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Antilles amasses grab bag of high-grade Cuban gold hits

Cuban gold developer, Antilles Gold Limited has racked up a series of high-grade gold hits at its La Demajagua gold and silver deposit on the Isle of Youth in southwest Cuba, confirming the widespread gold endowment of the region. Significant gold and silver intercepts from the 24 holes drilled include an 8m section grading 4.17 grams per tonne gold and 36.28 g/t silver from just 10m downhole.

Other notable intercepts recently received include 17m at 3.48 g/t gold from 20.5m downhole, 15m grading 3.45 g/t gold from 98.5m and 5m going 5.67 g/t gold from 93m.

The drilling was conducted to confirm the presence and reliability of the high-grade mineralisation previously identified in approximately 50,000m worth of drilling undertaken by antecedent Canadian mining companies.

Assessment of the initial JORC resources for the first stage of open pit mining at La Demajagua is nearing completion. The resource estimate will be calculated following the receipt of tests from a further 42 drill holes that totalled 6,071m. It will be re-calculated again after a planned 58-hole campaign consisting of 7,850m that is set to kick off in April 2022 has concluded.

Metallurgical testwork is currently underway focussing on maximising gold grades in concentrate through analysing core from the first phase of drilling. Results of the anticipated recoveries and concentrate grades are expected in February 2022.

Simultaneously, a scoping study assessing the proposed La Demajagua open pit mine that is due for completion by late February is well underway.

The company is confident the robust figures calculated in its current financial model will be replicated in the scoping study.

Current financial analysis predicts a mining rate of 800,000 tonnes per annum of ore, a stripping ratio of 7:1 with grades averaging 3.5 g/t gold and 37 g/t silver.

The underground operation to follow initial open cut mining has a current predicted life of mine of 10 years at a mining rate of 650,000 tonnes per annum.

The same consulting group undertaking the scoping study for the La Demajagua project will be contracted to complete a definitive feasibility study or “DFS” by September or October 2022. The definitive feasibility study will entail detailed design and costing for infrastructure and tailings storage in addition to negotiation for plant and mill construction. Environmental approvals, geotechnical reports and hydrogeological reports will also be included in the DFS.

Antilles is consistently hitting paydirt at its La Demajagua gold and silver deposit and with a maiden JORC resource estimate and scoping study pencilled in for the near future, the aspiring gold developer looks to be in good stead to make its aspirations a reality.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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