* is busy, 30 minutes agoCOHIBA MINERALS (ASX:CHK)
The small explorer recently expanded its South Australian portfolio to include the Warriner Creek prospect because of the strong potential for a major iron oxide-copper-gold (IOCG) discovery in BHP’s (ASX:BHP) backyard.
Iron oxide copper gold ore deposits (IOCG) — like BHP’s Olympic Dam mine or more recent Oak Dam discovery — can be tremendously large, and simple-to-process concentrations of copper, gold and other economic minerals.
CHK says the target depth at Warriner Creek is shallower than its Olympic Domain tenements, where drilling at the promising Horse Well prospect in reaching +1.3km depth.
A shallower target depth means drilling at Warriner Creek will be significantly shorter, and cheaper.
Under the farm-in agreement two holes are planned, with the first to be drilled to 600m depth. A subsequent hole, to 400m depth, can be drilled at CHK’s discretion.
The $19m market cap stock is up 80% year-to-date. It had $4.1m in the bank at the end of December.
* is busy, 30 minutes agoCOHIBA MINERALS (ASX:CHK)The...
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