Name of the Project
La Demajagua refractory gold/silver project.

Location
On the Isle of Youth, in south-west Cuba.

Project Owner/s
A joint venture between Antilles Gold (49%) and government-owned mining company GeoMinera (51%).

Project Description
Subject to the success of feasibility studies, Antilles intends to develop an openpit mine to produce an estimated 60 000 t/y of concentrate expected to grade at about 47 g/t gold and 380 g/t silver based on historical metallurgical testwork.

The mine life for the openpit operation is expected to be about six years and this could be followed by an underground operation for a further ten years.

A prefeasibility study (PFS) will determine whether MLV’s best option is to sell the concentrate it produces or process it on site through an Albion/carbon-in-leach process plant to produce doré for refining.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Total development costs for the concentrate option are estimated at $60-million, including the cost of feasibility studies, infrastructure, mine design and development, as well as interest during construction.

The cost of this development concept will be much easier to fund while US sanctions remain in place against financial institutions supporting projects in Cuba.

The development costs for the doré option have been assessed at $130-million, which would be more difficult to finance; however, both options will be studied to assess comparative returns.

Planned Start/End Date
Not stated.

Latest Developments
Antilles Gold has announced continuing high-grade gold and silver results from Le Demajagua.

Receipt of assay results from the recently completed 15 000 m drilling programme has resumed after an interruption, owing to delays in the transportation of drill core caused by a hurricane and Covid-19 restrictions in Cuba.

The final 10 000 m programme for the definitive feasibility study (DFS) has started, four months earlier than planned.

Other elements of the DFS, including detailed design for mine infrastructure, a small land-backed wharf to be built 4 km from the mine site, environmental approvals, geotechnical and hydrogeology reports, metallurgical testwork for the preliminary design of an 800 000 t/y flotation circuit, as well as the establishment of recoveries and concentrate grades, are progressing according to schedule.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Antilles Gold, tel +61 2 4861 1740 or email admin@antillesgold.com.