The capital raising will be primarily for the purpose of providing additional funds for the imminent drilling of Cervantes 2 gold project areas in the Meekatharra and Payne's Find districts.
The Albury Heath project in Meekatharra which delivered exceptional drill results of 2m @ 67.2 g/t ( 2oz) from 27m in AHP116, incl 1m @ 129.3 g/t ( 4oz) from 27m and 5m @ 63.1 g/t (2oz) from 32m in AHP134, incl 1m @ 202.8 g/t ( 6.5oz) from 33m (as released on the 28th June 2018) is about to commence a further follow up drilling program immediately upon finalisation of the drilling tender process currently underway.
The Primrose project in Payne's Find will also receive a follow up drilling program based on the extremely successful air core drilling program, and the RAB drilling program in 2017 which produced elevated gold and Nickel/Cobalt/Copper results as released on the 12th June 2018.
The Paynes Find goldfield was described by a Government Geologist in 1920 as being of similar Geology to the Edna May gold mine in Westonia (sourced: Mindat website "Paynes Find Goldfield, Goodingnow") and the geological setting of the RAB results at Paynes for Nickel/Cobalt was stated by Cervantes exploration Manager as being analogous to the Emily May nickel deposit, west of Norseman (Peters and Buck, 2000, The Maggie Hays and Emily Ann nickel deposits, Western Australia: A geophysical case history, Expl Geophys, 31, 210-221). We expect this program to follow on from the Albury Heath drilling program.
The company is very excited about the exploration potential of these quality projects in a rising Gold price market with the dual targets of two of the most sought after Metals.
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About Cervantes Corporation Limited
Cervantes Corporation Limited (ASX:CVS) is an emerging gold explorer and aspiring gold miner. It has built up a portfolio of gold properties in well-known and historically producing gold districts with a strategy to apply novel exploration and development thinking. Cervantes has identified opportunities in those districts that were overlooked by previous explorers. The company is committed to maximizing shareholder value through the development of those opportunities.
Cervantes Corporation Limited