Technical Review at Pernatty C indicates potential deposit
Melbourne, Mar 6, 2023 AEST (ABN Newswire) - Cohiba Minerals Limited (
ASX:CHK) (CHKMF:OTCMKTS) is pleased to announce that re-logging of core and a technical review of the zinc assays from PSDDH01 at the Pernatty C Project indicates that there is good potential for a significant zinc deposit in the area.
Significant zinc intersections in Pernatty C drill hole PSDDH01 relate to the newly described 'Giles Waterhole Fault', a collection of low-angle, normal-fault controlled calcite-sphalerite fault-veins and spur-veins which control the significant intersections, and a calcite-sphalerite stockwork pervading away from this fault set. A broad alteration halo of K-feldspar and epidote extends away from the Giles Waterhole Fault, indicating sustained fluid flow at the time of mineralisation. Zinc grades are within economically acceptable ranges, only requiring an increase in size. Zinc grades are well above anomalism expected from a grass-roots exploration hole. Zones of strong disseminated sphalerite within strong epidote-chlorite altered wall rock open the possibility for bulk mineralisation.
Indications are that PSDDH01 has intersected part of a larger mineralised system, with the possibility of being peripheral to a significant deposit. The magnetic anomaly, whose source was not intersected is likely to be related to the mineralisation. If the magnetic anomaly is due to an intrusion then a manto-style target could exist in the surrounding sediments. Alternatively, the magnetic anomaly relates to chlorite-magnetite alteration (as seen at Punt Hill) and could relate to stronger alteration, which as observed in PSDDH01 may be correlated with disseminated (and hence bulk) mineralisation. Modelling of the geophysical magnetic anomaly has generated targets to follow up on.
Pernatty C lies along strike of the Punt Hill area, which has been subject to intense mesothermal alteration, and includes Monax Mining Ltd's best drill intercept of 122m @ 0.47% Cu, 0.38% Zn, 6.6g/t Ag and 0.1g/t Au in hole GHDD4 at their Groundhog Prospect. It is conceivable that intense alteration at Punt Hill mobilizes zinc, which is then deposited at the margins of this alteration at Pernatty C.
The large difference in geology between PSDDH01 and PSDDH02, is inferred to be due to a branch of the regionally significant Elizabeth Creek Fault, which the geophysics also indicates as bisecting the magnetic target. Magnetic highs forming the target of drilling were not intersected indicating that this target zone remains untested.
Executive Director and CEO, Mr Andrew Graham said: "The detailed technical review has further reinforced our belief that the Pernatty C Project may be host to a significant zinc deposit. The fact that the geophysical targets were not intersected during the first phase of drilling has provided impetus to fully investigate this area and to understand what type of depositional environment we are dealing with. Whilst the initial results at PSDDH01 came as somewhat of a surprise it should be recognised that intersecting mineralisation of this nature on an early-stage exploration play is a major achievement."
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About Altair Minerals Limited
Altair Minerals Limited (ASX:ALR) (OTCMKTS:CHKMF) is listed on the Australian Securities Exchange (ASX) with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation. The Company has projects located in South Australia, Western Australia and Queensland with a key focus on its Olympic Domain tenements located in South Australia.
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