Cervantes Corporation Ltd is an ASX listed company (ASX: CVS) which, in its early years, was primarily focused in the Lobster fishing, processing and sales industry. Since being recapitalised in mid 2007 and changing its name, Cervantes continued to maintain activity in this sector by way of income from the leasing of its Lobster Pots and Abalone Hybrid research, whilst seeking additional opportunities.
In 2009 the board approved a limited, secured, financing venture involving re-treatment of Gold Tailings with an experienced operator in return for a share of profits. The Board also approved a limited, secured, financing agreement to assist a listed but suspended Oil & Gas Company, Baraka Energy & Resources Ltd (previously Baraka Petroleum Ltd) proceed to a re-quotation of their securities. Cervantes saw this as an opportunity to assist a considerable number of shareholders in Baraka from losing their investments and create an alliance with another listed company for the benefit of both companies shareholders.
In 2016, when Cervantes received formal approval to transition to an exploration company, Cervantes initially acquired exploration project areas in Meekatharra and the Fraser Range, WA. Additional project areas were added to the company’s portfolio in the short term. Cervantes also acquired the Primrose Project in 2017, located at Paynes Find, and the Company continues to progressively develop the project.
As announced on the 8th December 2016, Cervantes identified an opportunity to develop the Albury Heath Gold Mine located in Meekatharra, WA. In the near-term Cervantes carried out a number of brief 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. Cervantes successfully uncovered a JORC compliant Mineral Resource Estimate, and subsequently completed the sale of the Albury Heath Project to Westgold Resources Ltd in May 2020.
All projects were introduced by New York Securities Pty Ltd, a WA based company with close connections to Cervantes by way of the Executive Chairman of Cervantes.