Antilles is developing two copper-gold projects in Cuba. Pic via Getty Images.
Antilles Gold rattles tin for $1.0m for Cuban copper-gold hunt
Mining
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- $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.
