Business
Antilles Gold Limited - NUEVA SABANA IN-FILL DRILLING PROGRAM COMPLETED
Antilles Gold Limited - NUEVA SABANA IN-FILL DRILLING PROGRAM
About this update from Antilles Gold Ltd
Antilles Gold Limited (' Antilles Gold ' or the 'Company') (ASX: AAU, OTCQB: ANTMF) advises that a 2,000m in-fill drilling program on the Nueva Sabana gold-copper oxide deposit in central Cuba has been completed by the 50:50 joint venture company, Minera La Victoria SA . The program was aimed at upgrading Inferred Resources in the initial Mineral Resource Estimate for the deposit reported to ASX on 6 March 2024 , to Indicated Resources, and reinforcing the planned mine life for the first stage of the proposed Nueva Sabana mine. Results of assays being undertaken at SGS's laboratory in Peru are expected to commence within a week and continue for around one month. It is anticipated that the updated geological data base and a revised mining schedule for the project will be finalised around the end of August 2024 , with the Preliminary Feasibility Study ('PFS') completed soon afterwards. The international commodity trading group which is the preferred buyer of the gold, and copper-gold concentrates from Nueva Sabana has advised they will rely on the results of the PFS, and the progress of permitting, together with their own technical and commercial evaluation of the project to determine whether they will advance funds under the proposed off-take agreement to meet the mine construction costs. This is a typical business model for major trading companies when dealing with emerging mining companies. Contact: James Tyers Tel: +61 (02) 4861 1740 Email: [email protected] (C) 2024 Electronic News Publishing, source ENP Newswire