ASX-listed Antilles Gold (ASX:AAU) has signed on a drilling contractor to conduct a 10,000m diamond drilling program at the El Pilar joint venture (JV) prospect in Cuba.
The company reports the program, which is set to begin next week, will be drilled on the 3 porphyry intrusives with the goal to determine the extent of copper-gold mineralisation within the interpreted boundaries of the intrusives.
Under the program, the diamond holes will be drilled to a vertical depth of 600m to provide an indication of the potential of the prospect.
The El Pilar JV will be established between subsidiaries of Antilles Gold and Cuba-based GeoMinera this year to continue exploring the porphyry system and potentially develop a ‘major’ copper mine in the future.
Commenting on this planned exploration activity, Antilles Gold Executive Chairman Brian Johnson says: “Sample preparation from the El Pilar drilling will be carried out in Cuba, with assays to be undertaken by SGS in Peru indicating a 12-day turnaround.
“Drilling results should start to be received from the current 7,000m program on the El Pilar gold-copper oxide deposit by mid June 2023 and from the 10,000m program on the El Pilar copper-gold porphyry system 1 month later”
Consequently, drilling results should start to be received from the current 7,000m program on the El Pilar gold-copper oxide deposit by mid-June 2023 and from the 10,000m program on the El Pilar copper-gold porphyry system 1 month later.”
This announcement comes after Antilles received an interpreted 3D model and diagrams of porphyry intrusive areas at various depths based on ground magnetics and Induced Polarisation (IP) surveys of a cluster of 3 copper-gold porphyry deposits within the El Pilar Exploration Concession.
Antilles notes the potential size of the porphyry cluster could present a ‘significant’ Tier 1 copper-gold project if the results from the first-stage drill program replicate or proximate the single hole drilled by the company in 2022.
Antilles’ Executive Chairman says: “The JV company to be established to hold the El Pilar porphyry system would be a separate entity from the existing JV company, Minera La Victoria SA, which is focussed on developing near-term gold mines La Demajagua and Nueva Sabana.
“In addition to the El Pilar copper-gold porphyry system, the copper JV is expected to include deposits within the Sierra Maestra copper belt in southeast Cuba”
The second JV company will focus on exploring and potentially developing copper prospects in Cuba. In addition to the El Pilar copper-gold porphyry system, the copper JV is expected to include deposits within the Sierra Maestra copper belt in southeast Cuba, which will initially be included in the Los Llanos Exploration Agreement for preliminary evaluation.”
Antilles notes that consideration is being given by Cuban authorities to permit a majority foreign ownership in the second JV, with the partners agreeing that this could encourage participation by a major mining company in the El Pilar Project at some time in the future.
Antilles Gold is an ASX-listed mining company focused on its participation in ‘major’ copper projects in Cuba. The company has entered into 2 agreements with the Cuban Government’s mining entity, GeoMinera SA.
Images: Antilles Gold Ltd
