07/01/2019 - 14:21

Cervantes stock up 28.5% on drilling results

07/01/2019 - 14:21

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Shares in Cervantes Corporation jumped on the ASX today after the company announced it had concluded drill testing at its Albury Heath project located 20 kilometres north-west of Meekatharra.

Cervantes stock up 28.5% on drilling results
Cervantes' Albury Heath project is located near Meekatharra.

Shares in Cervantes Corporation jumped on the ASX today after the company announced it had concluded drill testing at its Albury Heath project located 20 kilometres north-west of Meekatharra.

The South Perth-based junior gold explorer’s drilling focused on testing the extent of previously discovered gold in two intersections.

Grades within these two zones reached up to 202.8 grams per tonne at 33 metres depth, and Cervantes’ share price soared 142 per cent when it initially announced these results in June 2018.

The latest tests confirmed quartz lodes up to 26 metres downhole width were intersected at the zones.

Albury Heath was mined from 1948 to 1957 and produced 2,204 ounces at a grade of 47.8 grams per tonne of gold.

The project currently has a resource estimate of 390,000t at 2.15 grams per tonne of gold for 27,000oz.

Cervantes is also seeking to raise $700,000 by January 19, primarily in order to fund the drilling of five new potential areas at the project.

Established in 2016, Cervantes also owns the Paynes Find project in Yalgoo and the Abbotts project near Meekatharra.

At the close of trade, Cervantes shares were up 28 per cent at 0.9 cents each.

 

 

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