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24 January 2023 - Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX Code: AAU, FSE Code: PTJ, OTCQB: ANTMF) advises that it has received assays from SGS Canada from the recent 1,800m cored drilling program on the out-cropping oxide gold domain at El Pilar in central Cuba.
Preliminary results from the Cuban Government's laboratory, LACEMI, were advised to the ASX on 8th and 17th November 2022, and 1st and 15th December 2022.
The new assays have generally replicated those from LACEMI, however, gold over-range assays for high grade samples (+40 g/t Au) were unable to be assayed in Cuba. Re-assaying these over-range, and high-grade gold zones at SGS has significantly upgraded the intervals in some sections, which suggests the presence of coarse gold, further adding to the very high-grade, and significant nature of these intervals at El Pilar from near surface.
HIGHLIGHTS
Hole PDH 002 | 53.5m at 19.06g/t Au from10.0m including 16.4m at 41.64g/t Au
|
Hole PDH 001 | 13.0m at 45.17g/t Au from surface, including 3.0m at 194g/t Au
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Hole PDH 001A | 4.3m at 4.96g/t Au from surface, and 16.3m at 3.31g/t Au from 14.3m
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Hole PDH 003 | 8.0m at 5.88g/t Au from surface
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Hole PDH 003A | 18.0m at 2.23g/t Au from 4.0m |
Sampling Techniques and Data are set out in the JORC Code 2012 Edition Template attached.
Assays from the underlying oxide copper domain at El Pilar have not yet been received from SGS.
- Negotiations have commenced to establish a joint venture between subsidiaries of Antilles Gold and the Cuban Government's mining company, GeoMinera, to which the 17,800ha El Pilar concession will be transferred from the Company's existing Exploration Agreement with GeoMinera.
- The existing concession is currently being divided into two separate concessions with the same boundaries. The first will allow mining to a depth of 100m on the gold-copper oxide deposit, and the second will allow mining to any depth below 100m on the large underlying copper-gold porphyry system which is currently Antilles Gold's primary target in Cuba.
- The Company is also negotiating to expand the oxide concession to cover adjacent areas where extensive artisanal mining in the past is an indicator of the reasonable prospect of increasing oxide gold resources in the future.
Mr Brian Johnson, Executive Chairman of Antilles Gold said “As soon as the basic terms of the joint venture have been established, Antilles Gold will subscribe approximately US$2.0 million of equity to the joint venture company to be expended on a 10,000m shallow drilling program on the oxide deposit to establish JORC Resources, and on sufficient metallurgical test work to complete an accurate Scoping Study for an open pit mine designed to produce gold and copper concentrates.
Based on the results from the recent exploration program, and from 28,000m of historic drilling of the oxide deposit, the Company is confident that a relatively small, but gold-rich, mine could be developed next year, and funded primarily by advances for contracted concentrate sales.”
With respect to the porphyry concession, a preliminary drilling program of 5 cored holes to a vertical depth of approximately 600m will commence as soon as the current Ground Magnetics and Induced Polarisation surveys are completed and have been interpreted in around six to seven weeks. This work will be undertaken at Antilles Gold's cost as part of the review process for potential projects as set out in the Exploration Agreement, and be refunded from any future development
Subject to the results of the preliminary drilling, Antilles Gold intends to subscribe additional equity to the El Pilar joint venture to enable a 20,000m drilling program, and associated metallurgical test work to be carried out from around July 2023.
Antilles Gold intends to raise funding for its joint venture equity and the proposed drilling programs in a manner least dilutive for shareholders.
END
This announcement has been authorised by the Chairman of Antilles Gold Limited.
For further information, please contact:
Brian Johnson,
Executive Chairman, Antilles Gold
T: +61 (02) 4861 1740
E: brianjohnson@antillesgold.net
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ABOUT ANTILLES GOLD LIMITED:
- Antilles Gold’s strategy is to participate in the successive development of previously explored gold, silver, copper, and zinc deposits in mineral rich Cuba.
- The Company is at the forefront of the emerging mining sector in Cuba and expects to be involved in the development of a number of projects through its 49:51 mining joint venture with the Cuban Government’s mining company, GeoMinera SA.
- The near-term project of the joint venture company, Minera La Victoria SA, is the proposed development of the La Demajagua gold-silver open pit mine on the Isle of Youth in south-west Cuba which, based on geological modelling and metallurgical test work, is planned to produce concentrates containing gold, silver, and antimony for approximately 8 years, that could be followed by underground operations for 10 years.
- The current pipeline of additional projects with near-term development potential includes the El Pilar gold-copper oxide deposit overlying a large copper-gold porphyry system, and the possible reopening of four previously producing copper-zinc mines within the New Horizons VMS style polymetallic belt. These properties in central Cuba will be explored initially by Antilles Gold prior to their transfer to new joint ventures with GeoMinera for additional exploration and studies, and possible development to produce gold, silver, copper, and zinc concentrates.
- The joint venture partners intend to invest part of the expected profits from the La Demajagua mine to fund future mine developments, and the exploration programs on major copper targets, including the El Pilar copper-gold porphyry system, and the New Horizons polymetallic mineral belt. Both of these Concessions are held in an Exploration Agreement with GeoMinera but will be transferred to joint ventures after a review of their potential by Antilles Gold.
- Antilles Gold is comfortable operating under the applicable law on Foreign Investment in Cuba which protects minority shareholdings, and the realistic Mining and Environmental regulations, and has been granted a generous fiscal regime by the Government which is supportive of its objectives.
- Importantly, GeoMinera’s 51% shareholding in the joint venture company reflects ownership and does not provide control of decisions at Board or Shareholder Meetings, where the two shareholders have equal votes. All senior management within the company are nominated by Antilles Gold.
- The joint venture agreement also includes the requirement for all funds to be held in a foreign Bank account with the only transfers to Cuba being for local expenses, which will minimise country credit risk for foreign lenders and suppliers.
Exploration Director, Dr Christian Grainger Examining Drill Core – El Pilar
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