Cohiba Minerals : Up to 10.85% Copper plus Gold intersected at Horse Well

13 January 2022

ASX: CHK

ASX Release

For personal use only

Up to 10.85% Copper plus Gold intersected at Horse Well

Prospect

Highlights:

• Assay results received from drill hole HWDD05 confirm persistence of copper and gold mineralisation in the vicinity of HWDD04.
• HWDD05 returned a combined length of 185.16m of mineralised core with some high-gradecopper, gold and silver intersections.
• Longest intersection was 114.66m @ 0.37% Cu, 0.25 g/t Au and 1.0 g/t Ag from 1095.34m.
• Copper (Cu) grades up to 10.85%; gold (Au) up to 5.31 g/t and silver (Ag) up to 20.6 g/t.
• Initial technical review of the drill core has shown that the mineralisation, brecciation and alteration styles in some of the mafic units are typical of an IOCG deposit
• Assay results for the wedge hole (HWDD05W1) have been received and will be reported once the assessment is complete.

Cohiba Minerals Limited (ASX: CHK, 'Cohiba' or 'the Company') is pleased to provide results for drillhole HWDD05 from the exploration drilling program at its Horse Well project in South Australia (Figure 1).

Cohiba's CEO, Andrew Graham says, "The results from drill hole HWDD05 provide further confirmation that we are drilling in the right location. The mineralisation is becoming more pervasive, and we have seen a considerable increase in gold and silver mineralisation as well as copper. Given that HWDD05 was angled from HWDD04 (same collar location) even a small step out has returned significantly improved results. We have also continued to apply considerable technical expertise on understanding the petrology, mineralogy, alteration styles and structures as these are critically important to understanding IOCG deposits and subsequent drill hole positioning. The considerable effort invested in this technical analysis will enable the Company to optimise its drilling programs for maximum success."

Address	Directors
Level 21	Mordechai Benedikt - Executive Chair
459 Collins Street	Andrew Graham - Executive Director
Melbourne VIC 3000	Nochum Labkowski - NED
Phone: [phone]

13 January 2022

ASX: CHK

ASX Release

For personal use only

Figure 1: Horse Well Prospect showing location of HWDD05 and HWDD05W1.

HWDD05 was an angled hole (azimuth 55° and dip 80°) drilled from virtually the same collar location as hole HWDD04 to further investigate the mineralisation that was encountered in HWDD04.

The collar location for HWDD05 is outlined in Table 1:

Hole ID	Easting	Northing	Azimuth	Dip	Collar RL	Hole Depth (m)
HWDD_05	703670	6573690	55°	80°	133.8m	1,417.45

Table 1: Collar location and depth for drill hole HWDD05.

The analytical results for drill hole HWDD05 were completed by ALS Laboratories and have been assessed by the Company and its technical consultants. The assay results have been weighted based on the sample length and all reported intervals are continuous sample lengths.

The results are summarised below:

2m @ 5.2 g/t Au from 928 - 930m *

47m @ 0.18% Cu, 0.18 g/t Au and 1.06 g/t Ag from 965 - 1,012m including:

0.5m @ 1.63% Cu, 0.61 g/t Au and 9.51 g/t Ag from 986.35m 0.4m @ 1.70% Cu, 2.01 g/t Au and 2.57 g/t Ag from 992.6 m 3.0m @ 1.25 g/t Au from 995.0m

0.5m @ 1.43% Cu, 0.53 g/t Au and 3.28 g/t Ag from 1,009.48m

Page 2 of 14

13 January 2022

ASX: CHK

ASX Release

For personal use only

114.66m @ 0.37% Cu, 0.25 g/t Au and 1.0 g/t Ag from 1,095.34 - 1,210m including:

0.5m @ 1.60% Cu and 0.63 g/t Au and 1.63 g/t Ag from 1096.5m 0.9m @ 1.63% Cu, 1.0 g/t Au and 3.59 g/t Ag from 1,117.85m 1.0m @ 1.74% Cu, 2.19 g/t Au and 4.53 g/t Ag from 1,122.0m 1.0m @ 0.85% Cu, 5.31 g/t Au and 6.65 g/t Ag from 1,123.5m 0.91m @ 3.21% Cu, 1.15 g/t Au and 2.81 g/t Ag from 1,158.85m 1.14m @ 1.55% Cu, 1.78 g/t Au and 2.84 g/t Ag from 1,173.36 0.8m @ 10.85% Cu, 2.94 g/t Au and 20.6 g/t Ag from 1,199.0m

0.5m @ 1.18% Cu, 0.26 g/t Au and 3.2 g/t Ag from 1,326.5 - 1,327m 23m @ 0.37% Cu, 0.10 g/t Au and 1.9 g/t Ag from 1,362 - 1,385m

• There was no sampling from 930 - 965m (35m) due to a lack of visible mineralisation but this interval will be assayed to investigate possible continuation of the gold recorded from 928 - 930m.

An initial technical review of the drill core has shown that the mineralisation, brecciation and alteration styles in some of the mafic units are typical of an IOCG deposit (Figure 2) and that the structural history of the veins reflects the "big picture" structural evolution of the Olympic Dam Breccia Complex (ODBC) with early shear and late dilational characteristics.

HWDD05 also showed a strong spatial correlation between iron (Fe), copper (Cu), gold (Au), silver (Ag) and a reasonably good correlation with uranium (U) which are key characteristics of the ODBC.

Figure 2: Mafic intrusive with hematite and sericite alteration, cross-cutting veins and chalcopyrite

mineralisation at 1,159m (assayed 3.21% Cu and 1.15 g/t Au).

Ongoing petrological, mineralogical and alteration studies will be undertaken to enhance the Company's understanding of the Horse Well Prospect and to aid. to aid future drill hole targeting.

- Ends -

Page 3 of 14

13 January 2022

ASX: CHK

ASX Release

For personal use only

This announcement has been approved for release by the Board of CHK.

For further information:

Andrew Graham - Executive Director & CEO

[e-mail]

Competent Persons Statement

The information in this report / ASX release that relates to Exploration Targets and Exploration Results is based on information either compiled or reviewed by Mr Andrew Graham, who is an employee of Mineral Strategies Pty Ltd and an Executive Director of Cohiba Minerals Ltd. Mr Graham is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Graham consents to the inclusion in this report /ASX release of the matters based on information in the form and context in which it appears.

Page 4 of 14

13 January 2022

ASX: CHK

ASX Release

only

JORC Code, 2012 Edition - Table

The following table is provided to ensure compliance with the JORC Code (2012 Edition) for the reporting of Exploration Results

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

For personal use

Criteria		JORC Code explanation
Sampling		• Nature and quality of sampling (e.g. cut
techniques		channels, random chips, or specific
		specialised industry standard
		measurement tools appropriate to the
		minerals under investigation, such as
		down hole gamma sondes, or handheld
		XRF instruments, etc.). These
		examples should not be taken as
		limiting the broad meaning of sampling.
		• Include reference to measures taken to
		ensure sample representivity and the
		appropriate calibration of any
		measurement tools or systems used.
		• Aspects of the determination of
		mineralisation that are Material to the
		Public Report.
		• In cases where 'industry standard' work
		has been done this would be relatively
		simple (e.g. 'reverse circulation drilling
		was used to obtain 1 m samples from
		which 3 kg was pulverised to produce a
		30 g charge for fire assay'). In other
		cases more explanation may be
		required, such as where there is coarse
		gold that has inherent sampling
		problems. Unusual commodities or
		mineralisation types (e.g. submarine
		nodules) may warrant disclosure of
		detailed information.

Commentary

• Drillhole HWDD05 comprised diamond drilling (PQ size) from 0 - 320.5m; diamond drilling (HQ size) from 320.5
  - 797.5m and diamond drilling (NQ size) from 797.5 - 1,417.45m (end of hole).
• The drill core was logged and photographed on site prior to sealing in core trays for transport to the core shed.
• The drill core was filleted via a diamond saw and the sampling intervals were based on a visual assessment of mineralisation. Cut sheets were provided to ensure the exact sampling intervals were recorded. A quarter core sample was provided for analysis except where a shorter interval required a half core sample for minimum sample weight to be achieved.
• The shortest sampling interval was 0.34m and the longest was 2.25m with the majority of samples being taken at 1 metre intervals. Each sample interval was bagged and labelled with a unique identifier prior to submission to ALS Laboratories.

Drilling	• Drill type (e.g. core, reverse circulation,	• All the drilling was diamond core with
techniques	open-hole hammer, rotary air blast,	reducing size from PQ to HQ to NQ as
	auger, Bangka, sonic, etc.) and details	the hole deepened.
	(e.g. core diameter, triple or standard	• HWDD05 was drilled at an azimuth of
	tube, depth of diamond tails, face-	55° T and a dip of 80°. Core orientation
	sampling bit or other type, whether core	was done via downhole single shot
	is oriented and if so, by what method)	magnetic survey tool.
Drill sample	• Method of recording and assessing	• The drillers logs and geological logs
recovery	core and chip sample recoveries and	were compared throughout the drilling
	results assessed.	campaign and actual core recoveries
		were calculated for each 3-metre core

Page 5 of 14