CHK 3.57% 1.5¢ cohiba minerals limited

Ann: Cohiba secures 80% ownership of Wee MacGregor tenements, page-2

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    Lets see how the market react to this....anyway, not a bad thing at all to have this "extra"

    31 March 2021ASX: CHKASX ReleaseCohiba secures 80% ownership of Wee MacGregor tenementsCohiba Minerals Limited (ASX: CHK) (‘the Company’ or ‘Cohiba’) is very pleased to announce that it hasprovided notice to Mining International Pty Ltd (MIPL), a wholly owned subsidiary of Cyclone Metals Limited(ASX: CLE) in relation to the earn-in of 80% interest in the Wee MacGregor group of tenements inQueensland.The Wee MacGregor group comprises three granted mining licences, ML 2504, ML 2773, and ML 90098.These licences are located approximately 60km southeast of Mt. Isa with access via the sealed Barkly Highwayand the unsealed Fountain Springs Road.In April 2017, the Company announced that its wholly owned subsidiary, Cobalt X Pty Ltd, entered into aFarm-in Agreement with a right to earn an 80% ownership in the tenements. Under the Farm-In agreementCobalt X Pty Ltd was only required to ensure the tenements were in good standing. Since concluding theagreement the Company has maintained the tenements in good standing and paid all costs associated withthem.The previous project operator estimated a 2012 JORC Inferred Resource of 1.65 Million tonnes @ 1.6% Cufor 25,818 tonnes of contained copper 1 , using a 0.5% Cu cut‐off grade (COG). An additional Exploration Targetwas estimated, with a range of between 1.0 – 1.5 Mt @ 2.5 – 3.7% Cu (using a 0.5% Cu COG) as a directextension to the Inferred Resource 1 .The Company is wasting no time in exploiting this opportunity. The Board has allocated potentially up to$0.5m to better understand the copper potential at Wee MacGregor and its consultants have alreadycommenced an initial review of the existing Inferred Resource and then next steps with respect to theExploration Target. Further information on forthcoming activity at Wee MacGregor will be released in comingQuarters.Chief Executive Officer Mr Andrew Graham said, “We are pleased to add the additional tenement packageto the Company’s exploration portfolio. Whilst our focus remains on our initial success at Horse Well inSouth Australia’s Gawler Craton, Wee MacGregor is consistent with our focus on copper but adds furtheroptionality to our portfolio. We have already budgeted for a material spend at the Project and with theresource open along strike and at depth, including high grade zones from surface, we are excited by itspotential.”- EndsThis announcement has been approved for release by the Board of CHK.1Refer to ASX Announcement: 21459 Collins StreetMelbourne VIC 3000Phone: +61 3 8630 3321DirectorsMordechai Benedikt – Executive ChairAndrew Graham – Executive DirectorNochum Labkowski – NED31 March 2021ASX: CHKASX ReleaseFigure 1: Wee MacGregor tenement locationPage 2 of 331 March 2021ASX: CHKASX ReleaseFigure 2: Regional Geology at Wee MacGregorFor further information:Andrew GrahamChief Executive [email protected] 3 of 3
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