Antilles Gold Limited advised that over half of the current IP survey of the El Pilar copper-gold porphyry system in central Cuba has been completed. The preliminary report from the company's Exploration Director, Dr. Christian Grainger, who is the Competent Person for the El Pilar project, is very encouraging on the prospectivity of both the gold-copper oxide zone, and the underlying copper-gold porphyry system. Highlights: Indication of additional surficial gold rich zones that remain undrilled, and adjacent to the drilled El Pilar oxide zone.

Several bodies have been interpreted in geophysical survey data as being porphyry intrusives, with proven copper-gold mineralisation in recent drilling. An additional interpreted large intrusive body has been located near surface with significant dimensions, and is open to the north, south, and east, and will have the planned IP grid extended to the east for its better delineation. Follow up drill program to test porphyry targets with previous intercept (PHD 004A) of 134m @ 1.23% Cu which ended in mineralisation.

A drilling program on the oxide zone, and at least two of the underlying porphyry deposits within the El Pilar system delineated in the geophysical program, is scheduled to commence in April 2023 following the ground magnetics, and IP surveys, and their interpretation by an experienced consulting geophysicist. In addition to the apparent porphyry cluster, it appears that the lithocap over the intrusions is much more extensive than the area drilled previously by a Canadian company, KWG, and recently by Antilles Gold. This augers well for increased gold and copper potential in the oxide and transition zones planned to be mined in the near term by the Cuban joint venture company, Minera La Victoria SA (‘MLV').

The mining concession covering the oxide zone is expected to be transferred to MLV in the near future, following recent approval for MLV to become a developer of multiple gold projects in Cuba, in addition to the proposed La Demajagua mine that should be ‘development ready' by mid 2023. Subject to the results of the upcoming drilling program at El Pilar, the concession covering the porphyry system will be transferred to a separate joint venture with the Government's mining company, GeoMinera, and could potentially permit a larger foreign ownership than the recently negotiated increase from 49% to 50% for Antilles Gold's holding in MLV. The larger foreign ownership would be more attractive to a major copper miner if invited to participate in the project at some time in the future.

If results from the upcoming drilling program proximate the grades in Hole PDH-004A into the outer zone of the El Pilar porphyry (134m @ 1.23% Cu from 49m, and open at depth), the new joint venture will carry out a major exploration program on the El Pilar porphyry system from around September 2023.