Cape Lambert retains 100% ownership until Cohiba satisfies the expenditure requirement to gain an 80% interest in the mining licences ML2504, ML2773 and ML90098.
Cohiba has revealed some high-grade results from preliminary rock chip sampling, including:
- 14.2% copper and 0.12% cobalt at Rosebud;
- 45.38% copper and 1.88% cobalt with the resource area; and
- 7.45% copper and 0.94% cobalt at Wee MacGregor South.
Samples have been submitted for assay which is expected to return gold values as well.
Tony Sage, chairman, commented: "I am pleased to see the preliminary results reported by Cohiba and look forward to their potentially commencing drilling works at the project."
Wee MacGregor history
Historically, cobalt and gold have never been assayed at the Wee MacGregor project.
Cohiba now have confirmation of anecdotal evidence for high-grade cobalt mineralisation in association with copper in the area.
Reported production from historical underground mining at the former Wee MacGregor mine is 2,731 tonnes of copper and 1,535 ounces of gold at 6.2% copper and 1g/t gold.
The nearby historical Rosebud Mine produced some 7,980 tonnes of copper at 6.6% copper.