Antilles Gold Limited (ASX: AAU) has produced 3D models that indicate multiple drill targets, including a cluster of three interpreted porphyry intrusives with interpretation of recently completed ground magnetics and induced polarization (IP) surveys over part of the El Pilar copper-gold porphyry system in central Cuba.
Highlights
• The potential scale of the three porphyry intrusives and associated indicative alteration zones could present a significant mining project if results from an upcoming drilling programme replicate, or proximate, the single hole drilled by Antilles Gold in 2022 into the outer zone of the El Pilar porphyry intrusive. (Hole PHD-004A assayed 134m @1.23% Cu from 49m, and open at depth)
• The extensive coincident IP chargeability and resistivity anomalous zone extends for over 1,350m strike length from where it outcrops at the El Pilar oxide zone through the Gaspar target to the newly defined Camilo target, where the largest anomaly is located.
• Five holes to a vertical depth of 600m will be drilled into each of the three porphyry intrusives in a programme commencing around 15 May 2023, to provide an indication of Cu and Au grades.
• All three porphyry targets are related to significant surficial hydrothermal alteration indicative of porphyry systems. El Pilar and Gaspar are also defined by copper-gold mineralization in historic, and recent rock chip sampling, and previous shallow drilling.
• A 752ha Exploration Concession covering the cluster of porphyry intrusives has been excised from a 1,700ha Reconaissance Concession held by Gold Caribbean Mining SA, which is a subsidiary of the Cuban Government’s mining company GeoMinera SA, and the partner of Antilles Gold’s subsidiary, Antilles Gold Inc (AGI), in its activities in Cuba.
• Both the Exploration Concession and Reconaissance Concessions are listed in the Los Llanos International Economic Association (IEA) Exploration Agreement between Antilles Gold Inc, and Gold Caribbean Mining.
• The Exploration Agreement permits Antilles Gold Inc to undertake the upcoming initial drilling program, preliminary metallurgical test work, and financial modelling before requiring Gold Caribbean Mining to transfer the Exploration Concession to a joint venture with Antilles Gold Inc.
• The joint venture will reimburse Antilles Gold’s expenditure on the copper prospects that occur prior to the transfer of the Concession.
Antilles Gold will not hold a direct beneficial economic interest in the El Pilar Exploration Concession until it is transferred to the joint venture, as is the intention of both Antilles Gold, and GeoMinera.
Executive Chairman, Brian Johnson, said that the joint venture company to be established to hold the El Pilar porphyry system would be a separate entity to the existing joint venture company, Minera La Victoria SA, which is focussed on developing near term gold mines, La Demajagua, and New Sabanas (the recently named gold-copper mine proposed to exploit the El Pilar oxide deposit).
The second joint venture company will focus on exploring and potentially developing copper prospects in Cuba. In addition to the El Pilar copper-gold porphyry system, the copper joint venture is also expected to include deposits within the Sierra Maestra copper belt in south east Cuba that will initially be included in the Los Llanos Exploration Agreement for preliminary evaluation.
Consideration is being given by Cuban authorities to permit a majority foreign ownership in the joint venture, with the partners agreeing that this could encourage participation by a major mining company in the El Pilar project, at some time in the future.
Mr Johnson also said that the next few months will be an important period in the company’s progress in Cuba with drilling results becoming available from the El Pilar, Gaspar, and Camilo porphyry deposits, and the El Pilar oxide deposit which is currently being drilled to establish Mineral Resource Estimates for the proposed New Sabanas gold-copper mine.
For further information please visit: https://antillesgold.net/
