Cervantes Corporation Limited: Drilling Commenced to Test Bonanza Grade Gold at Albury Heath
26.11.2018 | ABN Newswire
Perth, Australia - Cervantes (ASX:CVS) is pleased to announce that an RC rig has been mobilised to the Albury Heath Prospect (P51/2937, to commence drilling of this exciting new project Figure 1) (see link below) to follow-up on bonanza grade gold intercepts obtained in the previous drilling campaign (see announcement on 16 May, 28 June, and 17 July, 2018).- RC rig mobilised to commence drilling at Albury Heath to test previously intersected bonanza grade gold zones:
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
- Zones not previously known from historic drilling or mine workings and represent newly identified centres of mineralisation
- Seven holes for 440 metres planned
During the last campaign, 29 Reverse Circulation (RC) holes were drilled for 1,866 metres. Those holes targeted sections of the resource where the Company identified opportunities to potentially increase the resource. The Albury Heath currently contains an Indicated and Inferred Resource of 390,000 tonnes at 2.15g/t gold (announced 7 February 2017.)
Previous intercepts are shown in Table 1(see link below). Drill hole locations are shown in Figure 2(see link below).
A typical cross section is shown in Figure 3(see link below) with this section's location indicated in Figure 2(see link below).
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.
Current drilling campaign
A short, seven hole drilling campaign is underway to follow-up on the bonanza grade gold intersected by holes AHP116 and AHP134. The holes will test the down dip, up dip and along strike continuity of these zones to further plan a more comprehensive drilling program in early 2019.
As approval of the proposed RAB drilling on the adjoining permits of Cervantes have not been received, the company elected to carry out the RC drilling program to ensure a continuity of work as an RC rig was in the area, and the early drilling may assist in the future analysis of the RAB drilling in the New Year.
About the Albury Heath Project
The Albury Heath Project is centred on the historic Albury Heath gold mine. Gold production from underground workings during the period 1948 to 1957 totaled 2,204 oz at an average head grade of 47.8g/t or 1.54oz/t.
Gold mineralisation is associated with quartz veining, quartz stringers, quartz stockworks, and wall rock alteration located in a major regional fault zone that trends north-northeasterly across the eastern side of the Meekatharra Greenstone Belt. The mineralisation occurs primarily in quartz-sulphide veins that are up to 4m in width. The main vein strikes north-northeasterly and dips steeply at 75o - 80o to the east-southeast.
Cervantes wholly owns six Prospecting Licences covering the Albury Heath mine and its surrounds (P51/2937 and P51/2997 to 3001). These comprise an area totaling 10.8km2 that cover the northerly and southerly extent of the main controlling structure.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/754AUZ1M
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.
Source:
Cervantes Corporation Ltd.
Contact:
Collin Vost Executive Chairman T: +61-8-6436-2300 E: cvost@cervantescorp.com.au