PERTH (miningweekly.com) – The share price of junior Cohiba Minerals has more than doubled following mining major BHP’s copper discovery in South Australia.
Cohiba, which owns the Minerals Horse Well exploration licence, adjacent to the BHP discovery, said on Wednesday that it will immediately accelerate its exploration programme following BHP’s announcement.
BHP on Tuesday reported intersected copper, gold, uranium and silver mineralisation, with assay results showing downhole mineralisation intercepts ranging from 0.5% copper to 6% copper, with associated gold, uranium and silver metals.
“The discovery being just 2 km to the east of our ground is very exciting for Cohiba as it emphasizes the prospectivity of our Olympic Domain project,’ said Cohiba executive chairperson Mordechai Benedikt.
“Although we couldn’t have predicted such great results, nevertheless 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 Cohiba’s position for our shareholders.”
Cohiba shares traded at a high of 2.6c a share on Wednesday, up from an opening price of 1.5c a share.