Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) is tapping the expertise of geological consultants Geos Mining to assess the potential of the 40-kilometre-long New Horizons polymetallic mineral belt in central Cuba.
The technical assessment will be based on extensive data, including geological mapping, geochemical sampling, assays from 68,000 metres of cored drill holes and historical mine plans.
There are two concessions totalling 31,700 hectares within the VMS-style New Horizons belt held in Antilles Gold’s exploration agreement with GeoMinera SA, a Cuban Government mining company.
The concessions host four mines that previously produced copper and zinc concentrates, some of which are expected to have remnant ore and 16 identified mineralised exploration targets.
Sydney-based Geos Mining, which has extensive experience in the geology of VMS deposits, will also recommend the appropriate approach to future exploration programs in a report, expected in February next year.
The exploration expenditure on these concessions will be deferred until 2024 as Antilles Gold will be focused on drilling at the El Pilar porphyry copper-gold deposit and its oxide cap in central Cuba next year.
The company's projects in Cuba.
Keen eye on Cuba
Antilles Gold is at the forefront of the emerging mining sector in Cuba and expects to be involved in the development of a number of projects through its 49:51 joint venture with GeoMinera.
The near-term project of the JV company Minera La Victoria SA is the proposed development of the La Demajagua gold-silver open pit mine on the Isle of Youth in southwest Cuba, which is expected to produce about 65,000 tonnes per annum of concentrate, containing gold, silver and antimony, for seven years. This could be followed by underground operations for 10 years.
Its current pipeline of additional projects with near-term development potential includes the El Pilar gold-copper oxide deposit and the possible reopening of four previously producing copper-zinc mines within the New Horizons polymetallic belt.
These properties in central Cuba will be explored initially by Antilles Gold prior to their transfer to Minera La Victoria for additional exploration and studies, and potential development to produce gold, silver, copper and zinc concentrates.
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