Antilles Gold Limited’s (ASX: AAU) (OTCQB: ANTMF) partner in Cuba, the Government’s mining company, GeoMinera SA, has added two Concessions covering the extensive New Horizons VMS style polymetallic mineral belt in central Cuba to the Los Llanos Exploration Agreement, which is the first step in a potential future mine development.
The Agreement permits the company to exclusively evaluate the potential of previously explored mineral deposits prior to recommending their transfer to the existing joint venture mining company, Minera La Victoria SA, for potential development.
The two Concessions total 31,700 ha and cover an entire 40km long polymetallic mineral belt that includes four mines, Antonio, San Fernando, Santa Rosa, and Los Cerros with previous production of Cu-Zn-Au-Ag concentrates, and 16 additional mineralized exploration targets, some of which are gold and silver rich.
Geological data from the New Horizons Concessions that has been made available for Antilles Gold to review includes maps, soil and stream sampling (27,000), rock samples, ground and airborne geophysical surveys, 766 cored drill holes (68,400m), 5392 assays, and historic mine plans.
The Antonio deposit is similar to classic Abitibi type mineralisation in Eastern Canada. The mineralisation has a low content of Pb, As, and Sb, and has been traced by drilling to 190m vertically, and is open at depth.
The New Horizons polymetallic deposits together with the Ciego de Avila major porphyry Cu-Au system, and the large, shallow Golden Hills VMS Cu-Au deposit which are included in the Los Llanos Exploration Agreement, provides Antilles Gold with access to three significant projects, all of which have the potential for substantial open pit mining operations.
Antilles Gold will focus initially on the El Pilar copper-gold porphyry deposit within the Ciego de Avila concession followed by the Antonio and other polymetallic deposits in the New Horizons concession. The various deposits are located approximately 150km apart in central Cuba, and within 100km of ports suitable for concentrate export.
Brian Johnson, Executive Chairman of Antilles Gold, said the company was now in a great position to pursue growth in the value of its investment in the joint venture mining company in Cuba through the intended application of part of the surplus cash expected to be generated by the open pit mine at La Demajagua, to fund development of projects that could follow, which would minimize or eliminate additional equity contributions by the company in the foreseeable future.
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