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Cervantes Corporation Ltd

Cervantes Corporation concludes follow-up drilling of past bonanza grade gold hits

Cervantes’ new drill holes have tested the down dip, up dip and along strike continuity of the previous intersections to plan a more comprehensive drilling program in 2019.

drilling
Drilling results expected after the New Year

Cervantes Corporation Ltd (ASX:CVS) has completed a follow up reverse circulation (RC) drilling program at the Albury Heath Project in Meekatharra, Western Australia.

A short, seven-hole 440 metre drilling campaign has been completed to follow-up on the bonanza grade gold intersected earlier this year.

READ: Cervantes Corporation surges 143% on bonanza-grade gold results from Albury Heath

The bonanza-grade intersections included 2 metres at 67.2 g/t from 27 metres and 5 metres at 63.1 g/t gold from 32 metres.

Cervantes’ new drill 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 (rotary air blast) drilling of some 4-5 other targets within the project area, the mines department approvals for the RAB were not obtained in time, and Cervantes accepted an offer from a drilling contractor in the area to complete just the RC drilling for a small premium for mobilisation.

The company is expected to receive the results from this drilling after the New Year.

 

The approvals from the mines department for Cervantes’ flagship 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 outstanding results from the current Albury Heath program, the approved RAB drilling program for Albury Heath, the RC drilling at Primrose, and will plan the timing of the new programs for the 2019 season.

Meanwhile, the closing date for a $700,000 capital raising has been extended to December 28, 2018.

READ: Cervantes Corporation extends closing date for $700,000 capital raising

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Market: ASX
Market Cap: $1.99 m
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