Antilles Gold Limited (ASX: AAU, OTCQB: ANTMF) has received further high-grade gold and silver assays from an additional 30 cored drill holes at the La Demajagua gold/silver deposit in Cuba.
Since February 2021, 26,500m of drilling has been undertaken on the La Demajagua gold-silver deposit, with the Initial JORC Resources advised in January 2022 being based on assays from 12,384m of core from 114 drill holes, and selected data from 50,000m of historic drilling. The final 1,500m of drilling will be completed this month.
The Initial Indicated and Inferred Resources for the preliminary pit shell totalled 7.7Mt at 2.9g/t Au (720,000 oz Au ) and 38.6 g/t Ag ( 9.57 million oz Ag ).
Receipt of assays from a laboratory in Canada has been extremely slow with a current backlog of over 30% of the samples from drilling completed to date, but sufficient data will have been received to allow the Resources to be revised in May – June 2022.
Final Resources for the proposed open pit mine should be available around August 2022.
Significant Gold and Silver Intercepts
Drill Hole
P-005 9.0m at 5.85 g/t Au & 140.2 g/t Ag from 103.0m
P-106 P-042B 8.0m at 14.3 g/t Au and 278.9 g/t Ag from 160.5m, incl 3.0m at 21.13 g/t Au and 10.0m at 12.15 g/t Au from 122.0m, incl 3.0m at 33.47 g/t Au
P-114 11.0m at 8.87 g/t Au and 87.2 g/t Ag from 159.0m, incl 2.0m at 29.35 g/t Au P-25A 18.0m at 5.79 g/t Au and 21.24 g/t Ag from 230.0m,incl 4.0m at 15.6 g/t Au
Elements of the Definitive Feasibility Study (DFS) for the La Demajagua open pit mine, including detailed design of mine infrastructure, environmental approvals, geotechnical and hydrogeology reports, and metallurgical test work for the design of a 1.0 million tpa flotation circuit, and establishment of recoveries and concentrate grades, are progressing to schedule, as are negotiations for the sale of concentrate. The DFS is expected to be completed in November 2022.
Executive Chairman, Brian Johnson, said Antilles Gold’s strategy is to participate in the successive development of previously explored gold and copper/gold deposits in mineral rich Cuba, and to realise the value of assets it holds in the Dominican Republic.
“The company is at the forefront of the emerging gold mining sector in Cuba and expects to be involved in the development of a number of projects through its 49:51 joint venture with the Cuban Government’s mining company, GeoMinera SA.
“Antilles Gold is comfortable operating under the applicable law on Foreign Investment, and Mining and Environmental regulation’s in Cuba, 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 southwest Cuba to produce approximately 100,000 oz Au equivalent per year in concentrate for sale to an international trading company, or foreign smelters.
Minera La Victoria has access to a pipeline of additional projects with development potential including three highly prospective porphyry copper/gold deposits, a large VMS deposit at Golden Hills, and the Florencia and Maclama sulphide gold deposits, which will be assessed initially by Antilles Gold prior to Minera La Victoria undertaking exploration and studies, and possible development.
The objective of the joint venture company is to invest part of the surplus cash expected to be generated by the La Demajagua mine to fund projects that follow, to achieve organic growth with minimal additional equity contributions, and with the aim of ultimately establishing Minera La Victoria as a substantial mining company in Cuba.
For further information please visit: https://antillesgold.net/
