Cohiba Minerals Limited provided an update on its explorations activities and a technical report on hole HWDD07. Following a 3 week delay due to flooding and the subsequent inability to access the drill rig; hole HWDD08 has been completed to a depth of 1,509.9m with samples being prepared for assaying. Assay results for HWDD01 and HWDD02 (Horse Well) are expected soon along with the in-fill assay results for PSDDH01 (Pernatty C) where the Company is following up on the anomalous zinc, lead and silver results reported in its ASX Release on 26 July 2022.

HWDD07 was drilled at Horse Well prospect in the period 29 July 2022 - 3 September 2022. Basement was reached at 930.35m down hole, and the hole was completed to a total depth of 1519m. The target was the south extension of the Blue Bush Fault, which had been previously identified in holes HWDD04, HWDD05 and HWDD05W1.

The specific aims of the hole were to gain more confidence in the exact orientation of the fault, and to test the strike extension to the south in a region of magnetic low. The identification of the Blue Bush Fault as a structure of interest came about while mapping strip logs of the previous drilling. Holes HWDD04, HWDD05, and HWDD05W1 had generated interest due to broad zones of copper mineralisation, generally in the form of quartz-magnetite-chalcopyrite-pyrite veining.

In each of the holes significant fault features were found. Although the presentation of the fault is quite different from hole to hole, the faults were presumed to be the same fault based on a fairly unique orientation to the fault, and that fault features >30cm at Horse Well tend to be rare, and so relate to pervasive structures. Although 3 intersection points where identified, there still remained a variety of possible orientations consistent with the data.

The intersection of the Blue Bush Fault at the approximately predicted location is a strong indication that the fault actually exists and will enable future more aggressive step-out drilling. IOCG mineralisation styles in the Olympic Domain of South Australia have largely follow the massive breccia pipe model, the exception being Prominent Hill for which the mineralisation is strata-bound. Elsewhere in the world IOCG deposition style is more varied, with fault-shear hosted deposits in South America such as Cristalina IOCG, Sossego, the Saloba 3 Alpha, Mantoverde, and Candelaria.

In the Cloncurry IOCG province of Queensland, Australia, IOCG deposits directly associated with faulting-shearing occur at Ernest Henry, Starra- Selwyn, and Great Australia. The bias in South Australia likely has a lot to do with the difficulties in exploring under 100's to 1000's of metres of cover, which limit the deposit styles to those that will present a well- defined geophysical anomaly. This limitation in the initial conditions of drill planning, shouldn't also preclude exploration for other structural styles if the geology from drilling suggests their presence.

Additionally, very high supergene gold and silver were encountered at the basement contact in holes HWDD04 and HWDD05. As with soil sampling, the presence of supergene gold and silver is a good indicator for mineralisation. HWDD04: 1.1m @ 4.79ppm Au & 3.51ppm Ag from 948.21-949.31m.

HWDD05: 2m @ 5.2ppm Au & 1.05ppm Ag from 928-930m Note 2 In all economic IOCG deposits in the Olympic Domain brecciation is pervasive, such that a near-resource drill hole is unlikely to encounter non-brecciated rock. This character may be subtle to casual observation, in that the rock mass is generally healed and without an obvious matrix material. At Horse Well pervasive brecciation has not been discovered.

Brecciation is generally associated with discrete fault zones, and usually accompanied by some chalcopyrite-pyrite mineralisation. The lack of pervasive brecciation indicates that drilling has not intersected the periphery of an IOCG massive breccia pipe system. In the immediate vicinity of the Blue Bush fault there is strong evidence for a different fluid composition than that which gave the regional alteration and quartz-magnetite-chalcopyrite-pyrite veining.

The alteration assemblage in the Blue Bush Fault contains brown earthy and grey hematite, indicating higher oxygen fugacity, consistent with descending ground water. The regional alteration of quartz-magnetite-chalcopyrite- pyrite veining is consistent with relatively lower oxygen fugacity. This is consistent with an upwelling magmatic fluid source, with possible cooling /wall rock interaction giving the veining.

In the Blue Bush Fault, both styles co-exist, with evidence of grey hematite-magnetite veining, indicating two fluid mixing. Two fluid mixing is considered an essential ingredient for IOCG formation, and also is a structural indicator that there is complete fluid conductivity from deep seated fluid sources to ground water. This conductivity is a prerequisite for cyclical and sustained fluid movement required to build scale in a deposit.

In the currently outlined Blue Bush Fault, this cycle was only repeated a limited amount of times, leading to a minor amount of mineralised hematite breccia. Economic IOCG systems show a complex and long lived history of brecciation. There will be a delicate balance in the initial stages between a system that cements its porosity closed in the early stage and fails to develop, and a system which self-generates porosity and can grow over time.

At Blue Bush many of the factors of success would have been present, but one or two key ingredients such as sufficient fluid flow or structural preparation where absent, leading to the system to collapse. In other locations along the Blue Bush Fault these conditions could be met. The presence of brown and grey hematite as a vein and matrix cement is a positive indication.

Around existing IOCG deposits compact brown and grey hematite in significant amounts are generally peripheral to an ore zone, and do not occur alone as a regional alteration. Red-brown earthy hematite stockwork may be widespread and is not a good indicator of close proximity to an IOCG. Specular hematite veining may be peripheral to an IOCG but also may occur regionally, potentially as `cooling' veins associated with massive chalcopyrite and pyrite, so is also not a good indicator of proximity to an IOCG.

Magnetite veins associated with chalcopyrite-pyrite are also not considered good indicators for proximity to an IOCG body, as these are likely formed by cooling or wall rock interaction with a single fluid source.