*Cervantes agreed to the sale of the Albury Heath Project to Big Bell Gold Operations Pty Ltd (BBGO), a wholly owned subsidiary of Westgold Resources Limited (WGX), as released 23rd April 2020.
On the 10th October 2016 Cervantes announced it had acquired a Prospecting Licence (“PL”) (known as the Albury Heath Gold Mine). In addition, Cervantes applied for several prospecting licences in the immediate area, surrounding the recently acquired prospecting licence.
After a review of historical data associated with the Albury Heath Gold Mine, Cervantes announced on the 8th December 2016 an opportunity to develop the high-grade Albury Heath Gold Mine and potentially fast-track to production by either heap leach or toll treating. Cervantes carried out a number of exploration programmes, to provide greater certainty of the size and grade of deposit, to provide fresh material for metallurgical testing and to test depth extensions to the existing mineralisation, with a view to generate a JORC mineral resource.
On 12 March 2019, Cervantes announced an Inferred JORC (2012) Resource of 35,479 ounces of Gold, being 528,000 tonnes at 2.09g/t. Subsequently, the Company agreed to the sale of the Albury Heath Gold Project to Westgold Resources Limited (WGX), as released 23rd April 2020.