Cohiba Minerals Limited: Drilling Completed at Warriner Creek Prospects

Melbourne, Australia - Cohiba Minerals Ltd. (ASX:CHK) (OTCMKTS:CHKMF) is pleased to announce that 3 drill holes have been completed at Warriner Creek with 1 drill over the Warriner Creek East Prospect and 2 drill holes over the Warriner Creek West Prospect. These drill holes were undertaken as part of the Farm-In Agreement that Cohiba has with Tigers Dominion Group Pty Ltd (TDG).

Highlights:

- Three drill holes have been completed at the Warriner Creek East and West Prospectstargeting IOCG deposits.

- Warriner Creek East area remains a high-quality geophysical target, with alteration consistent with IOCG style mineralisation & geophysics is planned before returning for further drilling.

- Drill core is currently being prepared for analysis for Rare Earth Elements (REE) and gold with numerous zones of strong sericite alteration encountered at Warriner Creek West in particular which may be prospective for rare earth elements (REE).

The Warriner Creek Project comprises 2 tenements under exploration licence to TDG, EL 6324 (Areas A and B) and EL 6533, which cover a combined area of 346 km2 over strategic IOCG targets in the Gawler Craton (Figures 1 & 2*).

The first hole was drilled at the Warriner Creek East Prospect (Figure 2*) and targeted a Carrapateena style IOCG deposit where there is an isolated low-order magnetic anomaly and a near-coincident gravity anomaly.

The second and third holes were drilled at the Warriner Creek West Prospect (Figure 2) and targeted a Prominent Hill style target zone which exhibits a moderately intense magnetic anomaly.

Warriner Creek East Prospect

Drill hole CHK22WCE01 was completed at a final length of 658.6m. The drill hole was targeting a semicoincident gravity and magnetic anomaly (Figure 3*) of similar proportions and intensity to the Carrapateena anomalies, beneath 400m of cover. CHK22WCE01 intersected basement rocks considered to be Mount Woods Domain of gneiss, granite gneiss and associated mafic dyke. The hole ended in a less altered and deformed dolerite which is considered to be related to Hiltaba aged intrusions.

The source of the magnetic anomaly, which is partially offset from the gravity high, appears to be due to the Hiltaba dolerite intrusion, which left the gravity anomaly un-tested. While characteristic IOCG alteration such as brecciation associated with haematite and sericite was not observed, there were significant intervals of brown haematite dusting associated with sericite on fractures and destruction of biotite and amphibole minerals (Figure 4*). This fluid composition is consistent with IOCG deposition and not the usual skarn alteration often seen in the Mount Woods domain.

Cohiba believes that the Warriner Creek East area remains a high-quality geophysical target, with alteration consistent with IOCG style mineralisation. Further geophysics such as infill gravity data, and other geophysical methods, are planned before returning for further drilling.

Warriner Creek West Prospect

The first drill hole, CHK22WCW01, was drilled to a final length of 187.4m in order to test a magnetic high.

The second drill hole, CHK22WCW02, was stepped out from the first by 120m and angled at -80deg to further test the same magnetic anomaly. The second drill hole was drilled to a final length of 235.6m.

The Warriner Creek West Prospect is in close proximity to Oz Minerals Prominent Hill IOCG copper-gold mine, and Peak Iron's Peculiar Knob mine, which also has IOCG affinities (Figure 5*). The target was delineated as a magnetic high in what is otherwise an area characterised by low magnetic responses. Magnetite is associated with IOCG end member style mineralisation, such as seen in the nearby Peculiar Knob and Cairn Hill deposits.

Historical drilling in the area indicates the potential for Rare Earth Elements (REE) associated with sericite alteration and these will be fully investigated along with the potential for gold mineralisation.

CHK22WCW01 encountered a reasonable thick cover sequence with running sands and sandy conglomerate which was indicative of a palaeochannel. Basement was encountered at 110.9m and comprised a crystalline medium-grained relatively unaltered amphibolite gneiss. Sericite alteration with very strong magnetite was encountered in places and some of the banded material also contained strong magnetite. At 126m a highly magnetic mafic sill with minor pyrite and trace chalcopyrite in veins was encountered. The dominant rock type was shown to be a strongly banded amphibolite gneiss with minor pegmatite layers dipping due south at ~approximately 50deg.

In CHK22WCW02 a magnetite zone was encountered at 195m which aligns with what was seen in the top of CHK22WCW01. This magnetite forms a contact between calcareous meta-psammite and an amphibolebiotite gneiss that was also intersected in CHK22WCW01. The blue line in the diagram shows the contact, which would explain the magnetic anomaly. The magnetite has been interpreted as a hydrothermal magnetite alteration, rather than a strataform magnetite BIF, due to the associated brecciation, massive banding and associated tension veins with pyrite and minor disseminated chalcopyrite.

Numerous zones of strong sericite alteration were encountered which may be prospective for rare earth elements (REE).

Cohiba's CEO, Andrew Graham says, "We are currently in the process of reviewing the findings from the drilling program and preparing drill core for assaying. Assays will specifically target rare earth elements (REE) and gold. We believe that there is still more to be investigated at Warriner Creek and following a detailed assessment of the current program we will return to do further work."

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About Cohiba Minerals Limited:

Cohiba Minerals Ltd. (ASX:CHK) is listed on the Australian Securities Exchange with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation. The shares of the company trade under the ticker symbol CHK.

The Company recently acquired 100% of the shares in Charge Lithium Pty Ltd, which holds exploration licences in Western Australia.

Source:
Cohiba Minerals Ltd.

Contact:

Andrew Graham CEO admin@cohibaminerals.com.au