Here is an old article from Dec 22 Sigs and a couple of things stand out.
1. They hit 53m Au at 11g/t only 12m down which I had forgotten about..
2. Despite the date slippage it says awards are drafted after the outcome is handed down.. So I will back them in for something if not the whoke $30m usd.
3. It states that the target range (100-200k oz) in the gold oxide domain could well be expanded with further mineralistion forming a robust resource that would easily support the development of a mine.
To which they are now indicating ore from La Dem would be blended to make a concentrate..
Sure things have slipped, but that could be said for quite a number of explorers and others.
But the plan to start construction, permits pending of a mining operation at El Pilar could well be achieved & more so if & when funds are made available on receipt of said award 1q 2024.
Were still waiting on assays from the last of El Pilar drilling & anything close to 200k oz Au & 50mlb Cu as a shallow oxide cap play will appeal..
How they mine they cap whilst selling the porphry below is the question.. ?
Can't see a major sitting around waiting for the warm up act to finish before they get into it so I wonder how they structure any JV or does the major buy into both.. ?
The non dilutive terms of a prospective JV also pose a curious question?
Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) has delivered high-grade gold results including 53.5 metres at 11 g/t from 12 metres in a drill program at the outcropping gold domain of the El Pilar oxide deposit in central Cuba.
Notably, the 53.5-metre interval also includes a high-grade sub-intersection of 18.4 metres at 14 g/t from 45 metres.
These gold assays, along with previously reported copper results, indicate a robust gold and copper discovery is emerging at El Pilar for both the oxide and sulphide ores.
Mine development plans
Antilles executive chairman Brian Johnson 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 June 5 and 9, 2023.
“Decisions on the various claims are expected to be handed down by September 30, 2023, followed by payment of awards by the end of 2023.”
Drill highlights
To date, Antilles has received about 70% of the assays from its recent 1,800-metre drill program.
Other standout assays include:
- 8 metres at 5.74 g/t gold from surface;
- 18 metres at 2.00 g/t from 4 metres;
- 2 metres at 5.08 g/t from 2.9 metres;
- 9 metres at 1.94 g/t from 16.9 metres;
- 20 metres at 2.87 g/t from surface, including 3 metres at 13.81 g/t from 10 metres;
- 4.3 metres at 4.47 g/t from surface; and
- 13.4 metres at 3.53g/t from 14.3 metres.
These assays, together with earlier results from the underlying copper domain and those from 28,000 metres 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 mineralisation or additional zones within the near vicinity are highly probable and could increase the exploration target range.
Forward plan
Antilles is planning a 7,000-metre drilling program on the oxide deposit to be undertaken between February and April 2023.
If all proceeds to plan, a mine could be developed at El Pilar by the end of 2024 and financed primarily by advances from the sale of concentrates.
(20min delay)