12 April 2022

For personal use only

ANTILLES GOLD REPORTS CONTINUING HIGH GRADE GOLD AND SILVER RESULTS AT LA DEMAJAGUA, CUBA

Antilles Gold Limited (ASX Code: AAU, OTCQB: ANTMF) (the "Company" or "Antilles Gold") is pleased to announce continuing high grade gold and silver assays received from an additional 30 cored drill holes at the La Demajagua gold/silver deposit in Cuba.

Since February 2021, 26,500m of drilling has been undertaken on the La Demajagua gold-silver deposit, with the Initial JORC Resources advised to ASX on 28 January 2022 being based on assays from 12,384m of core from 114 drill holes, and selected data from 50,000m of historic drilling.

The final 1,500m of drilling will be completed this month.

The Initial Indicated and Inferred Resources for the preliminary pit shell totalled 7.7Mt at 2.9g/t Au ( 720,000 oz Au ) and 38.6 g/t Ag ( 9.57 million oz Ag ).

Receipt of assays from a laboratory in Canada has been extremely slow with a current backlog of over 30% of the samples from drilling completed to date, but sufficient data will have been received to allow the Resources to be revised in May - June 2022.

Final Resources for the proposed open pit mine should be available around August 2022.

TABLE 1 HIGHLIGHTS -- SIGNIFICANT GOLD & SILVER INTERCEPTS ( DOWNHOLE )

Drill Hole

P-005

9.0m at 5.85 g/t Au & 140.2 g/t Ag from 103.0m

P-106

8.0m at 14.3 g/t Au & 278.9 g/t Ag from 160.5m incl 3.0m at 21.13 g/t Au

P-042B

10.0m at 12.15 g/t Au from 122.0m incl 3.0m at 33.47 g/t Au

P-114

11.0m at 8.87 g/t Au & 87.2 g/t Ag from 159.0m incl 2.0m at 29.35 g/t Au

P-25A

18.0m at 5.79 g/t Au & 21.24 g/t Ag from 230.0m incl 4.0m at 15.6 g/t Au

Sampling Techniques and Data are set out in the JORC Code 2012 Edition Template attached.

Elements of the Definitive Feasibility Study ("DFS") for the La Demajagua open pit mine including detailed design of mine infrastructure, environmental approvals, geotechnical and hydrogeology reports, and metallurgical test work for the design of a 1.0 million tpa flotation circuit, and estabilishment of recoveries and concentrate grades, are progressing to schedule, as are negotiations for the sale of concentrate. The DFS is expected to be completed in November 2022.

ABOUT ANTILLES GOLD LIMITED:

For personal use only

  • o Antilles Gold's strategy is to participate in the successive development of previously explored gold and copper/gold deposits in mineral rich Cuba, and to realise the value of assets it holds in the Dominican Republic.

  • o The Company is at the forefront of the emerging gold mining sector in Cuba and expects to be involved in the development of a number of projects through its 49:51 joint venture with the Cuban Government's mining company, GeoMinera SA.

  • o Antilles Gold is comfortable operating under the applicable law on Foreign Investment, and Mining and Environmental regulation's in Cuba, and has been granted a generous fiscal regime by the Government which is supportive of its objectives.

  • o The near-term project of the joint venture company, Minera La Victoria SA, is the proposed development of the La Demajagua gold/silver open pit mine on the Isle of Youth in southwest Cuba to produce approximately 100,000 oz Au equivalent per year in concentrate for sale to an international trading company, or foreign smelters.

  • o Minera La Victoria has access to a pipeline of additional projects with development potential including three highly prospective porphyry copper/gold deposits, a large VMS deposit at Golden Hills, and the Florencia and Maclama sulphide gold deposits, which will be assessed initially by Antilles Gold prior to Minera La Victoria undertaking exploration and studies, and possible development.

  • o The objective of the joint venture company is to invest part of the surplus cash expected to be generated by the La Demajagua mine to fund projects that follow, to achieve organic growth with minimal additional equity contributions, and with the aim of ultimately establishing Minera La Victoria as a substantial mining company in Cuba.

This announcement has been authorised by the Chairman of Antilles Gold Limited.

For further information, please contact:

Brian Johnson,

Executive Chairman Antilles Gold Limited T: +61 (02) 4861 1740

E:brianjohnson@antillesgold.net

For personal use only

N

0

100

200

300

400

500mSCALE 1 : 10 000 at A4 (MGA)

Legend

Pit OutlineTopographic Contour

Previously Announced Completed Drill Collar Location

Newly Completed Drill Collar Location

LA DEMAJAGUA GOLD SILVER PROJECT

COMPLETED DRILLING WITH US$1,500 Au PIT OUTLINE

Drawn: J. TyersDate: 06-04-22

Revised: --

Date: --

Dwg No.:

B'

A'

N

0

50

100

150

200mSCALE 1 : 3 500 at A4 (MGA)

Legend

Pit Outline

Previously Announced Completed Drill Collar Location

Newly Completed Drill Collar LocationSignificant Intersection

LA DEMAJAGUA GOLD SILVER PROJECT

COMPLETED DRILLING WITH US$1,500 Au PIT OUTLINE

Drawn: J. TyersDate: 07-04-22

Revised: --

Date: --

Dwg No.:

N

0

50

100

150

200mSCALE 1 : 3 500 at A4 (MGA)

Legend

Pit Outline

Previously Announced Completed Drill Collar Location

Newly Completed Drill Collar LocationSignificant Intersection

LA DEMAJAGUA GOLD SILVER PROJECT

COMPLETED DRILLING WITH US$1,500 Au PIT OUTLINE

Drawn: J. TyersDate: 06-04-22

Revised: --

Date: --

Dwg No.:

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Antilles Gold Ltd. published this content on 12 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2022 01:00:05 UTC.