Antilles Gold Limited (ASX:AAU)

Antimony Production Target of ~4,500tpa for La Demajagua Mine

Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that subsequent to the ASX announcement on 13 September 2024 which reported potential antimony production from the proposed La Demajagua gold-silver- antimony mine in Cuba, additional metallurgical test work data has been received from Chinese engineers, BGRIMM Technology Group (http://english.bgrimm.com/).


The Technical Consultant for the project, Vancouver based JJ Metallurgical Services Inc, has revised production targets for the two concentrate products expected to be produced by the La Demajagua mine. (refer attached Memorandum and JORC Edition 2012 Table 1)

  • The production targets have been based on the Pitshell 49 resource modelling incorporated in the initial Scoping Study for the project reported to ASX on 30 March 2023, and the antimony content derived from the metallurgical samples.
  • Based on a mill throughput of 815,000 tonnes per annum (‘tpa’), and reverse flotation of the bulk flotation concentrate at a mass pull of 10%, it is expected that ~50,000tpa of a gold-arsenopyrite concentrate will be produced with a grade of ~31.9g/t Au and ~4.9% Sb (antimony), together with ~5,560tpa of a gold-silver-antimony concentrate grading ~49.1g/t Au, ~2,000g/t Ag, and ~46.2%Sb.
  • The gold-arsenopyrite concentrate will be subjected to alkaline leaching to selectively dissolve antimony. After solid/liquid separation, the dissolved antimony will be precipitated to produce ~3,980tpa of an antimony precipitate with an estimated ~48% Sb content.
  • The antimony precipitate will be blended with the gold-silver-antimony concentrate to produce a final concentrate product of ~9,540tpa grading ~29.9g/t Au (~9,170oz Au per year), ~1,200g/t Ag (~368,000oz Ag per year), and ~47% Sb (~4,480t Sb per year).
  • The gold-arsenopyrite concentrate produced after alkaline leach is expected to be ~45,670 tpa grading ~34.6g/t Au (~50,800oz Au per year).
  • The 50% owned joint venture which is developing the project plans to oxidise the refractory gold-arsenopyrite concentrate followed by cyanide leaching to produce a higher value gold doré.
  • BGRIMM has recently completed 9 months of metallurgical test work on the La Demajagua concentrate which demonstrated the technical viability of constructing a two-stage fluidised-bed roaster and cyanide leach circuit, and established a ~92% gold recovery from the gold-arsenopyrite concentrate.
  • The methodology and cost of stabilising arsenic which is generated during roasting, also needs to be established through test work currently being undertaken by specialists in Canada.
  • Based on the production targets advised by consultants, and at current prices for gold (US$2,600/oz), silver (US$30/oz), and antimony (US$25,000/t), and payables for contained metal in the gold-silver-antimony concentrate offered by potential buyers (55%, 65%, and 57% respectively), revenue for this concentrate could be in the order of US$84 million per year for the 9 year mine life for the first stage, open pit operation.
  • The potential sales value of contained antimony in the gold-silver-antimony concentrate could now be over US$40 million per year more than assessed in March 2023, demonstrating its growing importance to the La Demajagua project.
  • The income for this antimony-rich concentrate will be in addition to that received for ~47,000oz Au per year forecast to be contained in the gold doré.
  • A new Scoping Study for the expanded project incorporating the processing facility and the production of a gold doré and an antimony-rich concentrate will be completed after the estimated construction and operating costs have been received from BGRIMM, and is expected to demonstrate robust returns at conservative metal prices.

COMMENT:

Antilles Chairman, Brian Johnson said: “with improved supply-demand dynamics for antimony and a strengthening price environment, we are now rapidly advancing project development studies with the assistance of BGRIMM Technology Group and our Technical Consultants. The initial production targets defined for La Demajagua is a good starting point and we look forward to delivering the Scoping Study for an expanded operation. We are also engaging with a wider cohort of potential antimony buyers given the stronger demand and price environment for the strategic metal.”


Click here for the full ASX Release

This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

AAU:AU
The Conversation (0)
Antilles Gold Limited

Antilles Gold Limited


Keep reading...Show less

Developing Gold and Copper Projects in mineral‐rich Cuba

Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Antilles Gold Limited (AAU:AU) has announced Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Download the PDF here.

Clem Chambers, gold bars.

Clem Chambers: Gold's Top Driver Now, Silver's Coming Boom Phase

Clem Chambers, CEO of aNewFN.com, shares his outlook for gold and silver.

He also shares his thoughts on the broader US economy.

Keep reading...Show less
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.

And each time the gold price rises, there are calls for even higher record-breaking levels.

Keep reading...Show less
Hand labeled "BRICS" cutting paper money with scissors.

How Would a New BRICS Currency Affect the US Dollar?

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respective currencies.

A BRICS currency was a topic at the 2024 BRICS Summit that took place October 22 to 24 in Kazan, Russia. At the summit, the BRICS nations continued their discussions of creating a potentially gold-backed currency, known as the "Unit," as an alternative to the US dollar.

At the 2024 BRICS summit, Russian President Vladimir Putin appeared on stage holding what appeared as a prototype of a possible BRICS banknote. However, he seemed to back away from previous aggressive calls for de-dollarization, stating the goal of the BRICS member nations is not to move away from the US dollar-dominated SWIFT platform, but rather to deter the "weaponization" of the US dollar by developing alternative systems for using local currencies in financial transactions between BRICS countries and with trading partners.

"We are not refusing, not fighting the dollar, but if they don't let us work with it, what can we do? We then have to look for other alternatives, which is happening," he stated.

The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

Keep reading...Show less
Metal Bank

Executing WA Gold Strategy

Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) advises that it has signed a non-binding term sheet (Term Sheet) with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to due diligence, binding documentation and other conditions precedent including MBK shareholder approval) (Proposed Acquisition), and has commenced a scoping study for the Kingsley and Homestead deposits at the Livingstone Project, furthering its Western Australian focussed gold strategy to expand MBK’s WA gold portfolio and move to production.

Keep reading...Show less
Exceptional result of 32m @ 7gt Au in Lord Byron drilling

Exceptional result of 32m @ 7gt Au in Lord Byron drilling

Brightstar Resources (BTR:AU) has announced Exceptional result of 32m @ 7gt Au in Lord Byron drilling

Download the PDF here.

Jaime Carrasco, gold bars.

Jaime Carrasco: Gold, Silver, Miners — Where to Focus in Monetary Storm

Jaime Carrasco, senior portfolio manager and senior financial advisor at Harbourfront Wealth, shares his thoughts on gold and silver, saying it's important to keep the big picture in mind.

"In a nutshell, we're going back to ... sound money — money not backed by the word of a politician and bankers, but by something sound like gold, which (has been) money for 4,000 years," he said.

Keep reading...Show less

Latest Press Releases

Related News

×