Antilles sets target range for Cuba gold-copper deposit

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Antilles Gold is drilling at its La Demajagua gold deposit in Cuba.
Camera IconAntilles Gold is drilling at its La Demajagua gold deposit in Cuba. Credit: File

Antilles Gold, on the hunt for opportunities in Cuba, has released an exploration target range for a gold-copper deposit on the Caribbean island that it hopes will be its “company maker”.

Canadian mining consultancy BBA International was commissioned to provide the assessment of the potential scale of mineralisation at Antilles’ El Pilar project in central Cuba.

El Pilar has a shallow oxide deposit at about 60m that comprises an outcropping gold domain and an underlying copper domain.

The oxide deposit overlays a copper-gold porphyry deposit that Antilles believes is potentially significant.

The target range defined by BBA for the complete El Pilar project is between about 2 to 3 million tonnes, returning gold of between 1.51 and 2.31 g/t for 96,900 to 224,900 oz.

The copper range is for grades between 0.53 and 0.81 per cent for 23.26 to 53.98 million pounds.

BBA’s findings are based on a 3D interpretation of extensive historical drilling – about 395 holes totalling 49,000m of drilling going down 120m – and the generation of a block model.

They are based on a cut-off grade of 0.4 per cent copper equivalent, at a gold price of US$1750 per ounce and a copper price of US$3.50 per pound.

On those figures, El Pilar has the potential to hold between US$170 and US$393 million of gold and between US$81 and US$189 million of copper from 2-3 million tonnes of ore.

Antilles won’t have to wait too long for more information on whether this potential holds up.

A 14,000m drilling program starts at the end of this month, with initial assay results expected in September.

The drilling, of both the oxide and the porphyry deposits, is expected to span six months and go down 300m vertical.

If the results are encouraging, a second deeper phase of drilling is pencilled in.

If near-surface historic drilling data is replicated at depth, we have a potential company-maker on our hands.

Antilles Executive Chairman, Brian Johnson

Antilles’ is aiming for construction of a gold-copper oxide mine in 2024, however it’s not the only item on its Cuban wish-list.

It has two other projects on the go – the La Demajagua open-pit gold-silver mine, in Cuba’s south-west, where a definitive feasibility study is set for November and New Horizons, in central Cuba, that offers a 40km-long belt of historic volcanic massive sulphide mineralisation.

Antilles plans on some profits from La Demajagua to help fund the exploration of El Pilar.

A 14,000m drilling program for El Pilar is already scheduled to begin next month and will be followed by a scoping study.

Cuba’s cigars and rum are world famous and it has big nickel and cobalt reserves. Antilles Gold is hoping to be on a winner with the island’s lesser-known gold and copper deposits.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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