Olympic Domain Tenements – South Australia
(51% moving to 80% under Farm-In Agreement)
Cohiba holds a highly strategic tenement package in the world-class Gawler Craton comprising eight (8) exploration licences covering 831 km2 in the Pernatty B (Horse Well), Pernatty C and Andamooka-Peninsula (Lake Torrens) areas.
Horse Well (Pernatty B)
Cohiba’s Horse Well tenements directly border BHP’s Oak Dam West project where drilling in 2017 encountered 425.7 m @ 3.04% Cu, 0.59 g/t Au, 346 ppm U & 6.03 g/t Ag including 180 m @ 6.07% Cu, 0.92 g/t Au, 401 ppm U & 12.77 g/t Ag (Source: BHP News Release, November 27, 2017 – BHP copper exploration program update).
Multiple programs of work comprising gravity, magnetics and magnetotellurics have been undertaken and show the presence of a major “feeder” system which is believed to be associated with Iron Oxide- Copper-Gold (IOCG) mineralisation.
Cohiba’s Pernatty C tenement is situated in a known copper producing area (Mt Gunson) which has been favourably compared to the Zambian Copper Belt (ZCB) deposits. Historical production from the Mt Gunson copper-cobalt-silver resource 10 kms to the west was 150 Kt Cu and 2.1 Moz Ag at an average Cu grade of 2.44% (Source: R.A. Creelman, Gateway Mining Ltd – Pernatty Lagoon-Mt Gunson Cu Deposits, South Australia, CRC LEME, 2005). Significant copper has been identified from drilling around the Pernatty C area which represents a compelling target for shallow, sedimentary hosted copper.
Assay results from a geochemical soil conducted in early 2020 showed anomalous values of copper-zinc-lead which are analogous to historic soil sampling within the historic Mt Gunson copper mining district mines and deposits. There was also a strong correlation with path-finder elements Ca, Mg, Fe, Mn, Cr, Co, Ni, As, Bi, Th, U, Ag and Au.
A resistivity/IP survey was also conducted over part of the southern Pernatty C area coincident with magnetic and gravity highs and anomalous geochemistry. A number of inferred faults were identified, and an exploration target defined within a sandstone layer above the Tapley Hill Formation. A drilling program will be conducted to test this target and others within the Pernatty C area.
Andamooka-Peninsula (Lake Torrens)
The Andamooka-Peninsula area is highly prospective for both Iron Oxide-Copper-Gold (IOCG) mineralisation as well as shallower base metal mineralisation associated with the Andamooka Limestone. Detailed geochemistry over part of the northern area, coincident with a magnetic anomaly, returned anomalous copper values.