- Antilles Gold (AAU) reports more high-grade copper results from its 1800-metre drilling program at its El Pilar gold-copper oxide deposit in central Cuba
- The results include a 134.5-metre zone grading 1.13 per cent copper from just under 50 metres, with a smaller zone grading up to 4.85 per cent copper
- AAU plans to commence a new drill program in April 2023 on the gold and copper oxide domains and on targets in a cluster of porphyry intrusives
- Antilles Chairman Brian Johnson says the company’s activities in Cuba are transitioning into two arms: one focused on small gold mines in the Minera La Victoria joint venture and one on major copper targets
- AAU shares are up 8.33 per cent and trading at 3.9 cents at 12:38 pm AEDT
Antilles gold (AAU) has reported more high-grade copper results from its 1800-metre drilling at its El Pilar gold-copper oxide deposit in central Cuba.
The results include a 134.5-metre zone grading 1.13 per cent copper from just under 50 metres, with a smaller 18.5-metre zone grading up to 4.85 per cent copper
In another drill hole, the company struck up to 38.31 grams per tonne of gold across 14 metres from a depth of 49.5 metres, as well as an 8-metre intersection of 1.27 per cent copper.
AAU plans to commence a new drill program in April 2023 on the gold and copper oxide domains and targets in clusters of porphyry intrusives.
Antilles Gold Executive Chairman Brian Johnson said that activities in Cuba were transitioning into two distinct arms.
“One will focus on developing a series of relatively small gold mines within the Minera La Victoria joint venture, but having the potential for worthwhile cumulative gold production and profitability, and the other on exploring major copper targets,” Mr Johnson said.
“The company’s objective remains for anticipated surplus cash flow from the near-term La Demajagua mine development to assist in funding subsequent gold projects, and in the exploration of the significant copper prospects.”
Based on 28,000 metres of historic drilling and the recent 1800-metre drill program completed, Antilles said it foresaw the potential for a low-CapEx mine.
The new site is part of the existing joint venture (JV) company Minera La Victoria SA (MLV), which could begin developing the mine soon after the construction of the proposed La Demajagua gold, silver, and antimony open pit mine, which should be “development ready” in mid-2023, according to AAU.
Meanwhile, AAU’s Cayman Islands-registered subsidiary has acquired an extra one per cent in MLV joint venture, taking its interest to 50 per cent to reflect a solid partnership with the Cuban government’s mining company, GeoMinera, which owns the other half of the JV.
AAU shares were up 8.33 per cent and trading at 3.9 cents at 12:38 pm AEDT.