Antilles (ASX:AAU) penetrate El Pilar porphyry
Antilles Gold’s first two diamond holes into El Pilar has intersected a large copper-gold porphyry system with highly encouraging mineralisation, coming ahead of negotiations to create a new copper joint venture with Cuba’s state-owned mining operations.
A lone hole drilled last year returned an eye opening 1.23% Cu over 134m strike and, in close proximity, one hole has just penetrated a 200m pyritic chalcopyrite porphyry halo and intersected fingers of what is interpreted as high-grade early porphyry below the overlying oxide gold domain, with a second exhibiting similar mineralisation.
It indicates that drilling is near the core of a porphyry system where the likelihood of large and economic copper-gold deposits is higher and backs up Antilles’ modelling of large widths of copper-gold mineralisation from one of three identified porphyry intrusives.
Next steps
The aim now is to establish a significant copper mining target, with results from the initial 6 drill holes earmarked to determine the scope of the next round of drilling.
Exploration after the current drilling will be put slightly on hold however, as negotiations get underway to not only establish a new copper joint venture but begin drafting agreements to develop mines at La Demajagua and Nueva Sabana.
The extent of foreign ownership has yet to be agreed upon, but Antilles expect an agreement would establish a majority foreign ownership, opening up the possibility of a multi-national mining company getting involved as commodity analysts continue to bang the drum for an impending copper shortfall.
El Pilar has already shown its potential for open pit mining operations, and hotly anticipated assays are expected to start coming in about four weeks, with Antilles’ next hole directed at testing a high intensity IP chargeability zone on El Pilar’s eastern flank.
JV project locations
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ANTILLES FPO [AAU]