AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Gold explorer Cervantes Corporation welcomes its neighbor Oakajee Corporation Limited to the Payneâs Find gold area. The news follows the recent acquisition announced by ASX-listed Oakajee to earn into 80% of selected tenements including exploration, prospecting and mining licenses covering some 112 square kilometers of ground surrounding Cervantesâs âPrimrose Projectâ within the Payneâs Find Greenstone Belt in Western Australia.
Cervantes Corporation Limited (ASX:CVS) seeks to join hands with the new gold explorer in the region. The company stated that it is planning to get into the talks with the Directors of Oakajee to develop the combined area in Payneâs Find Goldfield. Cervantes believes that once the Oakajee gets successful in its relisting, both the company will have an added advantage from the news flow of each group as they work in their individual capacity to develop an overall geological model for the area.Â
The geological potential of the Payneâs Find area outlines the high-grade gold mineralization along with the potential for volcanogenic massive sulphide mineralization in its felsic volcanic area. Recently, higher levels of cobalt and nickel have also been discovered in the Payneâs Find region.
Cervantesâ Primrose Project contains highly gold mineralized Primrose Shear in the Payneâs Find area of Murchison District of the Eastern Goldfields, Western Australia. It operated more than 37 gold mines that produced gold at an average grade of 25g/t during historical drilling. The company believes that the historical mineralization in the area indicates the bigger gold system associated with sheared mafic amphibolites intruded by a porphyry.
Cervantes now covers the majority of this historic goldfield through the control of 20 mining leases, an exploration licence, and prospecting licenses. It further explained that surface geochemistry, an extensive database of drilling, geological, and geophysical data have now been assembled for Primrose Project to have a better understanding than earlier.
As per the latest information, Cervantes has completed an aircore drilling program along the 8km of the Primrose Shear in 2018. The drilling relates to the Shear zone running through its Primrose project area to identify deeper gold targets and nickel-prospective areas as aimed by Oakajee. The company is targeting on these areas due to the result of gold and nickel assays returning higher than expected mineralization from a first-pass drilling program.
The company had received approval from Mines Department POW to proceed with its drilling program at Albury Heath Project, but it is waiting for the second round of drilling assays results to be released. In the first phase of the drilling program, Albury Heath returned delivered exceptional drill results including 1m @ 129.3 g/t (4oz) from 27m.
Going forward, the company is reportedly seeking discussions with potential investors as well as two international fund providers to fund support these developments and programs. At the time of writing, 23 January 2019 (1:44 PM AEST), CVS is trading flat. The stock price last traded at $0.007. Over the past 12 months, the stock has witnessed a negative price trend of 22.22%.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
