Cohiba Minerals (ASX:CHK) has made a transformational acquisition of Canadian lithium projects, including added rare earths potential, with sophisticated investors backing the strategy via an A$1,750,000 placement.
Highlights
- Shares in Cohiba Minerals are trading again after the company announced it had executed a binding agreement to purchase Maple Minerals’ four projects with a combined 148sq. km within known lithium terranes hosting major resources of the critical mineral.
- The Maple Minerals properties in north-western Ontario occur in terranes which host major lithium resources including Green Technology Metals’ Seymour Lake Lithium Project (9.9Mt @1.04% Li20)1 and Rock Tech Lithium’s Georgia Lake Project (10.6Mt Indicated @0.88% Li20 and 4.2Mt Inferred @1.00% Li20)
- Cohiba will be fully funded to conduct a comprehensive field exploration programme this northern summer over all four projects.
- The properties add to CHK’s portfolio of copper and zinc assets in the prolific Gawler Craton, broadening the Australian company’s exposure to metals essential to the clean energy transition.
The Maple Minerals project portfolio consists of:
• The Big Rock Lithium Property comprising nine claims for 3,611 hectares;
• The Rogers Creek Lithium Property comprising 10 claims for 4,642 hectares;
• The Ottertail Lithium Property comprising 7 claims for 2,690 hectares; and,
• The Gathering Lake Lithium Property comprising 9 claims for 3,897 hectares.
“We are delighted to have been able to execute binding agreements for this acquisition and secure these strategic tenements within known lithium and rare earth element terranes,” CEO, Andrew Graham, said.
“North-west Ontario is recognized as a key lithium Province and with highly attractive geological and structural precursors within close proximity to known lithium resources we are confident of yielding exploration success.
“Canada is forecast to be a significant supplier of critical minerals, including lithium, which is evidenced through the recent deal between Green Technology Metals (GT1) and LG Energy Solutions (LGES) which saw LGES invest AUD$20M in GT1 to become a substantial shareholder and major offtake partner. Following an extensive due diligence process we are confident that we have secured an exceptional portfolio of projects and look forward to undertaking some detailed reconnaissance work in the upcoming summer season.”
Proposed Work Programme
The Company will undertake a comprehensive field investigation during the upcoming summer season using the services of local Geological Consultants which have expertise in the delivery of these programmes within lithium terranes across Canada.
Below is an estimated timeline for the programme:
July – September 2023:
• Detailed review of historical data (geology, geophysics, petrology, mineralogy, geochemistry etc.),
• Detailed geological mapping,
• Comprehensive and systematic geochemical sampling program,
• Review of field data and associated reporting,
• Recommendations for follow-up work including aeromagnetics and multispectral analysis,
• Ongoing program design including target prioritization; and,
• Completion of necessary statutory documents.
December 2023
• Aeromagnetic and multispectral surveys (depending on recommendations); and,
• RC drilling over strategic targets. Big Rock Lithium Property
For further information please visit: https://www.cohibaminerals.com.au/
