Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF)’s Los Llanos Project in Cuba will act as an incubator for mining projects that may follow the near-term development of the La Demajagua gold/silver mine.
Los Llanos project has now been established through the formalisation of an International Economic Assessment (IEA) with a subsidiary of the Government’s mining company, GeoMinera SA.
The IEA effectively acts as a global exploration agreement with GioMinera. This agreement details:
- Antilles Gold may conduct preliminary exploration and studies of previously explored gold and copper deposits in Cuba;
- Antilles Gold can recommend which additional deposits should be included in the Los Llanos Project, after initial review;
- The company can recommend the removal of properties from the IEA if they’re deemed insufficient; and
- The company’s expenditure on a particular property will be reimbursed if it’s ultimately developed by Minera La Victoria.
The following properties have also been recommended for inclusion in the IEA:
- Three highly prospective porphyry copper/gold deposits;
- A large VMS copper/gold deposit at Golden Hills; and
- Sulphide gold deposits at Florencia and Maclama.
Exploration targets
Two of the three deposits are four kilometres apart in volcaniclastic rocks intruded by large porphyry clusters and offer prime exploration targets for a major copper/gold open pit operation.
The company will advise on geological details once an agreement is made with GeoMinera.
Antilles Gold is also establishing an office in Camaguey, Cuba, that will operate with a team of geologists and support staff to undertake the planned activities.
The company’s Australian exploration director Dr Chris Grainger will act as general manager for the project.
Grainger is a highly experienced geologist with a background in gold and base metal discoveries in Central and South America. He also has the added advantage of his fluency in Spanish.
Beyond Los Llanos
After this program is completed, a decision will be made on which properties will determine preliminary drilling and scoping studies by the company in 2023.
Current development opportunities in the pipeline that may be added in the future should assist the partnership with GeoMinera to achieve its aim of establishing Minera La Victoria as a considerable mining company in Cuba.
Executive chairman of Antilles Gold Brian Johnson said he was excited by the prospect of an experienced exploration group moving forward with the project.
- By Duncan Bailey