Antilles Gold rattles tin for $1.0m for Cuban copper-gold hunt

$1.0m will be raised to complete MRE and Scoping Study for Nueva Sabana gold-copper mine
Funds to be used for metallurgical testwork for proposed roaster construction at La Demajagua gold-antimony mine
Antilles is developing the projects with Cuba’s state-owned GeoMinera

Special Report: Copper-gold explorer Antilles Gold is raising $1m to further the development of its Nueva Sabana and La Demajagua mining projects in Cuba.

Antilles Gold’s (ASX:AAU) proposed Nueva Sabana mine is one of two near-term projects the explorer has in its pipeline for development in a 50:50 JV with Cuba’s Government mining company, GeoMinera.

The construction phase of the Nueva Sabana is scheduled to kick off by June next year and to be producing 10 months after, with +25% Cu concentrate to follow 55g/t Au concentrate.

The mine construction cost comes in at just US$20m for a proposed mining run rate of 650,000tpa as it already has established infrastructure including HT power, rail and highway links to a container port and water supply.

It also benefits from skilled labour being close to the mine site, together with low pre-stripping costs and the ability to hire necessary mine equipment rather than purchasing a new fleet.

Its other project, the La Demajagua mine, has a resource of 905,000oz Au equivalent for the first stage open pit.

Cash injection for further exploration work

AAU has received commitments to raise $1.05m via a share placement of 45.5 million fully paid new shares at 2.3c.

The funds will be used to complete a resource estimate, and perform a scoping study for the Nueva Sabana gold-copper mine.

They’ll also be used for metallurgical testwork for its La Demajagua concentrate processing facility.

This article was developed in collaboration with Antilles Gold, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Antilles Gold rattles tin for $1.0m for Cuban copper-gold hunt appeared first on Stockhead.