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Cohiba Minerals Limited (CHK.AX) December 2021 Quarterly Activities Report

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Cohiba Minerals Limited
Cohiba Minerals Limited

Cohiba Minerals Limited (CHK.AX) December 2021 Quarterly Activities Report

Melbourne, Australia, Jan 28, 2022 - (ABN Newswire) - Cohiba Minerals Limited (ASX:CHK) provides below an update in relation to the exploration activities carried out during the December 2021 quarter.

Olympic Domain Tenements

Horse Well Area

The Company completed drill hole HWDD05W1 as a curved wedge hole from drill hole HWDD05 on 20 October 2021, at a dip of 59.9deg and an azimuth TN of 40.5deg for a final hole length of 1,335.7m (vertical depth of approximately 1,290m).

The drill core (Figure 1*) from HWDD05W1 was photographed and transported to Adelaide where it was logged in detail and the core filleted for full suite analysis by ALS laboratories.

The Company continued to engage subject matter experts to undertake detailed investigations of the drill core from the Horse Well Project. The investigations included mineralogical, petrological and geochemical studies to provide detailed data to inform future drillhole locations.

A total of 26 technical summaries were generated to capture all of the technical discussions, correspondence, key findings and postulations between the subject matter experts in order to optimise the exploration decision-making process.

The Company conducted a heritage survey on November 8 - 11, 2021 in partnership with the Kokatha people and Australian Heritage Surveys as a requirement of the Exploration Program for Environment Protection and Rehabilitation (EPEPR) for the proposed Horse Well drilling program (Figure 2*).

The annual activity summaries, expenditure reports and compliance reports were all up to date.

Pernatty C

Drill hole PSDDH001 was completed on 15 December 2021 at a dip of 65.9deg and an azimuth TN of 253.8deg and with a total hole length of 1,110.5m. The core (Figure 3) was logged and photographed and transported to secure storage in Adelaide where it was assessed for sampling and assaying.

Drill hole PSDDH02 was set up for commencement on 17 December 2021 with drilling set to be underway at the beginning of January 2022.

The Company maintained regular meetings with DEM SA in relation to grant funding it received from the Accelerated Discovery Initiative (ADI) grants for strategic drilling at its Pernatty C Project.

Lake Torrens

There was no activity on the Lake Torrens tenements during the quarter.

A Strategic Plan with full budget estimates was generated for the Olympic Dam tenements as part of the Company's commitment to good management and financial responsibility.

Warriner Creek Project

The Farm-In Agreement signed with Tigers Dominion Group Pty Ltd over the Warriner Creek Project in the Gawler Craton was held in good standing and all milestones are well on track for timely completion.

The Heritage Survey, EPEPR documentation and Woomera Access approvals for the Warriner Creek Project were all completed during the quarter. The drill pads for the first exploration hole was constructed.

The Warriner Creek Project comprises 2 tenements under exploration licence to TDG, EL 6324 (Areas A and B) and EL 6533, which cover a combined area of 346 km2 over strategic, shallow IOCG targets in the Gawler Craton (Figure 4*).

The Farm-In Agreement comprises an "Initial Period" whereby the Company will assess the prospectivity of the Warriner Creek Project through the expenditure of $600,000 (minimum expenditure) by drilling a 600m drill hole on the eastern part of EL6324, followed by a 400m drill hole on either the eastern or western part of EL6324 (at Cohiba's discretion). The target depth in this part of the Gawler Craton is shallower than the Olympic Domain tenements and as such drilling depths will be significantly shorter.

The Company's IOCG experts further reviewed the existing technical information pertaining to the Warriner Creek Project to ensure the drill hole locations were optimised.

Pyramid Lake Update (E74/594)

The Company has continued to progress towards the final Mining Lease approval over the high-grade part of the Pyramid Lake resource and will look to finalise over the coming months.

Wee MacGregor Project Update

The Wee MacGregor group comprises three granted mining licences, ML 2504, ML 2773, and ML 90098 located approximately 60km southeast of Mt. Isa (Queensland).

All of the documentation to formally and officially transfer 80% of the Wee MacGregor tenements into Cohiba's name was completed and submitted during the quarter.

Queensland Exploration Licences

The extensive documentation for a 5-year renewal over the Mt Cobalt Mine Area (EPM26379) was commenced during the quarter and will be submitted prior to the end of January 2022.

All the Queensland tenements are currently in good standing.

Activities

During and subsequent to the December 2021 quarter the Company commenced applications for the proposed trading of the Company's securities on the OTCQB. The Company's application is now in the final stages of the Approval and further updates will be provided once the application has been approved and trading of the Company's securities commences. The Company will continue to have its primary listing on the ASX and subject to, and in compliance with, the ASX Listing Rules and Corporations Act 2001 (Cth) (Corporations Act).

The OTCQB market has high financial reporting standards and strong corporate governance requirements, both of which are satisfied through the Company's ongoing compliance with ASX listing rules. Cohiba sought the OTCQB quotation to provide current and potential North American investors with appropriate accessibility and liquidity to invest in the Company. The quotation provides Cohiba access to one of the largest investment markets in the world at nominal cost, with no additional compliance requirements, compared to traditional major exchanges. No new shares in the Company are being issued in connection with the quotation on the OTCQB Market. Existing ordinary shares of Cohiba may now also be traded on the OTCQB Market and investors can find real-time quotes and market information on the OTC Markets website (www.otcmarkets.com/stock/FRSAF/overview ).

The Company is in the process of applying for Depository Trust Clearing (DTC) eligibility, which essentially facilitates electronic trading of securities by individual investors that use self- managed online broking accounts (such as TD Ameritrade and E-Trade), as opposed to trading through full services brokers. Pending DTC eligibility, trading of the shares will be handled by brokers who will act as market makers. In the interim OTCQB trading will be conducted through B.Riley FBR Inc as market maker.

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/O847OMXW


About Cohiba Minerals Limited:


Cohiba Minerals Limited (ASX:CHK) is listed on the Australian Securities Exchange with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation. The shares of the company trade under the ticker symbol CHK.

The Company recently acquired 100% of the shares in Charge Lithium Pty Ltd, which holds exploration licences in Western Australia.

Contact:

Andrew Graham
CEO
admin@cohibaminerals.com.au

Source:
Cohiba Minerals Limited

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