The Conversation (0)
Scoping Study Completed for Nueva Sabana Mine, Cuba
- The 752ha concession covering the Nueva Sabana deposit also hosts the El Pilar, Gaspar, and Camilo porphyry copper intrusives, and numerous shallow gold targets identified by artisanal mining.
- The Nueva Sabana deposit has a small 3g/t gold cap, an underlying copper-gold zone, and a deeper sulphide copper zone that is open at depth at 150m, and could potentially transition into the El Pilar porphyry copper deposit which is offset to the south.
- The Study has been based on a pit limited to 100m depth which at a mining rate of 500,000tpa of ore, will result in an initial mine life of 4 years.
- With additional exploration by the joint venture, and a greater mining depth, the project life and NPV could be increased.
- The Initial MRE for Nueva Sabana which is incorporated as ATTACHMENT A in the Study, established approximately 30M lb of 0.8% copper in Inferred Resources within the 50m below the planned 100m mining depth for the first stage of the development which is a positive indication of the potential to increase the mine life.
- Metallurgical testwork set out in ATTACHMENT C has indicated the mine will initially produce a gold concentrate with a grade of ~70.9g/t Au, followed by a blended copper-gold concentrate with an average grade of ~27.4% Cu, and 25g/t Au.
- The off-take agreement is expected to include a provision for advanced payments for concentrates by the buyer, to assist in the funding of construction costs.
Payables for these concentrates have been received from the two international commodity traders the joint venture is negotiating with to establish an off-take agreement.
HIGHLIGHTS OF FINANCIAL ANALYSIS FOR STAGE ONE OF THE NUEVA SABANA MINE:
- Pre-development Costs of ~USD5.0M including the concession acquisition are being met by MLV
The Chairman of Antilles Gold, Mr Brian Johnson, commented that“even though the first stage of the Nueva Sabana project is quite small, it is fortunate that it will be development-ready within a short period of time.
This is economically advantageous considering the joint venture’s flagship development, the La Demajagua gold-silver-antimony mine, had to be delayed after being expanded to allow the production of a gold doré when the market for its gold-arsenopyrite concentrate became an issue in August 2023.
Antilles Gold intends to subscribe the final US$2.0M of its US$15.0M earn-in for a 50% shareholding in the joint venture company, Minera La Victoria (“MLV”), within the next few months. Thereafter, the Company’s cash burn will be substantially reduced.
If MLV decides to undertake an exploration program on the copper properties before cash flow becomes available from the Nueva Sabana mine in Q4 2025, the required capital will probably have to come from a share issue by MLV to Antilles Gold, and, or a third party.
With respect to this possibility, MLV has recently presented commercial propositions to two major investors interested in becoming a shareholder in MLV, and participating in the exploration of its highly prospective copper properties, and the development of La Demajagua, and other gold projects potentially available to the joint venture.
However, MLV’s near term priority is to finalise negotiations on a concentrate off-take agreement for Nueva Sabana, and to arrange project financing.
Antilles Gold’s share of the NPV8 for the first stage of Nueva Sabana is ~A$70M at current metal prices of US$2,300 per oz Au, and US$4.30 per lb Cu, and an exchange rate of A$1.00 = US$0.65, which is significantly higher than the Company’s current market capitalisation of A$10.4M.
The opportunity for growth will increase with the proposed development of the La Demajagua gold- silver-antimony mine, where the Company’s share of NPV8 reported to ASX on 30 March 2023 was ~A$150M, prior to the decision to expand the project to produce gold doré from its gold arsenopyrite concentrate, and increase antimony production.”
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.
Excellent Stope Performance as Mining Rates Ramping Up at Second Fortune
HIGHLIGHTS
- Current stoping and development production of 7,000 - 9,000 t/month, ramping up to the 12,000 - 15,000 t/month previously achieved mining rate at Second Fortune.
- Stoping recommenced in April on the 1085 level (Main Lode South), with stoping performing in-line with or better than expectations, achieving an average stoping width of ~1.5 metres
- Road Haulage recommenced in April after significant weather event in previous month
- Sampled Main Lode ore vein grades within ore development drives exceeding +40g/t Au
- Surface & underground diamond drilling contractors engaged to commence resource definition and near-mine exploration programs in near term1
Brightstar’s Managing Director, Alex Rovira, commented“The recommencement of ore haulage activities at Second Fortune is exciting to see as the team builds momentum towards the steady state production rate of 12,000 - 15,000t per month by the September quarter 2024, which was the previous mining rate at Second Fortune.
Whilst the operational Linden team on site is focused on safe production, Brightstar and Linden geologists have worked together to design a surface and underground drill program to build confidence in the existing Mineral Resource Estimate as part of Brightstar’s broader +30,000m drilling program across the Menzies and Laverton portfolio in the near term. This forms part of Brightstar’s commitment to unlocking the inherent value in the Linden assets and advancing the enlarged groups’ assets towards development and monetisation of the combined resource base within the Eastern Goldfields.”
Figure 1 - ROM Loader placing Second Fortune gold ore into road train (April 2024)
Figure 2 – Long hole open stoping at Second Fortune. Looking south on the 1085 Level Main Lode (April 2024) Highlighting narrow stope width, clean extraction with limited dilution and good ground conditions
Figure 3 - Planned surface (black) and underground (blue) drillholes into Second Fortune (block model shown)
TECHNICAL DISCUSSION
The Second Fortune underground mine has a present production run rate of 7,000 – 9,000 tonnes per month with the mine expected to reach steady state production of 12,000 - 15,000 t/month in the September quarter 2024 consistently achieved in recent years. Stoping recommenced in April, along with ongoing capital (decline) and operating (ore drive) development activities in the mine.
Click here for the full ASX Release
This article includes content from Brightstar Resources, 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.
Trailbreaker Resources Receives Exploration Permit for Swan Target at Atsutla Gold Project
Message from the President
“Receiving our exploration permit for Swan is a big step toward advancing the Atsutla Gold Project. We now have the capability to be more aggressive with our exploration efforts in order to advance the Swan target.” – Daithi Mac Gearailt
Swan Target Description
The Swan target is located in the eastern Atsutla Gold Property area, in northern BC. Swan is a potential gold-silver-copper (Au-Ag-Cu) porphyry system, defined by a 900 m by 700 m Au-Ag-Cu-arsenic (As) – antimony (Sb) – molybdenum (Mo) – lead (Pb) soil geochemical anomaly along a gossanous ridge. The host setting is a leucogranite porphyry intrusion with argillic and phyllic alteration assemblages. Bedrock sampling by Trailbreaker in the centre of the soil anomaly has returned values up to 11.5 g/t Au and 16.8 g/t Ag.
Historic IP surveying around the Swan target took place in the valley west of the soil anomaly. This work focused on a molybdenum anomaly associated with a semi-circular chargeability high. This chargeability feature partially wraps around the soil anomaly, but the survey dimensions do not cover the entire anomaly. Additionally, IP surveying will be valuable in identifying potential chargeability highs, which may indicate high sulphide content and associated alteration zonation. As well, resistivity characteristics may help vector toward felsic intrusive centers and high-density quartz veining which would indicate the potassic core of a porphyry system.
Figure 1: Highlights of the Swan target include the strong Au geochemical anomaly, phyllic and argillic alteration zones, and the partial chargeability high ring feature defined from a historic IP survey.
About the Atsutla Gold Project
The Atsutla Gold project covers over 40,000 hectares of underexplored and prospective ground in northwestern BC. The project covers a portion of the Atsutla mountain range 70 km south of the BC-Yukon border. Placer gold was recorded in the area during the early 1900s, with very little subsequent mineral exploration.
The project is centered over the crustal-scale Teslin-Thibert fault system that marks the division between the Quesnel and Cache Creek terranes. Gold mineralization is associated with Mesozoic intrusive batholiths that are the predominant geological unit on the property. Trailbreaker has discovered five significant zones of gold mineralization across the property. These are:
- Swan Zone – discussed above – Au-Cu-Ag porphyry target defined by a 900 m by 700 m multi-element soil geochemical anomaly with rock samples grading up to 11.5 g/t Au and 16.8 g/t Ag.
- Highlands Zone – A 750 m by 600 m area in the western Atsutla Gold property region, with veins containing coarse visible gold and assaying up to 630 g/t Au and 1,894 g/t Ag.
- Christmas Creek Zone – Gold-bearing quartz veins 2 km east of the Highlands Zone, with rock samples assaying up to 102 g/t Au and 524 g/t Ag.
- Snook Zone – High-grade veins 3.5 km northeast of the Highlands Zone with rock samples assaying up to 53.3 g/t.
- Willie Jack Zone – 1.25 km long gold-in-soil anomaly with soil samples assaying up to 3.77 g/t Au and rock samples up to 9.9 g/t Au.
About Trailbreaker Resources
Trailbreaker Resources is a mining exploration company focused primarily on mining-friendly British Columbia and Yukon Territory, Canada. Trailbreaker is committed to continuous exploration and research, allowing maintenance of a portfolio of quality mineral properties which in turn provides value for shareholders. The company has an experienced management team with a proven track record as explorers and developers throughout the Yukon Territory, British Columbia, Alaska and Nevada.
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker's BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
Other
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
A photo accompanying this announcement is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/c66345bd-85aa-42bb-a466-fe24fe4ce990
