Antilles Gold Reports 53.5m Intercept at 11 g/t Au Within High Grad Gold Assays From El Pilar Oxide Deposit, Cuba
1 December 2022 - Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX Code: AAU, OTCQB: ANTMF, FSE Code: PTJ) advises that it has received approximately 70% of the assays from the outcropping gold domain of the El Pilar oxide deposit in central Cuba, from a recent 1800m drilling program.
The outstanding gold assays, and the copper results previously reported indicate a robust gold and copper discovery is emerging at El Pilar for both the oxide and sulphide ores.
HIGHLIGHTS
Drill Hole
PDH-002
Gold Domain
53.5m at 10.92 g/t Au from 12m
(Including 18.4m at 14.00 g/t Au from 45m)
PDH-003
Gold Domain
8.0m at 5.74 g/t Au from Surface
PDH – 003A
Gold Domain
18.0m at 2.00 g/t Au from 4.0m
PDH – 004A (part)
Gold Domain
2.0m at 5.08 g/t Au from 2.9m
9.0m at 1.94 g/t Au from 16.9m
PDH -001
Gold Domain
20.0m at 2.87 g/t Au from surface
(Including 3.0m at 13.81 g/t Au from 10.0m)
PDH-001A
Gold Domain
4.3m at 4.47 g/t Au from surface
13.4m at 3.53g/t Au from 14.3m
Assays from holes 001 and 001A were reported previously (8 November 2022), and those from 005, 006, and part of 004A are due next week, as are Cu assays from holes 005, and 006.
The assays should be considered as preliminary as they were undertaken at the Cuban Government’s LACEMI (Laboratorio Central de Minerales) laboratory in Havana which though capable and with modern equipment, is not certified. All assays will be replicated at SGS’s laboratory in Canada within the next four to six weeks.
Sampling Techniques and Data are set out in the JORC Code 2012 Edition Template attached.
- Assays from the gold domain of the El Pilar oxide deposit, together with earlier results from the underlying copper domain, and those from 28,000m of historic drilling indicate it is highly likely the oxide deposit will support the development of a low cap-ex open pit mine to produce gold and copper concentrates.
- Additionally, extensions to the surface oxide gold mineralization, or additional zones within the near vicinity are highly probable, and could increase the Exploration Target Range advised to ASX on 5 July 2022.
- Subject to the 7,000m drilling program on the oxide deposit to be undertaken between February and April 2023, replicating recent drilling results, a mine could be developed at El Pilar by the end of 2024, and financed primarily by advances from the sale of concentrates.
Mr Brian Johnson, Executive Chairman of Antilles Gold said “if a mine is developed within this time frame, part of the surplus cash flow would be utilised from early 2025 to fund exploration of the El Pilar copper porphyry system, and other major properties held in the Company’s Exploration Agreement with GeoMinera.
For exploration funding in 2023 and 2024, the Company is in discussions on a financing arrangement that would result in minimal dilution, and could be repaid from expected proceeds from the settlement of contractual claims against the Dominican Republic Government from a previous project, which total approximately US$30 million.
The claims are currently being arbitrated at a unit of the World Bank in Washington DC with the final hearing of the Arbitration Tribunal to take place between 5 and 9 June 2023. Decisions on the various claims are expected to be handed down by 30 September 2023 followed by payment of awards by the end of 2023.”
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
If you have any questions on this announcement or any past Antilles Gold announcements, check out our Interactive Investor Hub. Like, comment, or ask a question on important announcements. You can find this here: https://aau.freshamplify.com
Table 2: Drill Hole Co-Ordinates
Hole Id
Northing
Easting
RL (m)
Dip
Azimuth
Hole Length
PDH-001
757,557
2,407,085
49.497
-70
132
33
PDH-001A
757,560
2,407,081
49.497
-70
132
290
PDH-002
757,678
2,407,182
53.071
-50
312
294.5
PDH-003
757,534
2,406,941
46.832
-50
312
8
PDH-003A
757,531
2,406,942
46.832
-61
306
300.5
PDH-004
757,547
2,406,968
48.49
-50
312
14
PDH-004A
757,541
2,406,968
48.49
-50
312
184
Table 3: Raw Data +0.5 g/t Au
Sample ID
Hole ID
Depth From
Depth To
Sample Interval
Au g/t
PEL-0201
PDH-002
10.00
12.00
2.00
1.96
PEL-0202
PDH-002
12.00
14.00
2.00
4.04
PEL-0203
PDH-002
14.00
16.00
2.00
2.12
PEL-0204
PDH-002
16.00
18.00
2.00
32.43
PEL-0206
PDH-002
18.00
20.00
2.00
12.47
PEL-0207
PDH-002
20.00
22.00
2.00
2.41
PEL-0210
PDH-002
26.00
28.00
2.00
1.27
PEL-0211
PDH-002
28.00
30.00
2.00
11.71
PEL-0212
PDH-002
30.00
32.00
2.00
0.50
PEL-0213
PDH-002
32.00
33.10
1.10
34.47
PEL-0214
PDH-002
33.10
35.10
2.00
20.77
PEL-0215
PDH-002
35.10
37.10
2.00
4.35
PEL-0216
PDH-002
37.10
39.10
2.00
9.66
PEL-0217
PDH-002
39.10
41.10
2.00
31.83
PEL-0218
PDH-002
41.10
43.10
2.00
0.73
PEL-0219
PDH-002
43.10
45.10
2.00
0.71
PEL-0221
PDH-002
45.10
47.10
2.00
14.69
PEL-0222
PDH-002
47.10
48.30
1.20
20.66
PEL-0223
PDH-002
48.30
49.50
1.20
40*
PEL-0224
PDH-002
49.50
51.50
2.00
19.63
PEL-0226
PDH-002
53.50
55.50
2.00
0.81
PEL-0227
PDH-002
55.50
57.50
2.00
40*
PEL-0229
PDH-002
57.50
59.50
2.00
3.77
PEL-0230
PDH-002
59.50
61.50
2.00
16.54
PEL-0231
PDH-002
61.50
63.50
2.00
3.84
* Gravimetric over range analysis to follow
PEL-0357
PDH-003
0
2
2
5.04
PEL-0358
PDH-003
2
4
2
10.83
PEL-0359
PDH-003
4
6
2
3.86
PEL-0361
PDH-003
6
8
2
3.24
PEL-0364
PDH-003A
4
6
2
1.22
PEL-0366
PDH-003A
6
8
2
1.67
PEL-0367
PDH-003A
8
10
2
0.76
PEL-0368
PDH-003A
10
12
2
1.28
PEL-0369
PDH-003A
12
14
2
1.30
PEL-0370
PDH-003A
14
16
2
3.03
PEL-0371
PDH-003A
16
18
2
3.10
PEL-0372
PDH-003A
18
20
2
3.45
PEL-0373
PDH-003A
20
22
2
2.16
PEL-0537
PDH-004
2
4
2
3.79
PEL-0538
PDH-004
4
6
2
0.62
PEL-0542
PDH-004
8.7
10.7
2
2.67
PEL-0543
PDH-004
10.7
12
1.3
0.93
PEL-0544
PDH-004
12
14
2
0.77
PEL-0548
PDH-004A
2.9
4.9
2
5.08
PEL-0550
PDH-004A
6.9
8.9
2
0.81
PEL-0555
PDH-004A
16.9
17.85
0.95
1.03
PEL-0556
PDH-004A
17.85
19.85
2
0.87
PEL-0557
PDH-004A
19.85
21.85
2
0.99
PEL-0558
PDH-004A
21.85
23.85
2
3.75
PEL-0559
PDH-004A
23.85
25.85
2
2.56
PEL-0001
PDH-001
0
1
1
1.53
PEL-0004
PDH-001
5
7
2
0.66
PEL-0006
PDH-001
7
9
2
0.63
PEL-0007
PDH-001
9
10
1
0.94
PEL-0008
PDH-001
10
13
3
13.81
PEL-0009
PDH-001
17.5
20.5
3
0.86
PEL-0010
PDH-001
20.5
22.5
2
1.69
PEL-0011
PDH-001
22.5
24.5
2
2.29
PEL-0016
PDH-001
30.5
32
1.5
0.52
PEL-0018
PDH-001A
0
0.3
0.3
11.34
PEL-0019
PDH-001A
0.3
2.3
2
0.65
PEL-0021
PDH-001A
2.3
4.3
2
7.26
PEL-0023
PDH-001A
6.3
8.3
2
0.50
PEL-0027
PDH-001A
14.3
16.3
2
1.03
PEL-0028
PDH-001A
16.3
18.2
1.9
2.27
PEL-0029
PDH-001A
18.2
20.2
2
0.78
PEL-0030
PDH-001A
20.2
22.2
2
1.30
PEL-0031
PDH-001A
22.2
24.2
2
8.39
PEL-0032
PDH-001A
24.2
26.2
2
7.53
PEL-0033
PDH-001A
26.2
27.7
1.5
3.32
PEL-0034
PDH-001A
27.7
29.2
1.5
0.72
PEL-0035
PDH-001A
29.2
30.6
1.4
1.80
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.
The full press release in English can be found here: : https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02607034-2A1417610?access_token=83ff96335c2d45a094df02a206a39ff4
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.
- 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.
- 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 which, based on geological modelling and metallurgical test work, is planned to produce approximately 65,000 tpa of concentrate, containing gold, silver, and antinomy for 7 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 reopening of four previously producing copper-zinc mines. These properties in central Cuba will be explored initially by Antilles Gold 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 major targets, including the El Pilar copper-gold porphyry system, and the 40km long New Horizons VMS style polymetallic mineral belt. Both of these Concessions are held in an Exploration Agreement with GeoMinera.