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...
Frank Holmes, gold bars.

Frank Holmes: Next Gold, Silver Price Calls, Plus Top 2026 Asset

Frank Holmes of US Global Investors (NASDAQ:GROW) shares his forecast for gold and silver.He sees gold testing US$5,000 per ounce next year and then reaching US$7,000 by the end of US President Donald Trump's second term in office. "And I think that silver will be over US$100," he added.Don't... Keep Reading...
PDAC 2026

Registration opens for PDAC 2026: The World’s Premier Mineral Exploration & Mining Convention

The Prospectors & Developers Association of Canada (PDAC) is pleased to announce that registration is now open for PDAC 2026, taking place March 1-4, 2026, at the Metro Toronto Convention Centre in Toronto. The world’s leading gathering for mineral exploration and mining will once again unite... Keep Reading...
Metals One

Placement to Institutional and Sophisticated Investors, Appointment of Joint Broker,Issue of Equity & TVR

Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals exploration and development company, is pleased to announce it has successfully raised gross proceeds of £4.4 million (before expenses) through a placing of new ordinary shares with institutional and sophisticated investors... Keep Reading...
Electronic display showing gold prices with upward trend indicators.

Gold’s Next Test: WGC Warns 2026 Could Make or Break Bullion

Investors should brace for what could be a make-or-break year for gold: according to the latest 2026 outlook by the World Gold Council (WGC).After a blistering 2025 that saw gold hit more than 50 all-time highs and rise over 60 percent, the WGC says 2026 could deliver anything from a modest... Keep Reading...
Blocks forming "2026" on cash and gold bars background.

Gold Price Forecast: Top Trends for Gold in 2026

Gold has reached once-unthinkable prices in 2025, gaining over 60 percent by early December. Looking ahead to 2026, experts believe the major themes that carried the gold price to new heights this year will continue to underwrite its trajectory in the months ahead, boosting the metal even... Keep Reading...
One ounce gold bullion bar on top of US$100 bill and Tax Form 1040.

US Capital Gains Tax Guide for Gold and Silver Investors

As gold and silver continue to prove their worth as sound investments, market participants should know how capital gains taxes are calculated for precious metals investments in the US. While the majority of gold and silver investing comes with a certain degree of taxation, there are different... Keep Reading...

Latest Press Releases

Related News