Cervantes completes Albury Heath drilling
Perth, Dec 4, 2018 AEST (ABN Newswire) - Cervantes Corporation Ltd (
ASX:CVS) "Cervantes" is pleased to announce the completion of the follow up Reverse Circulation (RC) drilling program at the Albury Heath project in Meekatharra. Earlier this year Cervantes had bonanza grade gold intersections in zones not previously known from historic drilling or mine workings and represent newly identified centres of mineralisation:
- 2m @ 67.2 g/t from 27m in AHP116, incl 1m @ 129.3 g/t from 27m
- 5m @ 63.1 g/t from 32m in AHP134, incl 1m @ 202.8 g/t from 33m
Previously unknown bonanza grade gold zones
Hole AHP134, which intersected 202.79g/t gold (or approximately 6.5 ounces/tonne) occurs 80m NE from the old workings. Hole AHP116, which intersected 129.32g/t gold (or approximately 4.2 ounces/tonne) is located 40m to the SW of those workings. Neither of these areas were exploited by historic mining nor were they intercepted in historic drilling.
The Albury Heath currently contains an Indicated and Inferred Resource of 390,000 tonnes at 2.15g/t gold (announced 7 February 2017.)
Current drilling campaign
A short, seven hole 440 metre drilling campaign has been completed to follow-up on the bonanza grade gold intersected by holes AHP116 and AHP134. The holes have tested the down dip, up dip and along strike continuity of these zones to further plan a more comprehensive drilling program in early 2019.
Whilst the original plan was to incorporate the RAB drilling of some 4-5 other targets within the project area, the Mines Dept. approvals for the RAB were not obtained in time, and we accepted an offer from a drilling contractor in the area to complete just the RC drilling for a small premium for mobilisation. We do not expect any results from this drilling program until the New Year and will bring them to market when available.
The approvals from the Mines Dept. for the Primrose Project drilling campaign in Payne's Find were also delayed, and only recently received, but not in time to activate any drilling programs.
Cervantes will assess all of the outstanding results from current Albury Heath program, the approved drilling programs for the RAB at Albury Heath, and the RC drilling at Primrose, and plan the timing of the new programs for the 2019 Season.
We had some late interest in the capital raising and the board elected to extend the prospectus to the 28th December 2018.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/LS3YANQ8
About Cervantes Corporation Limited
Cervantes Corporation Limited (ASX:CVS) is an emerging gold explorer and aspiring gold miner. It has built up a portfolio of gold properties in well-known and historically producing gold districts with a strategy to apply novel exploration and development thinking. Cervantes has identified opportunities in those districts that were overlooked by previous explorers. The company is committed to maximizing shareholder value through the development of those opportunities.
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