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...
Craig Hemke, gold and silver bars.

Craig Hemke: Gold, Silver — Stack on Weakness, "Ultimate Game Changer" Ahead

Craig Hemke, publisher of TFMetalsReport.com, shares his perspective on recent declines in gold and silver, saying that while prices can still go lower, ultimately the math will work out in favor of precious metals and send them to much higher levels. "Gold's just gold. It just sits there.... Keep Reading...
Tavi Costa: Gold Price Takes a Hit — 3 Reasons Why, What's Next

Tavi Costa: Gold Price Takes a Hit — 3 Reasons Why, What's Next

Tavi Costa, CEO of Azuria Capital, weighs in on recent price declines in gold and silver, emphasizing that bottoming is a process that won't happen immediately. In his view, that setup makes the metals more appealing than copper, which has held onto its gains. "I think that the catch-up trade... Keep Reading...
Prince Silver CEO Derek Iwanaka.

Prince Silver: Maiden Resource Estimate in 2027, Manganese Upside

In an interview with the Investing News Network at the New Orleans Investment Conference, Prince Silver (CSE:PRNC,OTCQX:PRNCF) CEO Derek Iwanaka said the company is targeting a maiden resource estimate for its flagship Prince silver project in Nevada, scheduled for early 2027. He also discussed... Keep Reading...
Dana Samuelson, silver bars.

Dana Samuelson: Gold, Silver Prices Drop — Next Support Levels to Watch

Last week silver and gold fell below US$50 per ounce and US$4,000 per ounce, respectively, and Dana Samuelson president of American Gold Exchange, believes the bottom may not yet be in. Speaking a day before those declines, he said lower prices are an economic signal to watch. Don't forget to... Keep Reading...
US flag over gold bars, red descending line and green stock market numbers.

Peter Schiff: Gold’s Slide Rests on Bet the Fed Can’t Deliver

The gold price fell to a one year low on Friday (October 30) as a drop in tech stocks pressured precious metals. According to Reuters, falling tech stocks may have prompted investors to sell gold to cover losses elsewhere in the market. Commerzbank (ETR:CBK) analysts suggested precious metals... Keep Reading...
Canadian Maple Leaf gold coin floating over stacked gold bars with glowing red lights.

Top 5 Junior Gold Mining Stocks on the TSXV in 2026

Junior gold stocks are seeing heightened interest in 2026 despite volatility in the gold price, which reached a new record high of nearly US$5,600 per ounce during the first quarter.The gold price may have fallen to the US$4,000 level in the second and third quarters, but plenty of upside... Keep Reading...

Interactive Chart

Latest Press Releases

Related News