Antilles strikes stellar gold in Cuban hunt


2023-01-24 08:47:39

Additional assaying of recent high-grade gold hits from an 1800m drill campaign at Antilles Gold’s El Pilar project in central Cuba has returned a string of stellar shallow gold intercepts peaking at 194 grams per tonne gold. The eye-watering 3m hit was housed in a 13m run returning an impressive 45.17 g/t tonne gold from surface.

Antilles resubmitted samples from its latest air-core drilling probe to a certified laboratory in Canada to obtain a more accurate analysis for the high-grade gold samples.

The same intercept was previously reported from assaying at the Cuban government’s laboratory in December last year as 20m grading at 2.87 g/t gold from surface which included the 3m strike at 13.81 g/t gold.

Additionally, a previously reported 53.5m section at 10.92 g/t gold from 12m almost doubled in grade under closer inspection with the same intercept returning 19.06 g/t gold with an impressive internal hit of 16.4m running at 41.64 g/t of the precious yellow metal.

According to the company, the reanalysis of the high-grade intercepts alludes to the presence of coarse-grained gold adding extra sparkle to the outcropping oxide gold mineralisation on the Caribbean island.

A 10,000m drilling program is scheduled for the oxide deposit in the coming weeks in order to establish JORC resources and advance a scoping study for an open pit mine to produce gold and copper concentrates.

Based on the results from the recent exploration program, and from 28,000m of historic drilling of the oxide deposit, the Company is confident that a relatively small, but gold-rich, mine could be developed next year, and funded primarily by advances for contracted concentrate sales.

The earlier drill program returned excellent copper assays too, headlined by an 18.5m strike at 5.52 per cent copper from 59m.

Another drill hole sunk 134m below the upper gold domain found an average 1.23 per cent copper grade running its length and remained open at depth. Assay results from the reanalysis of the copper assays from the oxide zone are pending.

Whilst the shallow high-grade gold deposit offers an early open-pitable target, a potentially large underlying copper-gold porphyry system presents a clear exploration zone to satisfy a global commodity market hungry for copper.

Despite falling copper prices in the past 12 months, copper is trading at a seven-month high of US$9,340 per tonne.

Ground geophysical surveys are currently underway and are designed to help point the drill rig in the right direction. With the results expected in the next two months, Antilles hopes to set the rods in motion with a five-hole diamond drilling program to test the underlying porphyry system to depths of about 600m.

Located in central Cuba, El Pilar is one of three near-term mine developments for gold, silver, copper and zinc that Antilles has on its books through its joint venture company, Minera la Victoria SA. Its partner is the Cuban government’s mining company GeoMinera.

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