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Antilles Gold Limited (AAU:ASX) provides an update on the drilling in Cuba.
EL PILAR OXIDE DEPOSIT
A total of 17 holes, drilling up to a total length of 2,200m, have been completed so far.
Assays have been received for seven of the seventeen holes nominated by the consultants,
RESULTS HIGHLIGHTS
Gold Domain
Hole No. Downhole
PDH-007 - 7m at 5.27g/t Au from 1m, including 3m at 10.87g/t Au PDH-009 - 24m at 1.48g/t Au from 2m
PDH-011 - 2m at 6.09g/t Au from 30m, 3m at 3.94g/t Au from 64m, 1m at 7.91g/t Au from 75m PDH-012 - 16m at 6.30g/t Au from 2m including 4m at 11.75g/t and 2m at 14.02g/t
PDH-013- 6m at 2.07g/t Au from 5m including 1m at 7.41g/t Au
Copper Domain
Hole No. Downhole
PDH-007 - 25m at 0.57% Cu from 36m
PDH-008 – 24m at 0.71% Cu from 44m including 10m at 1.4% Cu PDH-010 - 27m at 0.73% Cu from 43m
PDH-012 - 11m at 0.49% Cu from 52m, 19m at 0.8% Cu from 109m including 2m at 5.2% Cu PDH-013 - 22m at 1.1%Cu from 44m including 5m at 2.2% Cu
According to AAU:ASX The findings of the tests that have been conducted on the oxide deposit are very promising for its economic prospects. This is because the proposed open pit mine would generate a tangible income and support business operations. Moreover, tests focusing on copper extractions from the lower levels are still being conducted.
Antilles Gold is committing US$1.5 million to obtain half-ownership of the El Pilar oxide project, and part of this will cover the expenses from pre-development activities such as drilling for MRE tests, metallurgical tests and more.
Antilles Gold's shareholding in Minera La Victoria SA is being increased from 49% to 50% to acquire oxide concessions for the proposed Nueva Sabana gold-copper mine and the La Demajagua gold, silver, and antimony mine. The necessary documentation is currently in progress.
GeoMinera SA, which is owned by the Cuban Government, is the Company's partner in Minera La Victoria.
Mr Brian Johnson, Executive Chairman of Antilles Gold, said that based on drilling and metallurgical test work results to date, it appears probable that a low cap-ex mine could be developed on the El Pilar oxide deposit to exploit the gold and copper domains to a depth of around 80m to 100m in advance of any development of the underlying copper-gold porphyry system.
Work has started on the drilling program related to the porphyry intrusive. It is the initial phase of this project.
Antilles Gold Ltd ASX: AAU was down by −0.0010 (2.56%).