Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) is now listed on the Frankfurt Stock Exchange under the ticker PTJ.
The listing was undertaken as investor interest in AAU grew in Germany, Switzerland and Austria, with around 15% of the shares applied for in the current placement of 60 million shares coming from investors in these countries.
About half of the shares in the placement will be issued to international investors.
Forging ahead in Cuba
One of the main attractions for international investors is the company’s work in Cuba, including its in-country relationship with government mining company GeoMinera SA.
Antilles expects to be involved in the development of several projects through its 49:51 mining joint venture with GeoMinera SA. Its near-term objective is the proposed development of the La Demajagua gold-silver open pit mine on the Isle of Youth in southwest Cuba to produce approximately 100,000 ounces gold equivalent per year for eight years.
This is being undertaken with joint venture company Minera La Victoria SA.
Investors have also shown strong interest in the potential of the large El Pilar copper-gold porphyry deposit, and its high-grade gold-copper oxide cap in central Cuba which is one of two significant mining concessions held in Antilles Gold’s exploration agreement with GeoMinera.
AAU has a pipeline of additional projects with development potential including El Pilar and the entire 40-kilometre-long New Horizons VMS-style polymetallic mineral belt which has a history of producing copper and zinc concentrates with silver credits.
These properties in central Cuba will be explored initially at Antilles’ cost prior to their transfer to a joint venture with GeoMinera for additional exploration and studies, and potential development to produce gold-copper concentrates, and copper-zinc concentrates which are in increasing demand as essential battery metals.
Work to come
A preliminary 2,000 metres drilling program will start at El Pilar in August to determine if results from shallow (120 metres) historic drilling of the El Pilar porphyry deposit will be replicated at depth.
Drilling will then continue on the 60 metres to 80 metres deep oxide cap with the aim of establishing JORC resources and a scoping study in in early Q2 2023, for a low capital expenditure (CAPEX) mine to produce gold and copper concentrates.
The exploration target range for the gold and copper domains of the oxide deposit were reported on July 5 2022.
Read: Antilles Gold establishes exploration target range for gold-copper oxide deposit in Cuba
Ground magnetics and Induced Polarisation surveys will be carried out concurrently with the preliminary porphyry drilling program planned for completion by the end of this year, to optimise drill hole locations for the 12,000-metre program which will follow to a depth of 300 metres.