This month, Australian mining entity Antilles Gold pointed it out in one of its circles reportsthe “great potential” for the exploitation of the Cuban gold mine “El Pilar”, in the central province of Ciego de Avila.
According to this report, “The El Pilar copper and gold porphyry deposits in central Cuba have an oxide zone covering 80 to 100 meters with areas of gold and copper A high-quality mine that is expected to be developed as a low-cost open-pit mine for the production of gold and copper concentrates.”
They added that the historical drilling operations, which amounted to 24,000 meters in 1990, indicated a major exploration target for the gold outcrop, “1.4 million tons of ore containing 221,000 ounces of gold.”
They specified that, on the basis of these mineral quantities confirmed by exploration for said mining company, it was believed that a low-capital investment mine could be developed, entirely financed by a gold loan, to produce approximately 400,000 tons per annum of ore.
Are there gold mines in Cuba?
Antilles Gold, a joint venture between Australia’s PanTerra Gold and Cuba’s state-owned company GeoMinera, which continues to advance the development of the El Pilar gold project, in Avilanian province, although it has previous projects in other parts of the country. island.
According to the mineral studies that have been done, gold can be extracted through the flotation process which achieves a recovery of 83%. This means that, at current prices for the metals, the project could generate positive cash flows over its estimated life of seven years.
The “El Pilar” project has logistical and infrastructural advantages, as it is located on flat land without previous use, near a railway that connects with other cities. In addition, it has access to power lines, roads and local residents who can provide skilled labour, officials said in the Golden Antilles.