Antilles Gold Limited (ASX: AAU) has received additional positive assays from a 1,800m drilling programme conducted in September 2022 on the El Pilar gold-copper oxide deposit in central Cuba.
The assays were undertaken by SGS’s certified laboratory in Canada and have validated those previously carried out by the LACEMI laboratory in Cuba.
Highlights
- PDH-004A 134.5m at 1.13% Cu from 49.85m, including 18.5m at 4.85% Cu
- PDH-005 18m at 1.1% Cu from 32.7m, including 3.8m at 3.92% Cu – also includes 10.7m at 7.77g/t Au
- PDH-002 30.5m at 0.51% Cu from 49.5m, including 8.0m at 1.27% Cu – also includes 14m at 38.31g/t Au
- PDH-001A 72.4m at 0.58% Cu from 36.6m, includes 26.2m at 0.79% Cu.
A drilling programme will commence in April 2023 on the gold and copper oxide domains, and on targets within a cluster of porphyry intrusives at El Pilar
It is anticipated that the Mining Concession covering the oxide deposit, which permits mining to a depth of 100m, will be transferred to the existing joint venture company, Minera La Victoria SA (MLV), in the near future, and based on results from 28,000m of historic drilling and the recent 1,800m, a low capex mine could potentially be developed soon after construction commencement of the proposed La Demajagua gold, silver, antimony open pit mine which should be “development ready” by mid 2023.
A Cayman Islands registered subsidiary, Antilles Gold Inc (AGI), currently holds 49% of MLV but it has recently been agreed that the shareholding will be increased to 50% to better reflect the partnership with the Cuban Government’s mining company, GeoMinera SA, and that MLV will be permitted to carry out multiple gold projects.
A new subsidiary, Antilles Metals Inc (AMI), is currently being incorporated in the Cayman Islands to enter into a separate joint venture with GeoMinera to explore the large El Pilar copper- gold porphyry system where ground magnetic and induced polarisation surveys are currently being undertaken. The El Pilar porphyry system is currently held in an Exploration Agreement with GeoMinera.
Antilles Gold has also signed a Letter of Intent with GeoMinera that has initiated negotiations on the inclusion in the Exploration Agreement of a second, highly prospective copper belt in Cuba.
Brian Johnson, Executive Chairman of Antilles Gold, said that activities in Cuba were transitioning into two distinct arms – one will focus on developing a series of relatively small gold mines within the Minera La Victoria joint venture, but having the potential for worthwhile cumulative gold production and profitability, and the other on exploring major copper targets.
“The company’s objective remains for anticipated surplus cash flow from the near term La Demajagua mine development to assist in funding subsequent gold projects, and in the exploration of the significant copper prospects.”
