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Cuba
La Demajagua Project

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 Location:
26 km SW from Nueva Gerona, Cuba

  Project Contacts:
55 Kirkham Road
Bowral
New South Wales, Australia
2576
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Personnel
  • Filings & News

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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life6 years (as of Jan 1, 2022)
The Definitive Feasibility Study (“DFS”) for the proposed open pit mine is expected to be completed in March/April 2023.
Latest NewsAntilles Confirms Updated Cuban Scoping Study Nearing Completion     January 3, 2023


Owners

Source: p. 5
CompanyInterestOwnership
Antilles Gold Ltd. 49 % Indirect
GeoMinera SA. 51 % Indirect
Antilles Gold Inc (“AGI”), a Cayman Islands registered subsidiary of Antilles Gold Limited, formalised a Joint Venture Agreement (“JVA”) in August 2020 with Gold Caribbean Mining SA (“GCM”), a subsidiary of the Cuban Government’s mining company, GeoMinera SA (“GMSA”), to incorporate Minera La Victoria SA (“MLV”).

AGI has a 49% shareholding in MLV, and effectively manages the joint venture.

Contractors

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Deposit Type

  • Epithermal


Summary:

La Demajagua has the characteristics of a low sulphidation epithermal gold deposit. The geology of the deposit area is dominated by schistose units (quartz-graphite schists, quartz-sericite schists, and quartzites, rich in gold-bearing arsenopyrite, typically metamorphosed to greenschist facies.

The lithologies alternate between packages of graphite rich and relatively graphite poor, with package thickness of 20-200m, though increased graphite content occurs in almost all cases of fault brecciation, and so in turn mineralisation is almost always found with areas of elevated graphite content.

Alteration indicates low temperature formation and occurs as rare bleaching of rocks (only occurring in the vicinity of quartz veins over tens of cm in thickness), pervasive sericitisation,
graphitisation, and silicification either as a saturation of the entire rock mass with silica or by the formation of a network of quartz veinlets.

Vein quartz is grey, white-grey or clear and is finely crystalline. Evidence of several episodes of remobilisation can be found in the quartz, and finely disseminated sulphides occur in all areas of silicification and partly outside. Hydrothermal flow is assumed to have been aided by hydraulic pumping from fault movement, with the average sulphide content in the order of 4-6% and increasing up to 15% in enriched areas.

The gold is primarily held within arsenopyrite and associated with boulangerite. Ore text ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The proposed open pit mining is expected to be a straightforward operation with mining to a depth of approximately 150m, and though the stripping ratio is relatively high the project will benefit from reasonably soft waste material.

Overall Pit Slope Angle - 38 Deg.
Minimum block size in Model - 5x5x5 m.

The mining fleet will be supplied by Chinese manufacturers of high quality equipment, as will the concentrator.


Crushing and Grinding


Processing

Source: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Concentrate kt 70382
Gold Metal in concentrate koz 85
Silver Metal in concentrate oz  ......  Subscription required
Gold Equivalent Metal in concentrate oz  ......  Subscription required

Operational Metrics:

Metrics
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Annual processing rate  ......  Subscription required
* According to 2022 study.
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Reserves at June 28, 2022:
Mineral Resource Statement for proposed La Demajagua open pit mine cut-off 0.8 g/t Au.

CategoryTonnage CommodityGradeContained Metal
Indicated 6.48 Mt Gold 3.11 g/t 648 koz
Indicated 6.48 Mt Silver 32.2 g/t 6,703 koz
Inferred 3.8 Mt Gold 2.1 g/t 260 koz
Inferred 3.8 Mt Silver 24 g/t 3,000 koz
Total Resource 10.3 Mt Gold 2.74 g/t 908 koz
Total Resource 10.3 Mt Silver 29.3 g/t 9,707 koz

Commodity Production Costs:

CommodityUnitsAverage
C1 cash costs Gold Equivalent USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2022
OP mining costs ($/t milled) USD 2.25 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2022 study.
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2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 105.9
Transportation (haulage) costs $M USD 52.8
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
Net Operating Income (LOM) $M USD  ......  Subscription required
Net Income (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Sep 16, 2022
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Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Corporate Presentation 2022
Preliminary Economic Assessment 2022
Press Release 2022
Press Release 2022
Press Release 2022
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News:

NewsDate
Antilles Confirms Updated Cuban Scoping Study Nearing Completion January 3, 2023

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