Antilles Gold: Establishing Gold and Copper Jobs in mineral‐rich Cuba

Summary.

Antilles Gold (ASX: AAU, OTCQB: ANTMF) is an Australian mining business concentrated on gold and copper tasks in Cuba through joint endeavors with the Cuban Federal government’s mining business, GeoMinera.

With a modification in the US‐Cuba relations, Cuba is ending up being a location for miners. To motivate foreign financial investments in its mining sector, the Cuban Federal government has actually set up appealing financial investment laws and practical mining and ecological policies. The nation likewise provides financial investment rewards, consisting of a waiver of 15 percent earnings tax for 8 years, no import responsibilities, and no withholding tax on foreign services or dividends. Royalties on metal sales are repaired at a market requirement of 3 percent.

In Addition, the Cuban Federal government permits JV loans and sales earnings to be transferred in a foreign savings account for dispensation straight to lenders, efficiently getting rid of nation credit threat.

Numerous global business have actually developed operations in Cuba, consisting of Toronto‐based mining giant Sherritt International and Australian oil & & gas business Melbana Energy. Products trading

business Trafigura likewise has a significant existence in Cuba, commissioning the US$ 300‐million Castellanos base metals mine in 2017, which was established in a joint endeavor with GeoMinera.
Antilles Gold’s collaboration and outstanding relations with GeoMinera has actually led to fast job allowing and access to numerous brand-new advancement chances for the Australian business.

Antilles Gold provides strong development capacity through 2 near‐term advancement tasks, Nueva Sabana and La Demajagua, and 2 expedition tasks, El Pilar porphyry system and Sierra Maestra copper concessions.

The Nueva Sabana is a near‐term, gold‐copper mine advancement within a 50:50 JV with GeoMinera, and is anticipated to at first produce around 55 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~ 25 percent copper concentrate. Job advancement method consists of settling the mineral resource quote (MRE) in January 2024, finishing the expediency research study by April 2024, and starting the 10‐month building program in June 2024. The job is anticipated to create strong capital from mid‐2025.

The 2nd proposed mine advancement is La Demajagua open-pit mine, which is most likely to produce ~ 50,000 tpa of gold arsenopyrite concentrate (32 g/t gold, 27 percent arsenic), and ~ 10,000 tpa of gold antimony concentrate (28.8 g/t gold, 48 percent antimony, 1,200 g/t silver) for 9 years. According to the strategies, building will start in late 2024, with commissioning in mid‐2026. La Demajagua will likewise consist of the building of an industrial concentrate processing center to deal with La Demajagua’s gold arsenopyrite concentrate and imported gold pyrite concentrate, with the capability to produce 100,000 oz gold annually in dore, which will even more increase JV revenue and cashflow.

The business’s 2 expedition tasks consist of the 17,800 hectare El Pilar Concession in Central Cuba covering a cluster of 3 copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), and 3 concessions amounting to 54,000 hectares within the producing Sierra Maestra copper belt in Southeast Cuba, with indicators of porphyry deposits extremely potential for copper, gold and molybdenum.

Antilles intends to recommence drilling of the El Pilar porphyry system in mid‐2024 after its concession has actually been moved to a brand-new JV with GeoMinera. Notably, there is a probability for Antilles to end up being the bulk owner of the brand-new JV, which would allow the future transfer of a managing interest to a significant mining group for any mine advancement.

Antilles plans to invest part of the anticipated surplus money circulation from the Nueva Sabana mine to money the expedition of significant copper targets, consisting of the El Pilar copper‐gold porphyry system, and the Sierra Maestra copper belt.

Business Emphasizes.

  • Antilles Gold Limited is an Australian mining business noted on the ASX (AAU) and OTCQB (ANTMF).
  • The business is concentrated on gold and copper tasks in Cuba through joint endeavors with the Cuban federal government’s mining business GeoMinera. The relationship with GeoMinera opens brand-new advancement chances for Antilles and de-risks allowing procedures.
  • The business is taken part in 4 advancement tasks: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua cash cow; 3) El Pilar porphyry copper job; and 4) Sierra Maestra copper concessions. Of these, Nueva Sabana and La Demajagua use near‐term advancement chances.
  • The Nueva Sabana is a near‐term gold‐copper mine advancement job with a 10‐month building start in June 2024. The job is anticipated to create strong capital from concentrate sales from mid‐2025.
  • The 2nd mine advancement job is La Demajagua, an open-pit mine gold job where building will start in late 2024 and commissioning starts mid‐2026. The job consists of the building of an industrial concentrate processing center efficient in producing 100,000 oz of gold annually in dore. This job will likewise produce roughly 10,000 loads per year (tpa) of antimony‐gold concentrate (30,000 oz gold comparable annually).
  • The business’s 2 expedition tasks consist of the El Pilar copper‐gold porphyry system and 3 concessions in the Sierra Maestra copper belt.
  • Financial investment in Cuba provides numerous advantages, consisting of richness in minerals, lower operating expense and royalties, steady federal government and policies, numerous financial investment rewards and the schedule of a knowledgeable labor force.

Secret Jobs.

Nueva Sabana Job

Nueva Sabana is the business’s near‐term, gold‐copper mine advancement job. The job is kept in a 50:50 JV with the Cuban Federal government’s mining business GeoMinera. It will be an open-pit mine established on the El Pilar oxide deposit in main Cuba.

Arise from 24,000 metres of historic drilling outcomes, 1,800 metres drilled in 2022, and the 10,000 metres drilled in 2023 will be utilized to develop a mineral resource quote (MRE) in January 2024. An expediency research study for the proposed advancement of the oxide deposit will follow right after that, and the 10‐month building stage is anticipated to start in June 2024.

Current drilling has actually revealed exceptional grades for gold and copper, and increasing lateral and vertical limits of the copper domain. The outcomes enhance the possibility of near‐term advancement of the low‐capex Nueva Sabana mine at El Pilar. The exceptional grades in the gold domain extend from the surface area to a depth of 40 to 50 metres, and robust grades in the underlying copper domain continue for a more 50 to 70 metres.

The proposed mining rate for the job will be 650,000 tpa of ore with a low waste‐to‐ore ratio. The expected preliminary production of 55 g/t gold concentrate will be followed by ~ 25 percent copper concentrate.

The approximated job expense is roughly $23 million, of which $3 million is investors equity with the balance of $20 million moneyed through a bear down purchases of the gold concentrate by a global products trader.

Chinese engineering group, Prominer Mining Innovation, which has substantial experience in developing and building gold and copper concentrators, is anticipated to provide the squashing and flotation circuits for the Nueva Sabana mine.

Concentrator to be supplied for Nueva Sabana mine

Concentrator to be provided for Nueva Sabana mine by Chinese Engineering Group ProMiner

La Demajagua Job

u200bLa Demajagua Project

La Demajagua includes the advancement of a gold‐antimony‐silver deposit as an open-pit mine by the joint endeavor business, Minera La Victoria.

The job covers 900 hectares of mining concession on the Island of Youth, 60 nautical miles from mainland Cuba. The job website is 35 kilometres from the port city of Nueva Gerona and delights in outstanding facilities in regards to availability by highway, and schedule of water, electrical power and fiber optic cable television.

The job has an MRE of 905,000 oz gold equivalent for the open-pit operation. The MRE was computed from arise from 29,000 metres of drilling carried out by the JV, and selective arise from about 50,000 metres of historical drilling and modified after the invoice of extra antimony assays. The job anticipates mining of about 815,000 tpa ore to produce 2 focuses: 50,000 tpa of gold‐arsenopyrite and 10,000 tpa of gold‐antimony‐silver for 9 years.

The job will likewise consist of an industrial concentrate processing center to produce gold dore. The center will consist of a 75,000 tpa two‐stage fluidized‐bed roaster and a 100,000 tpa carbon-in-leach (CIL) circuit. It is anticipated to process 50,000 tpa gold arsenopyrite concentrate, and 35,000 tpa gold oxide ore from La Demajagua, and 25,000 tpa of imported gold pyrite concentrate. The total production target is 100,000 oz gold annually in dore for abroad refining. Chinese engineering company BGRIMM Innovation Group, which has substantial experience in developing and building roasters, is anticipated to provide the turnkey procedure plant.

Overall mine advancement expense is approximated at US$ 145 million, which will be moneyed by US$ 60 million in equity, that includes contribution by a 3rd investor in the job, and the balance of US$ 85 million in financial obligation. The life‐of‐mine money surplus is approximated at ~ US$ 600 million, with an NPV of about US$ 330 million based upon US$ 1,800/ oz gold, and US$ 13,000/ t antimony.

Conclusion of the conclusive expediency research study is anticipated in September 2024, and building is expected to start in late 2024, with commissioning targeted for mid‐2026.

El Pilar Copper‐Gold Porphyry System Job

El Pilar is an expedition job with a cluster of 3 copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The job makes up 752 hectares of expedition licenses and 17,000 hectares of reconnaissance licenses. The job will be moved to a prepared brand-new joint endeavor, which is anticipated to allow bulk foreign ownership.

The job website take advantage of developed facilities with access to a significant highway, high‐tension power, and a 60 kilometre rail link to Palo Alto port.

Previous mapping, soil tasting, ground magnetics, an aeromagnetic study and 24,000 metres of shallow drilling validated the presence of copper‐gold mineralization and determined the direct exposures as possibly a big, seeped porphyry system. The surface area direct exposures at El Pilar are seeped phyllic caps to a cluster of copper‐gold porphyry cores. The degree of surficial hydrothermal modification suggests the porphyry invasions have big measurements, and prospective depths higher than 1,000 metres.

Ground magnetics and caused polarization studies in early 2023 have actually validated a cluster of 3 possibly big porphyry intrusives– El Pilar, Gaspar and Camilo. A six‐hole preliminary program has actually shown favorable outcomes with great copper intercepts in porphyry‐style veining and has actually suggested the distance of drilling to the core of El Pilar porphyry invasive. In specific, drill hole PDH‐004A assayed 1.23 percent copper over its length of 134 metres from 49 metres.

A substantial two‐year drilling program will be carried out from mid‐2024 and the business notes it might look for financial backing for the program from a significant mining business.

Surface mineralisation at El Pilar

Surface area mineralisation at El Pilar

Sierra Maestra Copper Belt Job

The job is an expedition job covering 3 extremely potential concessions for copper, gold and molybdenum in the Sierra Maestra copper belt in southeast Cuba. It consists of a 3,600-hectare geological examination license in La Cristina, a 49,000 hectare reconnaissance license in Vega Grande, and a 1,100 hectare reconnaissance license in Buey Cabon.

The copper belt covers more than 200 kilometres of Cretaceous‐age geology intruded by Eocene stocks, which are the source of prevalent gold and base‐metals mineralization. The job is near the El Cobre mine which is the earliest operating copper mine in the Americas. The concessions integrate a series of copper‐gold‐molybdenum zones that show substantial footprints of hydrothermal modification generally related to possibly big porphyry systems.

A substantial, two‐year prospecting program will be performed on the 3 concessions, beginning in Q1 2024, to recognize drill targets.

Management Group.

Brian Johnson– Executive Chairman

Brian Johnson is a graduate of civil engineering from the University of Western Australia and a member of the Institute of Engineers, Australia. He has abundant experience in the building and mining markets in Australia, Southeast Asia and The United States And Canada. He contributed in developing effective business in the iron ore and coal sectors. Formerly, he has actually acted as a director of 2 noted gold manufacturers, and of business with stock market listings in London, New York City, Vancouver and Australia.

James Tyers– Ceo

James Tyers belongs to the AusIMM and has more than thirty years of experience in the mining market, holding senior management functions in gold and iron ore operations. He has actually been related to the Palm Springs Cash Cow in the Kimberley area of Western Australia, and the Cornishman Job, a JV in between Troy Resources and Sons of Gwalia. He has experience establishing and running iron ore tasks in the mid‐west of Western Australia. He was accountable for establishing the Las Lagunas Job and is the job director for the La Demajagua cash cow in Cuba.

Ugo Carlo– Non‐executive Director

Ugo Carlo has more than thirty years of experience in the Australian mining market. Throughout his profession, he has actually served in numerous senior management functions at Rocklands Richfield, Austral Coal and Conzinc Rio Tinto Australia Group. He is likewise a previous director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and interim chairman of the New South Wales Minerals Council.

Angela Pankhurst– Non‐executive Director

Angela Pankhurst has more than twenty years of experience as an executive and non‐executive director, mainly in the mining market. She has actually been a senior executive for business with tasks in Kazakhstan, Nigeria, Vietnam, South Africa and Australia. She has actually held senior management positions at Antilles Gold and Central Asia Resources. She is presently a director of Consolidated Zinc and a director of Imritec.

Tracey Aitkin– Chief Financial Officer

Tracey Aitkin is an expert member of certified public accountant Australia and has more than thirty years of abundant experience in financing, administration and personnel management throughout a variety of markets, consisting of mining, production, retail, transportation and farming. She signed up with the business in 2009 and was called CFO in 2010.

Dr. Jinxing Ji– Technical Director

Dr. Jinxing Ji is a skilled metallurgist with 6 years of research study experience in universities and 26 years of useful experience in the mining market associated to gold, silver, copper, zinc and lead. His broad experience consists of due diligence, metallurgical test work, pre‐feasibility research study, expediency research study, in-depth style, plant commissioning assistance, and functional assistance for tasks in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea.

Steve Mertens– Mining Director

Steve Mertens is a mining engineer with more than twenty years of market experience throughout a variety of products, consisting of 9 years based in Latin America. He has actually been related to the Goro Nickel Job in New Caledonia and the Mina de Cobre Job in Panama. Prior to his existing function as basic supervisor for the Minera La Victoria JV business, he was the mining supervisor for Antilles Gold’s Las Lagunas operation in the Dominican Republic.

Chris Grainger– Expedition Director

Chris Grainger holds a PhD in financial geology from the University of Western Australia. He is an Australian geologist with more than 25 years of global experience with participation in grassroots and brownfield expedition, in addition to resource meaning and advancement, with a concentrate on valuable and base metals in South and Central America and the Caribbean. He has actually been related to Continental Gold’s Buritica gold‐silver job, and Cordoba Minerals’ Alacran copper‐gold job.

* This post was composed in cooperation with Couloir Capital.



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