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Cervantes Corporation Ltd

Cervantes Corporation substantial shareholder increases stake

The company is focused on gold exploration across its three projects in Western Australia.

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The AUD gold price is trading at all-time highs of around A$2,026 per ounce

Cervantes Corporation Ltd (ASX:CVS) substantial shareholder Azolia Pty Ltd has increased its shareholding in the company to 77.15 million shares for a 14.39% stake.

The increase in Azolia’s shareholding was the result of a private placement to the company of 7.5 million shares priced at 1 cent.

READ: Cervantes Corporation chairman shows faith in gold strategy through on-market purchase

The company’s key assets are its Primrose Project, Albury Hearth Project, and Abbotts Project all located in Western Australia.

During March 2019, Cervantes revealed drilling results from Albury Heath which followed up prior drill hits of 5 metres at 63.1 g/t gold from 32 metres including 1-metre at 202.8 g/t gold.

Cervantes updated the inferred mineral resource for the Albury Heath Mine deposit to 35,479 gold ounces grading 2.09 g/t gold.

Notably, the historic Albury Heath gold mine produced 2,204 ounces at a grade of 47.8 g/t gold from 1948 to 1957.

Quick facts: Cervantes Corporation Ltd

Price: $0.00

Market: ASX
Market Cap: $1.99 m
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