Cohiba has said it will target an IOCG trend following the recent BHP discovery of a very significant intersection of copper-gold mineralization in an adjoining tenement.
Cohiba Minerals(ASX:CHK) has announced that it will immediately accelerate its exploration program on its Olympic Domain project following the discovery announced by BHP Billiton (ASX:BHP) on their adjacent exploration licence.
Cohiba CEO Mordechai Benedikt said:
“This discovery being just 2km to the East of our ground is very exciting for Cohiba as it emphasizes the prospectively of our Olympic Domain Project. Although we couldn’t have predicted such great results… its proximity to BHP Olympic Dam and the Carrapateena mine was a main consideration why the Company pursued this transaction in the first instance.
We are convinced with BHP’s results, this will only grow stronger and strengthen CHK’s position for our shareholders. Finally, the company is in a strong financial position to commence this exciting phase of exploration of the project.”