Antilles (ASX:AAU) carry on copper in central Cuba

Antilles Gold’s joint venture now intends to move to production as soon as possible, and the two latest copper-focused holes into the El Pilar oxide deposit have returned with more strong results and further built up the prospects of a near-term open-pit Nueva Sabana mine in central Cuba.

Strikes of 13.0m at 2.12% Cu from 80m, 5.0m at 1.46% Cu from 40m, and 48m at 0.66% Cu from 68m come from a copper zone which continues to grow both laterally and vertically and is expected to project further into the underlying porphyry sulphides.

And while the focus is on El Pilar as a copper asset, the exceptional gold grades which have continued to come in from the overlying gold domain has shown the heady promise of producing a high-grade gold concentrate, providing an early revenue stream before moving onto the deeper copper prize.

The flow of top-end results has spurred mining, and the joint venture with Cuba’s state-owned mining company plan to get moving, with a 10-month mine construction period starting next year expected to deliver Antilles’ first cash flow early in 2025.

Permitting for mine development has begun, and a detailed estimate of US$20 million in capital costs at a mining rate of 500,000tpa has already shown strong economic potential from a metallurgically simple deposit.

Forward plan

Test work is continuing on copper recoveries and concentrate grades and negotiations have begun for advanced gold sales to partially fund developments, with an upgraded resource estimate expected by year’s end.

And Antilles could soon have two operating open-pit mines to its name. Geological modelling and metallurgical work at the proposed La Demajagua mine to the southwest has proven up a project now planned to produce gold, silver and antimony concentrates following a recent 30 per cent upgrade.

The Bowral-based company has established itself at the forefront of a refiring Cuban mining sector, and with its partnership with GeoMinera bearing success, Antilles anticipate being involved with developing several projects across the Carribean nation.

JV project locations

AAU.AX

ANTILLES FPO [AAU]

ASX

$0.004

$0.001

33.33%

ANTILLES FPO [AAU]

Sector: Basic Materials

Industry: Gold

Employees:

Antilles Gold Limited engages in the exploration, evaluation, and development of mineral properties in Cuba. The company explores for gold, silver, and copper deposits. It holds interests in the La Demajagua open pit mine located on the Isle of Youth, southwest Cuba; and Nueva Sabana open pit mine situated in central Cuba. The company was formerly known as PanTerra Gold Limited and changed its name to Antilles Gold Limited in November 2020. Antilles Gold Limited was incorporated in 1984 and is based in Bowral, Australia.

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.