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6 October 2022 - Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, FSE: PTJ, OTCQB: ANTMF) is pleased to announce that it has completed a preliminary drilling program on the El Pilar copper-gold porphyry project, and its overlying copper-gold oxide deposit in central Cuba.
- The six cored holes (plus three short partial holes that were redrilled due to hitting voids) totalling 1,797m downhole were undertaken with two objectives:
- to validate historic drilling data from 188 holes (24,400 m) into the oxide deposit.
- to test for underlying porphyry copper-gold mineralisation related to the surficial oxide copper-gold mineralisation.
- Assays will not start to be received until later this month but observation of mineralisation of both oxide and sulphide mineralisation in the drill cores is highly encouraging – refer TECHNICAL INFORMATION.
- The gold and copper grades in the Exploration Target Range of the oxide deposit reported to ASX on 5 July 2022 (gold 3.12 g/t to 4.78 g/t, and copper 0.92% to 1.41%) justifies the planned 7,000m drilling program in Q2 2023 prior to a Scoping Study for a low cap-ex open pit mine.
- Based on size of the surface expression, the presence of primary sulphide copper-gold mineralisation at depth, and a previous aeromagnetic survey, the Company’s Exploration Director, Dr Christian Grainger, is confident the El Pilar oxide deposit is the surficial expression of a copper-gold porphyry system.
- Dr Grainger believes all of the preliminary drill holes have penetrated the outer zone of a porphyry system, and has arranged near term ground magnetometry, and Induced Polarization surveys over a 3km x 2km area to cover the significant surface geochemical and alteration footprint.
- The surveys will permit drill hole locations to be determined for a staged 15,000m program next year on the large porphyry target.
Diamond Drilling – El Pilar
Exploration Director, Dr Christian Grainger, Inspecting Drill Core
TECHNICAL INFORMATION
GEOLOGY
The El Pilar copper-gold porphyry system is hosted within a Cretaceous age volcanic island arc setting that is composed of mafic to intermediate composition tuffs, ash and volcanoclastic rocks that are intruded by similar age granodiorite and diorite intrusive stocks. The geological setting is very similar to the many prospective volcanic island arc geological environments that are related to porphyry style mineralisation, and associated vein systems. The El Pilar system has shown to date both overlapping hydrothermal alteration styles, and complex multiple veining events that is common with the emplacement of a mineralised porphyry copper-gold system.
DRILLING
- Six drillholes have been collared along 300m of strike of the oxide exposure and have tested both the upper high-grade gold domain, and the lower leached copper domain.
- The drillholes indicated continuous gold mineralisation from near surface to ~40m downhole in the upper gold domain dominated by iron-oxides after primary sulphides, and then ~45m of oxide copper mineralisation in the underlying copper domain that is almost entirely composed of secondary chalcocite, and lesser chalcopyrite.
- All of the drillholes continued into fresh rock where porphyry-style hydrothermal alteration, veining and copper sulphide mineralisation was encountered in varying amounts, representing the outer mineralised halo of a prospective copper-gold porphyry system.
- The drillholes in fresh rock intersected visual copper sulphide (chalcopyrite) mineralisation in what is interpreted as the outer zone of the porphyry system dominated by intense chlorite-sericite hydrothermal alteration associated with veins, breccias and stockworks of chalcopyrite-pyrite which is indicative of a porphyry copper-gold system.
- Earlier potassic alteration (secondary biotite) is present locally in diorite dykes that display pervasive chlorite overprinting and chalcopyrite mineralisation.
CONCLUSIONS
Dr Grainger, who is the Competent Person for this report, has advised that visual observations of the oxide copper-gold mineralisation are highly encouraging for the establishment of an oxide copper-gold resource with limited additional shallow drilling, and evidence in the sulphide cores of the potential for an underlying copper-gold porphyry being the source of the oxide mineralisation.
CORE PHOTOGRAPHS
The locations of the numbered cores are shown in Figure 2, 5 & 6
El Pilar – Gold Domain (Upper Oxide Zone)
Iron oxides replacing sulphides in strongly leached and sericite altered tuffs
Hole PDH 03 – Surface 5m
Hole PDH 005 – 58m downhole
Hole PDH 003A – 68m downhole
Hole PDH 003A – 115m downhole
El Pilar – Copper Domain (Lower Oxide Zone)
Mixed sulphide (chalcopyrite) and secondary copper oxides (secondary chalcocite – black) and zones of native copper hosted in breccias and stockworks in strongly chlorite-sericite altered tuffs
Hole PDH 003A – 117m downhole
Hole PDH 003A – 167m downhole
Hole PDH 002 – 117m downhole
El Pilar – Primary Porphyry Copper-Gold Mineralisation
Primary sulphides (chalcopyrite and pyrite) associated with (photo # 5) chalcopyrite-quartz breccia in strongly sericite-chlorite altered tuffs, (photo # 7) porphyry B-veins cut by later porphyry D-veins with sericite halos in mafic tuffs, and (photo # 6) quartz-sulphide stockwork associated with sericite-chlorite overprint of earlier secondary biotite altered diorite.
Fig 1 – Drill collar Plan View including historical Drilling
Fig 2 – Cross Section A-A’
Fig 3 – Cross Section B-B’
Fig 4 – Cross Section C-C’
Fig 5 – Cross Section D-D’
Fig 6 – Cross Section E-E’
Fig 7 – Oxide Mineralisation Target
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Competent Person – Christian Grainger PhD. AIG
The information in this report that relates to Exploration Results and observations is based on information reviewed by Dr Christian Grainger, a Competent Person who is a member of the Australian Institute of Geoscientists (AIG). Dr Grainger is a Consultant to the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Grainger consents to the inclusion of the Exploration Results based on the information and in the form and context in which it appears.
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
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.
- GeoMinera’s 51% shareholding in the joint venture company does not provide control of decisions at Board or Shareholder Meetings as votes are cast by each of the three appointees of the two shareholders, on an individual basis.
- The joint venture agreement includes the requirement for all funds to be held in a foreign Bank account with the only transfers to Cuba being for local expenses, and for Antilles Gold to nominate all senior management.
- 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.
- 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 to produce approximately 100,000 oz Au equivalent per year for 8 years (refer Scoping Study advised to ASX on 24 February 2022).
- The current pipeline of additional projects with near-term development potential include the El Pilar gold-copper oxide deposit overlying a very large copper-gold porphyry system, and the reopening of up to four previously producing copper-zinc mines within the 40km long New Horizons VMS style polymetallic mineral belt. These concessions in central Cuba will be explored initially at Antilles Gold’s cost prior to their transfer to a joint venture with GeoMinera for additional exploration and studies, and potential 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 an extensive exploration program of the major targets, which would minimise additional equity contributions by Antilles Gold, while establishing a substantial mining group in Cuba.
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