Antilles Gold : Maiden Mineral Resources for La Demajagua, Cuba

Mineral Resources are reported at a block cut-offgrade of 0.8 g/t Au The bulk density is 1.8 t/m3 for oxide material and 2.64 t/m3 for fresh

Mineral Resources are reported inside of a US$2,000/oz Au optimisation shell using applicable cost and recovery factors and have demonstrated reasonable prospects for eventual economic extraction Figures may not add up due to rounding

4.67

3.1

7.7

3.27

2.4

2.9

490

230

720

Indicated

Inferred

Total

Tonnes (Mt)

Au Grade

(g/t)

Resource Category

Contained Au

(koz)

40.50

35.6

38.6

6,080

3,490

9,570

Ag Grade

(g/t)

Contained

Ag (koz)

28 January 2022

onlyANTILLES GOLD ESTABLISHES MAIDEN MINERAL RESOURCES FOR LA DEMAJAGUA GOLD/SILVER DEPOSIT, CUBA

Antilles Gold Limited (ASX Code: AAU, OTCQB: ANTMF) (the "Company" or "Antilles Gold") advises that Western Australian mining consultants, Cube Consulting, have established the Maiden Mineral Resource Estimate ("MRE") for the La Demajagua gold/silver deposit in Cuba, which is being assessed initially as an open pit operation in a joint venture with the Government's mining company, GeoMinera SA. The MRE has been

usepr pared in line with the requirements of the 2012 JORC Code.

The Mineral Resource set out below was calculated from historic drilling, and assays received to date from cored drill holes across a portion of the currently defined strike length of the La Demajagua gold/silver deposit.

MINERAL RESOURCE STATEMENT FOR LA DEMAJAGUA PROJECT

personalN tes:

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The Mineral Resource Estimate will be updated when assays are received in around two months from drill holes that have already been completed, and be finalised after results have been received in approximately four months from holes that are currently being drilled.

ForMr Brian Johnson, Executive Chairman of Antilles Gold, said that the Indicated and Inferred Resources assessed to date of 720,000 oz Au from new and historic drilling, are expected to increase with additional results when the current drilling program has been completed.

Additional drilling to establish the viability of an underground operation proposed to follow any open pit mining will not be undertaken until 2027.

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As soon as the preliminary metallurgical testwork on the La Demajagua mineralisation is completed by SGS, the financial analysis from the current Scoping Study for the open pit mine will be published. This is expected to occur in mid-February 2022.

END

onlyMr. Schultz is a Consultant to the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,

Competent Person Statement

The information in this report that relates to Exploration Results is based on information reviewed by Mr. Dale

Schultz, a Competent Person who is a member of the Association of Professional Engineers and Geoscientists

of Saskatchewan ("APEGS"), which is accepted for the purpose of reporting in accordance with ASX listing rules.

Mineral Resources and Ore Reserves'. Mr. Schultz consents to the inclusion of the Exploration Results based on the information and in the form and context in which it appears.

The information in this document that relates to Mineral Resources is based on information complied by Mr Daniel Saunders, a Competent Person who is a Member of Australasian Institute of Mining and Metallurgy. Mr

Sa	nders is a full-time employee of Cube Consulting Pty Ltd, acting as independent consultants to Antilles Gold
useInc. Mr Saunders has sufficient experience relevant to the style of mineralization and type of deposit under
consideration, and to the activity being undertaken to qualify as a Competent Person as defined in 2012 Edition
of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Saunders
personal
consents to the inclusion in this document of the matters based on his information in the form and context in
which it appears.
ABOUT ANTILLES GOLD LIMITED:
A	tilles Gold is focussed on organic growth through participation in the successive development of a number of
g	ld and copper/gold deposits in mineral rich Cuba, and on realising the value of assets it holds in the Dominican
Republic.

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

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 high grade gold concentrate.

Minera La Victoria has access to a pipeline of potential development projects including the Golden Hills VMS, Forand the Florencia and Maclama sulphide gold deposits in south east Cuba, and 17 copper/gold deposits that are

currently being reviewed for their prospectivity. Refer website:www.antillesgold.net

This announcement has been authorised by the Board of Antilles Gold Limited. For further information, please contact:

Brian Johnson,

Executive Chairman, Antilles Gold

1. [phone]

1. [e-mail]

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The following is a summary of material information used to estimate the Mineral Resource, as required by Listing Rule 5.8.1 and JORC 2012 Reporting Guidelines.

Mineral Tenement and Land Tenure Status

The La Demajagua Gold Project is located on the Isle of Youth in southwest Cuba. The La Demajagua concession #5655-0 is registered to Minera La Victoria SA, which is a 49:51 JV between Antilles Gold Inc (a 100% subsidiary onlyof Antilles Gold Limited) and Gold Caribbean Mining SA, which is a subsidiary of the Cuban State owned mining company Geominera SA, and comprises an area 900ha (Figure 1). The licence is in good standing with no known

impediments.

For usepersonal

Figure 1: Drillhole Location Plan with Project Mineral Licence

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In October 2018 Antilles Gold Inc (a 100% subsidiary of Antilles Gold Limited) was selected by the Cuban Government's mining company, GeoMinera S.A. ("GMSA"), as its proposed 49% joint venture partner for the development of GMSA's La Demajagua refractory gold/silver property on the Isle of Youth in Southwest Cuba.

The terms of a Joint Venture Agreement were subsequently negotiated and finalised in December 2019, with onlythe Joint Venture company, Minera La Victoria SA ("MLV"), approved by the Council of Ministers, and registered

on 14 August 2020.

A tilles Gold will contribute a total of US$13.0 million of equity for its 49% shareholding in MLV over a two-year period from December 2020. Of this amount, approximately US$7.0 million will be spent on the drilling program, feasibility studies, project management, and administration, with the balance on mine infrastructure when construction commences.

G ology

The La Demajagua Project displays the characteristics of a low sulphidation epithermal gold deposit. The geology

of	the deposit area is dominated by schistose units (quartz-graphite schists, quartz-sericite schists, and
q	artzites), rich in gold-bearing arsenopyrite, typically metamorphosed to greenschist facies.
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The lithologies alternate between packages of graphite rich and relatively graphite poor, with package thickness personalof 20-200m, though increased graphite content occurs in almost all cases of fault brecciation, and so in turn

mineralisation is almost always found with areas of elevated graphite content.

Alteration indicates low temperature formation and occurs as rare bleaching of rocks (only occurring in the vicinity of quartz veins over tens of cm in thickness), pervasive sericitisation, graphitisation, and silicification either as a saturation of the entire rock mass with silica or by the formation of a network of quartz veinlets.

Vein quartz is grey, white-grey or clear and is finely crystalline. Evidence of several episodes of remobilisation can be found in the quartz, and finely disseminated sulphides occur in all areas of silicification and partly outside. Hydrothermal flow is assumed to have been aided by hydraulic pumping from fault movement, with the average sulphide content in the order of 4-6% and increasing up to 15% in enriched areas.

The gold is refractory and primarily held within arsenopyrite and associated with boulangerite. Ore texture is disseminated, laminated, massive, brecciated or forms as a sulphide cement, while its structure is cataclastic,

Forhypidomorphic, grainy or allotriomorphic.

The mineralisation strikes approximately 45 degrees and dips ~70 degrees towards the northwest. The main zone of identified mineralisation extends for ~2.2km along strike and extends from surface to ~400m down dip, though the thickness varies from 3-35m. The mineralisation within this zone is veiny, discontinuous and high grade, with lower grade disseminated mineralisation evident in the surrounding brecciated region. In addition to the main mineralised zone, additional hanging wall and footwall zones have been modelled over a portion of the mineralised zone.

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Drilling Techniques and Hole Spacing

Drilling at the La Demajagua Project has been completed in various phases. Historical drilling was completed across five programs commencing in 1973, with the most recent completed in 1997, with approximately 50,000 metres completed. Historical drilling was primarily open hole prior to switching to diamond core for sampling within the mineralised zones. Additional details on historical drilling are limited and no historical core is available for review.

onlyCurrent drilling used a HQ triple tube size (~61.1 mm diameter) with the triple tube techniques used to maximise core recovery. All diamond holes are drilled from surface and orientated towards the southeast at a dip of ~60 degrees to intersect the mineralisation as close to perpendicular as possible. Current drilling used to support the MRE includes 114 diamond core (DDH) holes for a total of 12,384 m. Drill core was collected from a core barrel and placed in appropriately marked core trays. Down hole core run depths were measured and marked with core blocks. Core was measured for core loss and core photography and geological logging completed.

useDrilling is typically completed on a spacing of 50 m along strike and 25 m across strike, with current drilling aimed to broadly twin historical drilling to validate historical results and aid in improving estimation confidence. At the extensional limits of known mineralisation, the drill spacing extends to 50 m along strike by 50 m across strike (Figure 2).

personalSampling

S mple lengths were determined by geological boundaries with a nominal sample length of 1 metre Core is cut using an electric saw with half core submitted for analysis. Certified reference materials (CRM), analytical blanks, a d field duplicates were used as part of the QAQC procedures and were each inserted at a rate of 2, 1 and 2 per batch respectively.

Sample preparation and sub-sampling is completed at LACEMI in Havana to generate a 400 g sample following drying, crushing and splitting via Jones splitter for submission to the analytical laboratory in Canada. Details for historical sub-sampling methods are variably available, however most involve coarse crushing and homogenising via quartering to generate a suitable sample and duplicates for analysis.

Sample Analysis

Details relating to the analytical methods employed for the historic drilling are not available. Review of assay results suggests detection limits for Au and Ag in the earlier programs are relatively high compared to modern Fortechniques and demonstrate limited precision in reported results. Detection limits for the more recent historical drilling are much improved and demonstrate higher precision reflecting what is assumed to be more appropriate

analysis methods.

or the current drilling, the prepared coarse samples are dispatched to Activation Laboratories in Canada. The samples are pulverised to 95% passing 75µm prior to gold analysis by Fire Assay using a 30g charge, with ICP. Over range gold results are reassayed with a gravimetric finish. Geochemical analysis of a 35 element suite is via 4 acid digest with ICP-OES finish. Over range silver results are reassayed using Fire Assay with gravimetric finish. Both Fire Assay and 4 acid digest methods are considered a total analysis for the elements of interest.

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