Antilles eyes second Cuban project at abandoned mine

Antilles Gold is chasing a second project in Cuba after an extensive review of historical geological data underlined the potential of Antonio, a former copper, zinc and silver mine that was abandoned decades ago.

The explorer and its partner, the Cuban Government’s mining company GeoMinera SA, are confident the asset can be developed into a small but highly lucrative open-pit mine.

The pair has established a joint venture partnership, Minera La Victoria SA, that Antilles believes could position it as a key player in the local mining sector.

Antonio is one of four mines formally helmed by a Soviet Union mining operation before political tensions drove the developer out of Cuba in the late 1980s.

The mines, along with over half a dozen prospective zones are within a 40km belt of historic volcanic massive sulphide, or “VMS” mineralisation that forms part of the company’s exploration deal with GeoMinera.

About four years ago, Roscoe Postle Associates — a Canadian mining consultancy — produced an inferred mineral estimate for Antonio’s open-pit potential. The results were made public about two months ago and pointed to a more than two-million tonne resource going 1.58 per cent copper, 2.51 per cent zinc and 16.5 grams per tonne silver for 73.38 million tonnes of contained copper, 124.49 million tonnes of contained zinc and 1.19 million ounces of contained silver.

The company is now gearing up to launch a probe at Antonio in September to collect drill cores for introductory metallurgical test work. According to Antilles, the analysis should paint a clearer picture of the mine’s metal recoveries, grades in concentrates and potential smelter payables.

Management says the first stage of development could be up and running with a meagre outlay of US$30 million with the potential to be fully funded using surplus funds from its nearby La Demajagua gold-silver mine.

Antilles believes its joint venture with GeoMinera could have the operation in development by 2025.

The pair is working on a number of assets in Cuba and says the next six months could be pivotal.

Antilles is currently running the ruler over a definitive feasibility study for its La Demajagua gold-silver open pit mine, closing in on a probe at its nearby El Pilar copper-gold porphyry deposit in addition to its looming activities at Antonio.

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