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...
Stock market graph over gold bars with text reading: "Weekly Editor’s Picks."

Editor's Picks: Gold, Silver Prices Take a Hit, Russia Makes Bold Gold Claim

Gold was shaping up to have a fairly calm week, but a stronger-than-expected US jobs report sent it well under US$4,400 per ounce as the period came to an end.Silver also took a hit, dropping below US$69 per ounce.The report, which shows that nonfarm payrolls rose by 172,000 in May, has further... Keep Reading...
Gold bars with text "999.9" and "250g" overlayed with a Russian flag and financial graphs in the background.

Russia Claims Record Gold Output as Production Estimates Diverge

According to Metals Focus, mine output from the country is actually 28.8 percent lower, significantly short of what official statements suggest. The widening gap underscores a growing lack of transparency in Russia’s gold sector, particularly following the imposition of Western sanctions.Russia... Keep Reading...
Chris Vermeulen, gold bars.

Chris Vermeulen: Gold, Silver Prices — My Upside and Downside Targets

Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, shares his outlook for gold and silver, saying he believes the current cycle is only halfway through. However, he thinks prices for both metals could fall further before resuming their uptrend.Don’t forget to follow us... Keep Reading...
Wooden blocks with arrows and target symbols sit atop ascending stacks of gold coins on a wooden surface.

McFarlane Lake Shares Jump 25 Percent on Gentile Support

Shares of MCFARLANE LAKE MINING (CSE:MLM,OTCQB:MLMLF) rose 25.64 percent this week, after the Canadian junior secured a US$4.86 million private placement led by well-known mining investor Michael Gentile.Gentile is taking the bulk of the non-brokered placement, subscribing for US$4.57 million,... Keep Reading...
Blue Jay Gold

Blue Jay Gold Details Fully Funded Exploration Program at Steller Gold Project in Yukon and Confirms Listing Date

Blue Jay Gold Corp. (TSXV: JAY) (“Blue Jay” or the “Company”), today outlines its fully funded 2026 exploration program at the Steller Gold Project ("Steller" or the "Project") in the Yukon Territory, ahead of the Company's expected listing on the TSX Venture Exchange (the "TSXV") under the... Keep Reading...
Ronald-Peter Stoeferle, gold bars.

Ronald-Peter Stoeferle: Gold Price Hasn't Topped, on Track for US$8,900

Ronald-Peter Stoeferle of Incrementum shares takeaways from the latest "In Gold We Trust" report, emphasizing that gold is currently in a bull market consolidation phase.Overall he believes the yellow metal is in the midst of a "golden decade" that will ultimately take it to his price target of... Keep Reading...

Interactive Chart

Latest Press Releases

Related News