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...
Soap bubble bursting with stock market chart inside, displaying red downward trends on a dark background.

Experts Warn: AI Boom Shows Bubble Signs, but Investors May Miss the Exit

The artificial intelligence (AI) investment boom is showing many of the hallmarks of a market bubble, with soaring valuations, rising leverage and increasingly speculative capital flows prompting warnings from veteran investors at the New Orleans Investment Conference.During a popular annual... Keep Reading...
Don Hansen, gold bars.

Don Hansen: Gold, Silver Bull Run Not Over, My Strategy Now

Private investor Don Hansen shares his latest gold market analysis, emphasizing that the current bull market is likely only halfway through. "If we had a normal five or six times multiple, the gold bull market would go to US$8,000 to $10,000 an ounce in another four years," he said.Don't forget... Keep Reading...
Jp Cortez, gold bars.

Jp Cortez: Will the US Revalue Gold? Plus Repatriation, Fort Knox Audit

Jp Cortez, executive director at the Sound Money Defense League, reviews the organization's recent accomplishments in the US and talks about where it plans to focus in the year ahead, including efforts to move the SILVER Act forward. Cortez also explains why the push to audit Fort Knox... Keep Reading...
Three towering gold bars stand on a chart backdrop with numbers and graphs, text reads: 95426, 8599, 756.8.

Gold Majors’ Q3 Free Cashflow Falls as Spending and Costs Rise

Major gold producers ended the third quarter with less free cashflow than in Q2 as heavier capital spending and higher costs absorbed cash, even as gold edged higher.The LBMA gold price hit its quarterly low of US$3,978.55 per ounce on July 1, then climbed to a high of US$4,663.70 on August 24... Keep Reading...
Shiny gold bar rests on financial chart with fluctuating orange and blue lines.

Gold Price Rebounds After Jobs Data Sparks Friday Selloff

The gold price retreated on November 6, coming under pressure from a stronger US dollar and rising treasury yields, after new US jobs data showed that employers added 165,000 jobs in October.Spot gold was trading around US$4,063 per ounce by 2:55 p.m. EST. The decline followed a strong rally... Keep Reading...
Hand holds gold bar in front of a government building.

Alasdair Macleod: Bond Crisis Ahead — Get in Gold and Out of Credit

Alasdair Macleod of Macleod Finance discusses the issues he sees unfolding in the bond market and outlines how they could spill over into the stock market. In his view, that could happen more quickly than many are expecting. Macleod also explains how gold fits into the picture, emphasizing its... Keep Reading...

Interactive Chart

Latest Press Releases

Related News