Victorian-based mining company Cohiba Minerals Limited has told the Australian Stock Exchange it has been granted an exploration in North West Queensland.
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Last week Cohiba told the ASX it was granted the key 100%-owned exploration licences EPM26377 and EPM26380 both at Mount Gordon and a third licence EPM26380 at Success Mine.
The Mount Gordon exploration licences are located in the Western Succession of the Mount Isa inlier, host to copper and cobalt projects such as Capricorn Copper, Mount Oxide, Lady Annie and others.
The tenements are along strike and north of the Mount Gordon Esperanza and Mammoth deposits and straddle the Mount Gordon North anomalies and the Mount Oxide mine.
Cohiba told the ASX that mineralisation in the Mount Gordon and Mount Oxide mines is found in brecciated carbonaceous shale, chert, quartzite and sandstons commonly associated with faulting and conversion of faults in the fractured host rock.
“The tenements share the same host sediments of both of those deposits but more importantly are within the same intensely folded and faulted district providing strong exploration upside,” the company said.
“The southern tenement contains an exact mirror of the sedimentary sequence that hosts the Mount Oxide mine.”
Cohiba said historic cobalt intersections in the Mount Gordon mine reach as high as 0.36% cobalt at depth with similar grades reported at Mount Oxide in 2008 demonstrating the strong presence of cobalt mineralisation in the area.
Cohiba Minerals will undergo a surface mapping and sampling program and review historic database to determine the most efficient exploration program at the project area.
The released did not point out what plans they had for the third licence at Success Mine.
That area is further east near the old copper deposits at Kuridala.
The area has cobalt, copper and gold prospects.
Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
