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Antilles hits more high-grade Cuban gold and silver

Cuba is proving to be a lucrative mineral province for Antilles Gold as it continues to scrub up its high-grade gold and silver La Demajagua project.

Assays from 30 diamond core holes from La Demajagua include 10m at 12.15 g/t gold, 8m going 14.3 g/t gold and 278.9 g/t silver and 11m grading 8.87 g/t gold and 87.2 g/t silver.

The project already boasts resources within the preliminary pit shell of 7.7Mt at a solid 2.9g/t gold for 720,000 ounces and 38.6 g/t silver for 9.57 million ounces. Antilles owns 49 per cent of the 900-hectare project with the Cuban government holding the remaining 51 per cent.

Antilles has completed 26,500m of drilling at the La Demajagua gold-silver deposit since February 2021, with the final 1500m to be done and dusted this month.

The current JORC compliant resource is based on assays from both current and historic drilling.

Antilles expects to receive sufficient assay data to complete a revised JORC resource estimate by June.

The final resource calculation to be used in the open pit mine design is anticipated to be available in August.

The company is progressing work for a definitive feasibility study or ‘DFS’ now for La Demajagua which will include detailed design of mine infrastructure, environmental approvals, geotechnical and hydrogeology reports and metallurgical test work for the design of a 1 million tonne per annum flotation circuit. It will also include the establishment of recovery percentages and concentrate grades and Antilles expects it to be tabled in November.

Negotiations for the sale of concentrate are already underway and progressing to schedule according to the company.

La Demajagua was an underground gold mine that closed in the 1950’s. In its days it churned out gold and silver bearing arsenopyrite concentrate from several levels accessed by shafts.

Antilles said La Demajagua has the characteristics of a low sulphidation epithermal gold deposit dominated by schistose rock units rich in gold-bearing arsenopyrite. The gold is reported as being primarily held within arsenopyrite and associated with boulangerite.

With the gold being held within arsenic minerals, the project requires a floatation circuit to produce a gold-rich arsenic sulphide concentrate in a similar manner to the production of nickel or copper sulphide concentrate. This is not typical for a gold-silver mine and it is no surprise Antilles is conducting extensive metallurgical testing.

The company has a long-term strategy and project pipeline in its joint venture with Cuban government owned company, Minera La Victoria SA. First up is development of the La Demajagua gold-silver open pit mine to produce 100,000 ounces of gold equivalent per annum. Gold rich concentrate is earmarked for sale to an international trading company or foreign smelter.

Antilles wants to progressively develop known gold and copper deposits in Cuba in partnership with Minera La Victoria whilst realising the value of assets it holds in the Dominican Republic.

Minera La Victoria has access to additional projects including three highly-prospective porphyry copper-gold deposits, a large volcanogenic massive sulphide deposit and sulphide gold deposits. Antilles will initially assess these projects prior to Minera La Victoria undertaking exploration, studies, and possible development.

The joint venture plans to generate cash at the La Demajagua mine to fund other projects and through organic growth, develop a substantial mining company in Cuba.

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

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