Announcement Date: 2022-06-28
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Antilles Gold Ltd.
Project name: La Demajagua
Location: Cuba
Commodities: Gold,Silver
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX Code: AAU, OTCQB Code: ANTMF) advises that Western Australia mining consultants, Cube Consulting, have revised the Mineral Resource Estimate (“MRE”) for the La Demajagua gold-silver deposit in Cuba. The MRE has been prepared in accordance with the 2012 JORC Code, and estimated from selected data from 50,000m of historic drilling, and assays received to date from approximately 90% of the 28,000m of cored drilling undertaken for the proposed open pit mine at La Demajagua. MINERAL RESOURCE STATEMENT FOR PROPOSED LA DEMAJAGUA OPEN PIT MINE Cut-Off 0.8 g/t Au Bulk density values between 2.6 and 2.8 t/m3 have been assigned to the model based on weathering and mineralisation state, and Mineral Resources are reported inside a US$2000/oz Au optimisation shell using applicable cost and recovery factors, and have demonstrated reasonable prospects for eventual economic extraction. Mr Brian Johnson, Executive Chairman of Antilles Gold, commented that any increased life of the La Demajagua open pit mine would assist the Company’s joint venture with Cuban mining company, GeoMinera, to arrange project finance. Antilles Gold has commenced discussions on this matter with prospective financiers that are not impacted by US sanctions, and has allowed 12 months to have finance in place. Approximately US$15 million of the US$65 million of third-party funding that will be required for the La Demajagua mine may be provided as credit by the
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