Antilles Gold Reports 53.5m Intercept at 11 g/t Au Within High Grad Gold Assays From El Pilar Oxide Deposit, Cuba

1 December 2022 - Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX Code: AAU, OTCQB: ANTMF, FSE Code: PTJ) advises that it has received approximately 70% of the assays from the outcropping gold domain of the El Pilar oxide deposit in central Cuba, from a recent 1800m drilling program.

The outstanding gold assays, and the copper results previously reported indicate a robust gold and copper discovery is emerging at El Pilar for both the oxide and sulphide ores.

HIGHLIGHTS

Assays from holes 001 and 001A were reported previously (8 November 2022), and those from 005, 006, and part of 004A are due next week, as are Cu assays from holes 005, and 006.

The assays should be considered as preliminary as they were undertaken at the Cuban Government’s LACEMI (Laboratorio Central de Minerales) laboratory in Havana which though capable and with modern equipment, is not certified.  All assays will be replicated at SGS’s laboratory in Canada within the next four to six weeks.

Sampling Techniques and Data are set out in the JORC Code 2012 Edition Template attached.

-          Assays from the gold domain of the El Pilar oxide deposit, together with earlier results from the underlying copper domain, and those from 28,000m of historic drilling indicate it is highly likely the oxide deposit will support the development of a low cap-ex open pit mine to produce gold and copper concentrates.

-          Additionally, extensions to the surface oxide gold mineralization, or additional zones within the near vicinity are highly probable, and could increase the Exploration Target Range advised to ASX on 5 July 2022.

-          Subject to the 7,000m drilling program on the oxide deposit to be undertaken between February and April 2023, replicating recent drilling results, a mine could be developed at El Pilar by the end of 2024, and financed primarily by advances from the sale of concentrates.

Mr Brian Johnson, Executive Chairman of Antilles Gold said “if a mine is developed within this time frame, part of the surplus cash flow would be utilised from early 2025 to fund exploration of the El Pilar copper porphyry system, and other major properties held in the Company’s Exploration Agreement with GeoMinera.

For exploration funding in 2023 and 2024, the Company is in discussions on a financing arrangement that would result in minimal dilution, and could be repaid from expected proceeds from the settlement of contractual claims against the Dominican Republic Government from a previous project, which total approximately US$30 million. 

The claims are currently being arbitrated at a unit of the World Bank in Washington DC with the final hearing of the Arbitration Tribunal to take place between 5 and 9 June 2023.  Decisions on the various claims are expected to be handed down by 30 September 2023 followed by payment of awards by the end of 2023.”

END

This announcement has been authorised by the Chairman of Antilles Gold Limited.

For further information, please contact:   

Brian Johnson,   

Executive Chairman, Antilles Gold 

T: +61 (02) 4861 1740  

E: [email protected]

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Table 2: Drill Hole Co-Ordinates

Table 3: Raw Data +0.5 g/t Au

Competent Person – Christian Grainger PhD. AIG

The information in this report that relates to Exploration Results and observations  is based on information reviewed by Dr Christian Grainger, a Competent Person who is a member of the Australian Institute of Geoscientists (AIG). Dr Grainger is a Consultant to the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.  Dr Grainger consents to the inclusion of the Exploration Results based on the information and in the form and context in which it appears.

The full press release in English can be found here: : https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02607034-2A1417610?access_token=83ff96335c2d45a094df02a206a39ff4

ABOUT ANTILLES GOLD LIMITED:

-          Antilles Gold’s strategy is to participate in the successive development of previously explored gold, silver, copper, and zinc deposits in mineral rich Cuba.

-          The Company is at the forefront of the emerging mining sector in Cuba and expects to be involved in the development of a number of projects through its 49:51 mining joint venture with the Cuban Government’s mining company, GeoMinera SA.

-          Importantly, GeoMinera’s 51% shareholding in the joint venture company reflects ownership and does not provide control of decisions at Board or Shareholder Meetings, where the two shareholders have equal votes.

-          The joint venture agreement includes the requirement for all funds to be held in a foreign Bank account with the only transfers to Cuba being for local expenses, and for Antilles Gold to nominate all senior management.

-          Antilles Gold is comfortable operating under the applicable law on Foreign Investment in Cuba which protects minority shareholdings, and the realistic Mining and Environmental regulations, and has been granted a generous fiscal regime by the Government which is supportive of its objectives.

-          The near-term project of the joint venture company, Minera La Victoria SA, is the proposed development of the La Demajagua gold-silver open pit mine on the Isle of Youth in south-west Cuba which, based on geological modelling and metallurgical test work, is planned to produce approximately 65,000 tpa of concentrate, containing gold, silver, and antinomy for 7 years.

-          The current pipeline of additional projects with near-term development potential includes the El Pilar gold-copper oxide deposit overlying a large copper-gold porphyry system, and the reopening of four previously producing copper-zinc mines. These properties in central Cuba will be explored initially by Antilles Gold prior to their transfer to a joint venture with GeoMinera for additional exploration and studies, and potential development to produce gold, silver, copper, and zinc concentrates.

-          The joint venture partners intend to invest part of the expected profits from the La Demajagua mine to fund future mine developments, and an extensive exploration program of major targets, including the El Pilar copper-gold porphyry system, and the 40km long New Horizons VMS style polymetallic mineral belt. Both of these Concessions are held in an Exploration Agreement with GeoMinera.