Cervantes Corporation Limited: Intersects Impressive Quartz Lodes at Albury Heath
07.01.2019 | ABN Newswire
Perth, Australia - Cervantes Corporation Ltd. (ASX:CVS) announces drill testing of gold zones at Albury Heath intersect impressive quartz lodes.- Focused drill testing of bonanza grade gold at Albury Heath completed
- Seven holes for approximately 440 metres designed to test extent of two newly discovered 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
- Quartz lodes up to 26m downhole width (apparent, true width not known) intersected
- Shallow intercepts in saprolite noted
- RC drill sample assays awaited
Drilling of two previously unrecognized bonanza-grade gold zones at the Albury Heath Prospect (P51/2937, see Figure 1 in link below) has now been completed. The drilling aimed to test the downdip, updip and strike extent of high grade zones intersected during Cervantes' previous drilling campaign on this prospect (announced on 16 May, 28 June, and 17 July, 2018).
Previous intercepts are shown in Table 1(see link below). Drill hole locations are shown in Figure 2(see link below). Of note are two very high grade ("bonanza") zones intersected:
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
These intercepts are located outside the historic underground workings and were not known from historic drilling.
A typical cross section from the Albury Heath prospect is shown in Figure 3(see link below) with location of the section shown in Figure 2(see link below).
Gold at Albury Heath is hosted in massive quartz veins, otherwise termed lodes, or secondary quartz veining within the host basalts, dolerites, and undifferentiated mafics.
Geological logging is now completed; with significant quartz lodes and veins recognised. Table 2 (see link below) summarises the quartz lode intercept obtained.
All one metre samples have been submitted for gold analysis and results are anxiously awaited. This data will be released once received.
Cervantes has an open Prospectus, closing on or before 18 January 2019, to raise $700,000 by issuing 70,000,000 shares at an issue price of $0.01 per share, together with one (1) free attaching New Option for every two (2) Shares subscribed for and issued.
The Company is hopeful of receiving and releasing the anxiously awaited assay results prior to closing of the prospectus on or before 18 January 2019. Funds raised will be used to pursue the RAB drilling of five new potential areas, not previously tested, and for follow-up drilling of the current RC drilling programme. Cervantes also intends to pursue a deep drilling programme on the Primrose Project at Paynes Find targeting Gold, Nickel and Cobolt.
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/B70RJ01G
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