Antilles Gold has revealed deep assays from the first of six diamond holes at its El Pilar copper-gold discovery in central Cuba, suggesting multiple zones of mineralisation and supporting the company’s model of a deep copper-porphyry system beneath shallower copper-gold mineralisation.
The latest batch of assays include 25m at 0.95 per cent copper from 167m, including a 7m-thick zone going a solid 2.19 per cent, 8m at 0.47 per cent from 272m and 9m at 0.43per cent from 136m. Another 9m came back at 0.34 per cent copper from 106m and an 18m section showed 0.33 per cent copper from 202m.
Antilles says the results from its 7000m drilling campaign also support its subsurface model and went as high as 11m at 28.3 grams per tonne gold from 30m, including a 2m section with a whopping 112.6g/t. Copper results revealed a 62m section at 1.55 per cent from 38m, with a 12m hit going 3.18 per cent and a 14m zone showing 2.75 per cent.
The assays also revealed further significant shallow gold mineralisation where some of the best hits were 19m going 11.56g/t from 13m, including a 3m zone of 59.44g/t and 11m with 5.37g/t from 1m, including 1m at 40.72g/t. A 13m intersection of 2.41g/t gold was also hit from 11m.
Deeper assay results for copper included 23m at 1.2 per cent copper from 89m, 48m at 0.73 per cent from 47m, including a 13m section going 1.17 per cent, and 14m at 1.32 per cent from 76m, including a 4m hit of 3.16 per cent.
Antilles says its shallow outcropping gold domain at El Pilar is now well defined, while deeper copper-bearing mineralisation is growing in volume both laterally and vertically. It says drilling is ongoing and is expected to project into underlying porphyry sulphides for up to 1000m.
In a step towards mining the deposit, metallurgical testwork for the El Pilar ore indicated a gold recovery of 85 per cent through the simple rougher flotation method, producing a concentrate grade of 53.1g/t gold from a 2.11g/t head grade. Testwork is continuing for copper recoveries and concentrate grades.
Management says the upcoming prefeasibility study for its proposed Nueva Sabana open-pit mine at El Pilar will benefit from a low-strip ratio and the initial production associated with the shallow gold domain. The mineral resource estimate for El Pilar and the prefeasibility study for Nueva Sabana will be completed in December this year.
On the finalisation of funding agreements, the company expects to create positive cash flow by early 2025, with a total equity contribution of less than US$2 million (AU$2.9 million).
Antilles says it has received quotes for the design and construction of a crushing, grinding and gold flotation plant for its planned 500,000 tonnes per annum feed, in addition to industrial buildings, offices and a mining camp.
Exploration activities at El Pilar will be paused in September until early next year after the completion of the six-hole program, while documentation is finalised for a new joint venture (JV) between Antilles and the Cuban Government’s mining company, GeoMinera SA. The El Pilar concession will be transferred to the JV and Antilles has requested 75 per cent foreign ownership be incorporated into the deal.
The new JV will focus initially on additional drilling at El Pilar to help define the extent of the porphyry, further metallurgical testwork and other pre-development activities as planning for the Nueva Sabana mine matures.
GeoMinera is currently negotiating with potential buyers for the gold concentrate to fund the total development cost for the project through advances on sales.
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