Multiple 20m Intercepts with +1.2% to 1.7% Cu from In-Fill Drilling Nueva Sabana Oxide Deposit, Cuba

Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise results from the final 17 in-fill diamond drill holes into the Nueva Sabana oxide deposit in central Cuba, which were completed in July 2024.

HIGHLIGHTS

Gold Domain – Nueva Sabana

• HOLE PDH-81
  • 2m @ 25.26g/t Au from38.5m (incl 1m @ 45.39g/t au)
  • 3m @ 19.51g/t Au from 56m (incl 2m @ 26.78g/t Au)
• HOLE PDH-87
  • 2m @ 7.46g/t Au from 26m
• HOLE PDH-93
  • 1m@ 8.23g/t Au from surface

Copper Domain – Nueva Sabana

• HOLE PDH-89
  • 25m @ 1.76%Cu from 52m (incl 4m @ 5.56%Cu)
• HOLE PDH-88
  • 21.5m @ 1.73% Cu from 49m (incl 12m @ 2.11%Cu)
• HOLE PDH-80
  • 25m @ 1.23% Cu from81m (incl 5m @ 3.02%Cu)
• HOLE PDH-78
  • 15m @ 1.52% Cu from 39m
• HOLE PDH-85
  • 9m @ 1.07% Cu from40m (incl 3m @ 2.28%Cu)
• HOLE PDH-82
  • 6m @ 1.25%Cu from 37m
• HOLE PDH-86
  • 5m @ 1.47% Cu from 43m
• HOLE PDH-90
  • 24m @ 0.84% Cu from 89m
• HOLE PDH-92
  • 22.3m @ 0.82% Cu from 1.7m
• HOLE PDH-79
  • 12m @ 0.69% Cu from 14m

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

NUEVA SABANA OXIDE DEPOSIT

• The results continue excellent grades for both gold and copper in the oxide deposit that have previously been advised to ASX, and were incorporated in the maiden MRE, reported to the ASX on 6 March 2024, followed by the Scoping Study, reported on 7 May 2024.
• An updated Mineral Resource Estimate (“MRE”) for the proposed Nueva Sabana mine is expected to be completed next month by Brisbane based Mining Associates, after which an updated pit design and mine schedule will be undertaken for the Pre-Feasibility Study.
• The Nueva Sabana oxide deposit is metallurgically simple, and the Nueva Sabana mine is being planned as a copper project which would 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 with a concentrate of 53.1 g/t Au produced from an ore sample grading 2.11 g/t Au, whilst a copper recovery of 84.5% yields 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 with ~US$5 million of pre-development costs including US$1.5 million for the acquisition of the deposit, 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 grid power substation.
• 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.

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