Nueva Sabana Open Pit Mine

Proposed Gold-Copper
Mine

The El Pilar copper-gold porphyry deposit in central Cuba has a 100m to 150m overlying oxide zone with high grade gold and copper domains which will be developed as the low cap-ex Nueva Sabana open pit mine to produce gold, and copper-gold concentrates.

24,000m of historic drilling on the mine deposit, and 12,000m program completed in November 2023, has established an initial Mineral Resource Estimate to a depth of 150m.

Mining Associates Pty Ltd  Initial Mineral Resource Estimate to RL-100m (approximately 150m from surface)*.

Above a cut off of 0.25% copper, and 0.3g/t gold.

Material TypeResource CategoryTonnesGold (g/t)Gold (koz)Copper (%)Copper (Mlb)
Gold Domain
Indicated470,0002.8342.7- -
Inferred376,0002.5130.4- -
Sub Total846,0002.6973.1- -
Copper Gold Domain
Indicated531,0001.5426.30.576.73
Inferred90,0001.955.70.500.99
Sub Total621,0001.6031.90.567.72
Copper Domain
Indicated304,0000.111.11.369.11
Inferred2,084,0000.064.30.7735.15
Sub Total2,388,0000.075.40.8444.26
Total3,855,000-110.5-51.98

Notes

  • Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes
  • Mineral Resources are not Ore Reserves and do not have demonstrated economic viability
  • Gold in the copper-gold domain, and copper domain are expected to report to the copper concentrate
  • Inferred resources have less geological confidence than indicated resources and should not have modifying factors applied to them
  • It is reasonable to expect that with further exploration most of the inferred resources could be upgraded to indicated resources

Proposed mining rate of 500,000tpa ore with low waste to ore ratio.

Targeted production of ~30,000 oz Au equivalent per year in concentrates over the first four years to a mining depth of 100m.

Estimated project development cost US$25M.

Financed by shareholders’ equity of US$3M, and US$22M of advances on concentrate purchases by commodities trader*.

Scoping Study to be completed April 2024, and DFS in June 2024 followed by 12-months construction from July 2024.

Chinese engineering group, Prominer Mining Technology will supply crushing, grinding and flotation circuits.

A lower mining depth, and additional drilling is expected to increase the gold inventory, and increase the lateral and vertical boundaries of the copper zone, and significantly increase the mine life, and the project value.