Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) has received further high-grade gold and silver assays from an additional 30 drill holes at the La Demajagua gold/silver deposit in Cuba.
Significant gold and silver intersections include:
- Drill Hole P-005: 9.0m at 5.85 g/t Au (gold) & 140.2 g/t Ag (silver) from 103.0m
- P-106: 8.0m at 14.3 g/t Au & 278.9 g/t Ag from 160.5m incl 3.0m at 21.13 g/t Au
- P-042B: 10.0m at 12.15 g/t Au from 122.0m incl 3.0m at 33.47 g/t Au
- P-114: 11.0m at 8.87 g/t Au & 87.2 g/t Ag from 159.0m incl 2.0m at 29.35 g/t Au
- P-25A: 18.0m at 5.79 g/t Au & 21.24 g/t Ag from 230.0m incl 4.0m at 15.6 g/t Au
Since February 2021, 26,500 metres of drilling has been undertaken on the La Demajagua gold-silver deposit, with the Initial JORC Resources released in January 2022 based on assays from 12,384 metres of core from 114 drill holes, and selected data from 50,000 metres of historical drilling.
The final 1,500 metres of drilling will be completed this month.
The initial indicated and inferred resources for the preliminary pit shell totalled 7.7 million at 2.9 g/t gold (720,000 ounces gold) and 38.6 g/t silver (9.57 million ounces silver).
Receipt of assays from a laboratory in Canada has been slow with a current backlog of over 30% of the samples from drilling completed to date, but sufficient data will have been received to allow the resources to be revised in May - June 2022.
Final Resources for the proposed open pit mine should be available around August 2022.
Strategy
Antilles Gold’s strategy is to participate in the successive development of previously explored gold and copper/gold deposits in mineral rich Cuba, and to realise the value of assets it holds in the Dominican Republic.
The company is at the forefront of the emerging gold mining sector in Cuba and expects to be involved in the development of a number of projects through its 49:51 joint venture with the Cuban Government’s mining company, GeoMinera SA.
Antilles is aiming to develop the La Demajagua gold/silver open pit mine to produce about 100,000 ounces of gold equivalent per year in concentrate for sale to an international trading company, or foreign smelters.