Cervantes Corporation Limited to Commence Inaugural Drilling Programme
01.05.2018 | ABN Newswire
Perth - Cervantes Corporation Ltd. (ASX:CVS) (the Company) is pleased to advise that the inaugural drilling programme at the Albury Heath Project is expected to commence on Thursday 3 May 2018. The drillers will mobilise Wednesday morning with the drilling expected to take 7 to 10 days to complete, depending on weather.The Albury Heath tenement package (P51/2937, P51/2997 - 3001) is located approximately 23 kilometres South East of the mining town of Meekatharra in Western Australia (see Figure 1. in link below). The project was strategically acquired by the company for its near term production potential. Having reached a number of milestones, the Company is very excited to be commencing its first drilling programme and the potential that is gradually coming to fruition.
As announced on 7 February 2017, Continental Resource Management (CRM) estimated a Maiden JORC Resource of Indicated and Inferred Resources of 390,000t at 2.15g/t Au, for a total of 27,000oz of contained gold above a cut-off grade of 0.5g/t Au. This is an 80% increase in estimated ounces since the last published (1999 JORC) Resource Estimate of 164,500t @ 2.87 g/t Au for 15,200oz.
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Tonnes Grade(g/t) Au(ounces)
Indicated 300,000 2.25 21,500
Inferred 90,000 1.9 5,500
Totals 390,000 2.15 27,000
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Table 1. Resource Summary- above lower cut off of 0.5g/t
Beyond the mineral resource estimated by mining industry consultant CRM the modelling exercise threw up several factors inherent in the drilling technology used at the time and in the resource modelling process, that open the potential for additional exploration potential. Cervantes is developing a drilling programme that will assess potential resource upside by testing;
1) Down dip potential (the mineralisation is open at depth)
2) Up dip potential (known mineralization is inadequately sampled at shallow depths), and
3) Sampling of the potentially high grade footwall to existing stopes that weren't sampled by past drilling.
The drilling programme will also serve to provide fresh material for metallurgical testing and geotechnical information to assist in pit design. With fresh material and results from this exploration program, Cervantes expects to be in a stronger position to continue discussions with nearby mills regarding treatment of the ore.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/43V8O00G
About Cervantes Corporation Limited:
Cervantes Corporation Ltd. (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.
Contact:
Cervantes Corporation Ltd.
Collin Vost Executive Chairman
T: +61-8-6436-2300
E: cvost@cervantescorp.com.au