Cohiba Minerals has told the Australian Stock Exchange it had unearthed 7.03% copper while drilling at its Wee MacGregor project in North West Queensland.
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The company has three granted licences at Wee MacGregor, about half way between Cloncurry and Mount Isa, which have an inferred resource of 1.65 million tonnes at 1.6% copper for 25,818t of contained copper and an exploration target of up to 1.5Mt at 3.7% copper.
In this latest drilling campaign at the project, 2m composite samples returned copper assays of 1.76%, 7.03%, 1.2% and 2.84%.
Other minerals were also present including up to 1.34 parts per million gold and 0.1% cobalt.
Cohiba said these results demonstrated the suspected accessory gold and cobalt endowment in addition to the known copper in the deposit.
“Wee MacGregor is shaping up to be a great addition to the company’s project portfolio,” Cohiba executive director Mordechai Benedikt said.
“The results returned so far have been positive and are starting to demonstrate the true multi-elemental nature of the deposit.”
The existing resource at the project remains open along strike and at depth. During the 2018 financial year, rock chip samples returned assays up to 26.4% copper, 0.21% cobalt and 3.15g/t gold.
Cohiba has access to the Wee MacGregor project through its wholly owned subsidiary, Cobalt X Pty Ltd (Cobalt X).
Cobalt X has a farm-in agreement with Mining International Pty Ltd, a subsidiary of Cape Lambert Resources Limited, to earn up to 80% interest in the project before March 24, 2019.