Cervantes Corporation Ltd (ASX:CVS) substantial holder New York Holdings Pty Ltd has increased its holding by 7.77 million shares in off-market purchase and transfers.
The increase in holding amounted to $38,850 and leaves New York Holdings with 54.07 million fully paid ordinary shares or a 10.93% interest in Cervantes.
Cervantes recently completed a follow-up reverse circulation drilling program at its Albury Heath project in Meekatharra, Western Australia.
The seven-hole, 440-metre drilling campaign followed up on bonanza-grade gold intersected earlier in the year.
Bonanza-grade intersections included 2 metres at 67.2 g/t gold from 27 metres and 5 metres at 63.1 g/t from 32 metres.
Cervantes’ new drill holes have tested the down-dip, u-dup and along-strike continuity of these zones to further plan a more comprehensive drilling program in 2019.