The possible target has been identified on the southern edge of the Horse Well magnetic anomaly, which is adjacent to BHP Group Ltd’s (ASX:BHP) recent Oak Dam West discovery.
This part of South Australia hosts a number of major IOCG projects, including Olympic Dam, as well as new deposits.
“Immense new potential”
Cohiba’s executive director Mordechai Benedikt said: “These results have opened up immense new potential at the Horse Well project, particularly with the projects close proximity to BHP’s Oak Dam West IOCG discovery.
“They could prove to be a game-changer at every level for Cohiba and its exploration efforts.”
The gravity survey was conducted on a 250 by 250-metre grid with the possible target situated in the western part of the survey area.
Regional gravity gradients delineated
Independent geophysical work recorded in the SA Department for Energy and Mining SARIG database has also delineated regional gravity gradients or ‘strings’ across the region.
Possible prospective structures inferred from the gravity strings trend from BHP’s Oak Dam West Project into the Horse Well project area and wrap around the gravity target.
Total Magnetic Intensity data from the SARIG database also show that the Horse Well magnetic anomaly is similar in dimensions to BHP’s Oak Dam East anomaly.
By comparison, the Oak Dam West target does not have a magnetic anomaly associated with it, which was a key driver in Cohiba’s decision to undertake the detailed gravity survey.
Positioning of the gravity feature relative to the Horse Well magnetic anomaly is similar to the separation between the Oak Dam magnetic anomaly and Oak Dam West.
Investigating data set
Benedikt said that the company together with its expert IOCG geological consultants had contributed data sets, comparisons and targeting reviews.
“The company and its consultants will further investigate this data set to delineate the most prospective targets for drilling early in the program.”