Recent results from the project near Meekathara included 2 metres at 67.2 g/t gold from 27 metres including 1-metre at 129.3 g/t gold, and 5 metres at 63.1 g/t gold from 32 metres including 1 metre at 202.8 g/t gold.
Cervantes has recently conducted a joint meeting with Baraka Energy & Resources Ltd (ASX:BKP) regarding an iron sands venture.
Discussions resulted in an agreement to resolve the fees and rights that Cervantes had over the iron sands venture.
This is to enable Baraka to pursue buyers, representing Chinese Steel mills, Dredging firms, other companies in the Iron Sands industry, or wealthy Philippines or Chinese investors.
Previous loan agreement amended
The previous loan agreement to Cervantes has now been amended in return for waiving all fees and rights.
The new loan agreement is $900,000 repayable over two years interest-free, amended from one year to two years on a best of endeavours basis.
Cervantes expects to repay this loan earlier as a result of exceptional drill results from Albury Heath.
Albury Heath is one of three strategic gold projects
Notably, Albury Heath is only one of three strategic gold projects wholly-owned by Cervantes.
Most recently, Cervantes received assay results showing shallow gold mineralisation within the historical Pansy Pit within the Primrose Project located in Western Australia.