- Albury Heath Gold Project is at a historical mine near Meekatharra in WA
- The inferred resource was updated a fortnight ago to 528,000 tonnes grading 2.09 g/t gold
What does Cervantes do?
Cervantes Corporation Limited (ASX:CVS) specialises in exploration in Australia. It is run by Collin Vost, a securities dealer who has more than 20 years of experience in corporate matters. Vost has assisted many junior companies as a board member and has been involved with the stockbroking industry for many years.
What does Cervantes own?
The South Perth company’s key assets are the Albury Heath Gold Project near Meekatharra in Western Australia and the inland Primrose Pit project on the edge of the Primrose Fault in WA.
Cervantes has been pursuing a corporate strategy to pursue “fast wins” at low-sovereign-risk projects, in its home state of WA.
South-Perth based Cervantes has previously encountered bonanza-grade gold at Albury Heath, a project at a historical mine near established infrastructure in the Mid West-Murchison region town of Meekatharra.
Two weeks ago the company updated its gold resource for the wholly-owned Albury Heath project, to 528,000 tonnes of inferred resources grading 2.09 g/t gold for a contained 35,479 ounces when a lower 0.3 g/t gold cut-off is applied.
Bonanza grade gold of up to 202.8 g/t, or 6.5 ounces per tonne, is found in the mine area.
The project is within 25 kilometres of two mills that could process any output from Albury Heath.
Cervantes’ Primrose Pit project is located on the Paynes Find Goldfield which is named after its previous explorer Paynes Find Gold Ltd (ASX:PNE).
The Primrose Fault is a shear zone that extends for 8 kilometres.
Included in the Primrose Pit’s project area is a small historical mine known as the Pansy Pit.
Cervantes believes the project has potential for more ounces than are featured at Albury Heath.
Executive chairman Collin Vost shares de-risking plans
“Albury Heath is delivering some excellent bonanza grade gold zones,” executive chairman Collin Vost said.
“While we need to do more work to demonstrate the consistency [of] these zones, it is prudent that we classify the resource as inferred.
“The upside is clearly there, however, and Cervantes will continue to de-risk this project for the benefit of our shareholders.”