Antilles Gold Limited (Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF)) is preparing for drilling after two significant copper-gold targets were confirmed at its El Pilar project in central Cuba.
The targets, El Pilar and Gaspar, were identified using ground magnetics and induced polarisation (IP) surveys over roughly half of the concession covering the El Pilar porphyry system.
Both were found to have “significant lateral and vertical dimensions” and are evident to a depth of 800 metres.
Locations for the first five drill holes, each planned to reach a depth of 600 metres, will be determined once 3D block models have been completed for each target.
A drilling contractor has already been engaged, with work anticipated to begin in two to three weeks.
El Pilar
The El Pilar concession is held under an agreement between Antilles Gold and the Cuban Government’s mining company, GeoMinera.
Initial exploration may be undertaken by Antilles at its own cost before the concession can be transferred from GeoMinera to an existing joint venture entity with Antilles, Minera La Victoria.
Minera La Victoria will then be required to reimburse these exploration costs, but until such time Antilles will not have a direct economic interest in El Pilar.
Through the same joint venture, Antilles and the Cuban Government are also working towards the development of the La Demajagua open pit mine on the Isle of Youth in southwest Cuba.
Future profits from La Demajagua will be reinvested to fund future mine developments and the extensive exploration of major targets, including El Pilar.
- By Oliver Gray