Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) has welcomed results from an induced polarisation (IP) geophysical survey carried out on the El Pilar Copper-Gold Project in Cuba, which indicate the presence of near-surface gold rich zones.
These gold rich zones are adjacent to the El Pilar oxide zone, which has been drilled, and the survey also revealed several bodies interpreted as porphyry intrusives.
These intrusives have already demonstrated copper-gold mineralisation, with a recent drilling intercept grading at 134 metres at 1.23% copper and ending in mineralisation.
AAU intends to complete a drilling program to investigate the oxide zone and at least two of the underlying porphyry deposits in April this year.
Joint venture with GeoMinera
Should Antille’s drilling program prove fruitful, the concession covering the porphyry system will be transferred to a separate joint venture with the government’s mining company, GeoMinera.
This could potentially permit a larger foreign ownership than the recently negotiated increase from 49% to 50% for Antilles Gold’s holding in Minera La Victoria SA (the Cuban joint venture company).
The larger foreign ownership would be more attractive to a major copper miner if invited to participate in the project at some time in the future.
If results from the upcoming drilling program achieve something close to previous results of 134 metres at 1.23% copper, the new joint venture will carry out a major exploration program on the El Pilar porphyry system from around September 2023.