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

AAU.AX

ANTILLES FPO [AAU]

ASX

$0.005

$0.0000

0.00%

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. The company 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.