Antilles Gold Limited (ASX:AAU)

Intercepts up to 41g/t Au from In-Fill Drilling Program Nueva Sabana, Cuba

Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise results from the first 7 of 25 shallow diamond drill holes in a 2,000m in-fill program on the Nueva Sabana oxide deposit in central Cuba, which was completed in July 2024.


The aim of the program was to increase the Indicated Resources in the Initial Mineral Resource Estimate advised to ASX on 6 March 2024.

HIGHLIGHTS

Gold Domain – Nueva Sabana

Copper Domain – Nueva Sabana

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

NUEVA SABANA GOLD-COPPER MINE

  • The in-fill results continue the excellent grades for both gold and copper in the oxide deposit that were incorporated in the Scoping Study for the first stage of the proposed Nueva Sabana gold-copper mine reported to ASX on 7 May 2024.
  • Results from the remaining 18 holes are expected by the end of this month.
  • An updated Mineral Resource Estimate (“MRE”) for the proposed mine is expected to be completed within two weeks of receiving these results, after which the pit design and mine schedule will be updated, followed by a Pre-Feasibility Study in September 2024.
  • The Nueva Sabana oxide deposit is metallurgically simple, and the mine is being planned as a copper project which will benefit from the high-grade gold cap during initial operations.
  • Metallurgical test work by Blue Coast Research Laboratories in Canada has indicated a gold recovery of 85% from a simple rougher flotation circuit, and a concentrate of 70.2 g/t Au.
  • A copper recovery of 84.5% yielded concentrate grades of 27% Cu from a rougher and cleaner circuit, which has formed the basis of the process design criteria for the Nueva Sabana concentrator.
  • Planning and permitting for the proposed mine is well advanced.
  • Total development costs are estimated to be ~US$30 million including ~US$5 million of pre- development and concession acquisition costs, and ~US$25 million for mine construction based on quotations for site works, industrial buildings, and a turnkey offer for the design and construction of the concentrator and associated power station.
  • The project requires minimal pre-stripping and will not involve the purchase of a mining fleet which is to be hired from the Cuban subsidiary of an international supplier.
  • Finance for the mine construction is being negotiated in the form of an advance on concentrate purchases by an international commodities trader.
  • The Nueva Sabana project, which is being developed by the 50% owned joint venture company, Minera La Victoria SA, is expected to be development-ready in October 2024.


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

Developing Gold and Copper Projects in mineral‐rich Cuba

Developing Gold and Copper Projects in mineral‐rich Cuba Keep Reading...
Antilles Gold to Raise $1.0M for Working Capital

Antilles Gold to Raise $1.0M for Working Capital

Antilles Gold Limited (AAU:AU) has announced Antilles Gold to Raise $1.0M for Working CapitalDownload the PDF here. Keep Reading...
Quarterly Activities/Appendix 5B Cash Flow Report

Quarterly Activities/Appendix 5B Cash Flow Report

Antilles Gold Limited (AAU:AU) has announced Quarterly Activities/Appendix 5B Cash Flow ReportDownload the PDF here. Keep Reading...
Summary of Pre-Feasibility Study for Nueva Sabana Mine

Summary of Pre-Feasibility Study for Nueva Sabana Mine

Antilles Gold Limited (AAU:AU) has announced Summary of Pre-Feasibility Study for Nueva Sabana MineDownload the PDF here. Keep Reading...
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, CubaDownload the PDF here. Keep Reading...
LaFleur Minerals

LaFleur Minerals Achieves Major Milestone at Beacon Gold Mill

Canadian company LaFleur Minerals (CNSX:LFLR) is now fully permitted and funded to restart production at its Beacon Gold Mill and Swanson Gold Deposit in Abitibi, Quebec, Canada’s largest gold-producing belt.The company shared in a virtual investor conference that it is “evolving from explorer... Keep Reading...
Wooden gavel with long handle rests on a gray marble surface, casting a shadow.

Belo Sun Secures Judicial Victory for Volta Grande Project

Belo Sun Mining (TSX:BSX,OTCQB:BSXGF) announced it has received the final dismissal of a longstanding civil lawsuit that had posed a significant legal hurdle for its Volta Grande gold project in Brazil's Amazon region.Brazil's Federal Regional Court of the 1st Region (TRF1) permanently dismissed... Keep Reading...
Quarterly Activities/Appendix 5B Cash Flow Report

Quarterly Activities/Appendix 5B Cash Flow Report

Aurum Resources (AUE:AU) has announced Quarterly Activities/Appendix 5B Cash Flow ReportDownload the PDF here. Keep Reading...
Byron King, gold bars.

Byron King: Gold, Oil, Uranium — My Outlook and Stocks I Like

Byron King, editor at Paradigm Press, shares his outlook for gold, oil and uranium."A lot of great companies are on remarkable sales right now," he said. "Doesn't mean you go out and you buy every share you can with every dollar you've got. You know, you play it out over time. But the sector is... Keep Reading...
iMetal Resources Provides Update on Private Placement

iMetal Resources Provides Update on Private Placement

iMetal Resources Inc. (TSXV: IMR,OTC:IMRFF) (OTCQB: IMRFF) (FSE: A7VA) ("iMetal" or the "Company") is providing this update on its previously announced non-brokered private placement (the "Offering"). The Offering will now consist of up to 30,000,000 units (each, a "Unit"), at a price of $0.10... Keep Reading...
Gold bars with financial chart overlay; text says "Weekly Editor's Picks."

Editor's Picks: Precious Metals Prices Bumpy, China Makes Major Gold Move

The gold price was on the move this week, pushing back above the US$4,000 per ounce level and rising to nearly US$4,160 before pulling back.Silver followed a similar trajectory, reaching a midweek peak of US$60.50 per ounce.The precious metals were initially buoyed by increased conflict between... Keep Reading...

Interactive Chart

Latest Press Releases

Related News