Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX Code: AAU, OTCQB: ANTMF) advises that an announcement lodged with ASX at 9:18am AEDT on 8 October 2024 included statements relating to antimony production targets that are non- compliant under listing rules 5.16, 5.17, and 5.19, and included forecast financial information derived from a production target.
By this announcement the Company hereby retracts the first two pages of the earlier announcement and the included non-compliant statements and forecasts, and advises investors not to make any investment decision based on this information.
The Company is also announcing new test work results for the proposed La Demajagua gold-silver-antimony open-pit mine in Cuba.
NEW METALLURGICAL TESTWORK RESULTS FOR LA DEMAJAGUA PROJECT
The attached Memorandum dated 2 October 2024 from Vancouver based consultants, JJ Metallurgical Services Inc, summarises past testwork results, and those recently received from Chinese engineering group, BGRIMM Technologies.
Importantly, BGRIMM has indicated that leaching of the gold-arsenopyrite concentrate expected to be produced by the proposed La Demajagua gold-silver- antimony mine would recover 77.9% antimony from the concentrate and produce an antimony precipitate which contains 48% antimony content. Based on the test work data, it is expected that the production of 3,982tpa of a precipitate with 48% Sb (containing 1,911tpa antimony) will be realized from the 50,025 tpa gold-arsenopyrite concentrate containing 4.9% antimony.
It is intended that the antimony precipitate will be blended with 5,558tpa of gold- silver-antimony concentrate grading 49.1g/t Au, 2,022g/t Ag, and 46.2% Sb (containing 2,568tpa antimony) that the consultant expects to be produced by reverse flotation of the La Demajagua ore at a mill throughput of 815,000 tpa containing 2.47 g/t gold, 26.2 g/t silver, 1.58% sulphur and 0.635% antimony. (Refer Scoping Study dated 30 March 2023 – all material assumptions underpinning this production target continue to apply and have not materially changed, in accordance with Listing Rule 5.19.)
Testwork is continuing with specialists in Canada on the methodology of stabilising arsenic which would be generated if a concentrate roasting processing facility is added to the project, as is proposed, to produce a gold dore which would be much more valuable than the arsenic gold concentrate.
When this information has been received, together with BGRIMM’s capital and operating cost estimates for the processing facility, a new Scoping Study will be undertaken for the expanded project, and is expected to demonstrate robust returns at conservative metal prices
COMMENT
Antilles Chairman, Brian Johnson said: “with improved supply-demand dynamics for antimony and a strengthening price environment, we are now rapidly advancing project development studies with the assistance of BGRIMM Technology Group and our Technical Consultants, and we look forward to delivering the Scoping Study for an expanded operation at La Demajagua. We are also engaging with a wider cohort of potential antimony buyers given the stronger demand and price environment for the strategic metal.”
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