Cohiba now on the radar of the massive North American investment marketCohiba Minerals is gaining greater exposure to North American investors having now received regulatory approval to list on the OTCQB.
Cohiba Minerals (ASX:CHK) has been successful with its plans for a secondary listing on the US Over the Counter (OTC) market, giving it access to one of the largest investment markets in the world at minimal cost.
The company has been admitted to the New York-headquartered OTCQB, which is the mid- tier of US OTC markets and has strict regulatory requirements that provide the platform for a higher degree of certainty among companies and investors.
The new listing provides an efficient way for Cohiba to access the US capital markets, given that it already meets the relevant financial reporting and corporate governance requirements through its compliance with ASX listing rules.
No new shares were issued as part of the listing and shares will begin trading in the US today under ticker “CHKMF”.
Cohiba is also in the process of applying for a Depository Trust Clearing (DTC) facility to complement the OTCQB listing.
This saves investors money by allowing them to electronically trade securities through self-managed online broking accounts, such as TD Ameritrade and E-Trade, rather than having to use full-service brokers.
Advancing an IOCG discovery
Cohiba is making good progress at its Horse Well Prospect in South Australia’s Gawler Craton, earlier this week announcing it had intersected further copper and gold mineralisation.
Drilling of a deep “wedge” hole, confirmed the persistence of copper, gold and silver mineralisation close to two previous drill holes and delivered high grades of up to 5.07% copper, 3.5 grams per tonne (g/t) gold and 14.5g/t silver.
The longest intersection was 70m at 0.30% copper, 0.36g/t gold and 1.84g/t silver from 962m.
This latest hole, as well as previous holes drilled by Cohiba at Horse Well, have shown mineralisation typical of an iron oxide-copper-gold (IOCG) deposit.
IOCG deposits can be massive and high-grade concentrations of copper, gold, and other economic minerals. BHP’s (ASX:BHP) Olympic Dam mine, located 560km north of Adelaide and not far from Cohiba’s Olympic Domain project that hosts the Horse Well prospect, is one of the world’s most significant deposits of copper, gold, silver and uranium.
CEO Andrew Graham said the results from wedge hole HWDD05W1 provided further confirmation that Cohiba was situated in a prospective location.
“The mineralisation is becoming more pervasive with a greater total length of mineralisation compared with HWDD05,” he said.
“With our ongoing focus on the petrology, mineralogy, alteration styles and structures, which are critically important to understanding IOCG deposits, we will optimise our potential for exploration success in the Horse well area.”
