likes of BHP and OZ Minerals, whose projects lie not too far from Cohiba’s promising Horse Well prospect.

Cohiba chief executive Andrew Graham said the results reassured the company in its endeavours at Horse Well.

“The results from the Horse Well drilling program, particularly drill hole HWDD_04, have provided significant encouragement that we are drilling in the right location,” he said.

“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.”

The discovery affirms a targeted exploration program in the area which started in early 2020.

Graham said Cohiba wouldn’t rest on its laurels as it searched for further confirmation of the prosperity of Horse Well.

“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 said.

Cohiba stated it retained a strong position to further its exploration goals and to cement its place in the Gawler Craton, with a cash balance of approximately $7 million at the end of last year.

Cohiba predicted these strong assays more than two years ago, when BHP reported its own promising results not far from Horse Well.

In November 2018, executive director Mordechai Benedikt said he expected BHP’s discoveries to forecast Cohiba’s.

“[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,” Benedikt said.

February saw the South Australian Government partner with Unearthed Solutions to launch a global exploration competition at the Gawler Craton, aimed at discovering the hidden deposits of the region.

South Australian Minister for Energy and Mining Dan van Holst Pellekaan said the state government was all-in on realising its jurisdiction’s full resources potential.

“The South Australian Government is fully committed to maximising the immense benefits for our state which exist within the Gawler Craton region, where we have just completed the world’s largest airborne geophysical survey, offering exciting new datasets for innovators and industry alike,” van Holst Pellekaan said.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.