Cohiba Minerals (ASX: CHK) has continued its wave of positive news after announcing this morning it had unearthed 7.03% copper while drilling at its Wee MacGregor project in Queensland – spurring the copper frenzy that has surrounded the company following BHP’s (ASX: BHP) recent massive copper discovery.
Wee MacGregor has 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.
“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,” he added.
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 is farming into the project with the ability to secure an 80% interest by late March next year.
BHP copper find spurs Cohiba
Cohiba has been riding a copper wave since BHP announced it had uncovered what has been referred to as the thickest high-grade copper intersection seen in many years.
The massive 425.7m intersection graded 3.04% copper, 0.59g/t gold, 345ppm uranium and 6.03% silver.
BHP’s discovery is adjacent to Cohiba’s Olympic Domain project in South Australia and news of the find pushed Cohiba’s share price up 320% in one week.
Cohiba is now actively targeting the iron-oxide, copper, gold trend from BHP’s discovery, which runs through to its Horse Well exploration licence.
To accelerate exploration at Olympic Domain, Cohiba has begun fast-tracking permitting and is planning the drilling campaign.
According to Cohiba, Olympic Domain has similar anomalies to those that led to BHP’s find.
News of the Wee MacGregor copper assays spurred Cohiba’s share price up more than 11% in morning trade to $0.019.
Since BHP’s discovery announcement, Cohiba’s share price is up 280% from $0.005 to its present high.