Cuba focused Antilles Gold Limited (ASX: AAU, OTCQB: ANTMF) has reached another important milestone in its proposed development of the La Demajagua Gold and Silver Mine with the release of a new Production Target.
The release of the Production Target follows confirmation from Western Australian mining engineers Cube Consulting of the preliminary pit design for La Demajagua mine, along with anticipated ore grades and the schedule of material movements.
The Production Target for sulphide for inclusion in the current Scoping Study for the project has identified a six year Life of Mine, with Life of Mine ore production of 4,870,000 tonnes at ore grades of 3.26 g/t Au, 41.5 g/t Ag, 1.43% As, and 1.98% S.
The Production Target is based on mining 100% of the Indicated Resource for the open pit mine of 4,670,000 tonnes, and 230,000 tonnes of the Inferred Resource of 3,100,000 tonnes.
The company says the release of the Production Target is a key step in the upcoming finalisation of the La Demajagua Scoping Study.
That information, along with relevant financial modelling, will provide important information for the production of Definitive Feasibilty Study (DFS) and assist in progressing off-take and project financing negotiations.
La Demajagua is being assessed initially as an open pit operation in a joint venture
Executive Chairman, Brian Johnson, said that updating of the La Demajagua mining schedule and financial modelling will occur as assays are received from a drilling programme along approximately 50% of the 2km strike length of the La Demajagua deposit that will be completed within two months.
Meanwhile, preliminary test work on La Demajagua ore by SGS Laboratories has indicated a bulk concentrate can be produced at grades of approximately 38.5 g/t Au, and 515 g/t Ag, with recoveries of around 93 % Au, and 97 % Ag.
In late January, Antilles unveiled a Maiden Mineral Resource Estimate (MRE) for La Demajagua, with studies estimating total Resource of 7.7 million tonnes @ 2.9 g/t Au, for 720,000 contained ounces of gold and 38.6 g/t Ag for 9,570,000 ounces of contained silver.
Mr Johnson said the Indicated and Inferred Resources assessed to date of 720,000 oz Au from new and historic drilling at La Demajagua are expected to increase with additional results when the current drilling programme has been completed.
The La Demajagua Gold Project is located on the Isle of Youth in southwest Cuba. The La Demajagua concession #5655-0 is registered to Minera La Victoria SA, which is a 49:51 JV between Antilles Gold Inc (a 100% subsidiary of Antilles Gold Limited) and Gold Caribbean Mining SA, which is a subsidiary of the Cuban State-owned mining company Geominera SA.
For further information please visit: https://antillesgold.net/
