Antilles Gold's Nueva Sabana Drilling Yields High-Grade Gold and Copper Results

Drilling Results

The first 7 of 25 shallow diamond drill holes in a 2,000-meter in-fill program at the Nueva Sabana oxide deposit have been completed. These initial results are highly encouraging, with significant gold and copper intercepts. Highlights include:

• Hole PDH-71: 5 meters at 3.17 g/t gold from surface, 5 meters at 2.77 g/t gold from 38 meters.
• Hole PDH-72: 7.5 meters at 13.59 g/t gold from 1 meter, including 2.5 meters at 37.7 g/t gold.
• Hole PDH-74: 1 meter at 41.16 g/t gold from 10 meters, 2 meters at 11.4 g/t gold from 21 meters.
• Hole PDH-75: 3 meters at 5.32 g/t gold from 16 meters.
• Hole PDH-76: 3 meters at 4.13 g/t gold from 15 meters, including 1 meter at 11.0 g/t gold.
• Hole PDH-77: 12 meters at 2.57 g/t gold from 8 meters, including 1 meter at 9.0 g/t gold.

In addition to gold, significant copper intercepts were also reported:

• Hole PDH-72: 24 meters at 0.54% copper from 59 meters.
• Hole PDH-75: 7 meters at 0.68% copper from 39 meters.
• Hole PDH-76: 11 meters at 0.61% copper from 42 meters.

Project Development

The in-fill drilling program aims to increase the Indicated Resources in the Initial Mineral Resource Estimate reported in March 2024. Results from the remaining 18 holes are expected by the end of August 2024. An updated Mineral Resource Estimate (MRE) for the proposed Nueva Sabana mine will be completed within two weeks of receiving these results, followed by an updated pit design and mine schedule. A Pre-Feasibility Study is scheduled for September 2024.

The Nueva Sabana oxide deposit is metallurgically simple, and the mine is being planned primarily as a copper project, benefiting from the high-grade gold cap during initial operations. Metallurgical test work by Blue Coast Research Laboratories in Canada has indicated a gold recovery of 85% from a simple rougher flotation circuit, producing a concentrate of 70.2 g/t gold. Copper recovery is estimated at 84.5%, yielding concentrate grades of 27% copper.

Financial and Operational Plans

Planning and permitting for the proposed mine are well advanced. Total development costs are estimated to be approximately US$30 million, including US$5 million for pre-development and concession acquisition costs, and US$25 million for mine construction. The project requires minimal pre-stripping and will not involve the purchase of a mining fleet, which will be hired from the Cuban subsidiary of an international supplier. Finance for the mine construction is being negotiated in the form of an advance on concentrate purchases by an international commodities trader.

The Nueva Sabana project, developed by the 50% owned joint venture company Minera La Victoria SA, is expected to be development-ready by October 2024.