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(Wallace Refiners) – Unigold (TSX.V: UGD) announced Friday an updated mineral resource estimate for the Candelones project, part of the company’s 100% owned Neita concession in the Dominican Republic.
According to the company’s statement, Measured and Indicated (“M&I”) resources amounted to 24.0 M tonnes averaging 1.50 g/t Au containing 1,158,000 ozs Au (includes 91,000 ozs of oxide), and Inferred resources amounted to 25.4 M tonnes averaging 1.34g/t Au containing 1,099,000 ozs. Au (includes 36,000 ozs of oxide).
M&I resource contains 2.5 million ounces of silver and 65.7 million pounds of copper; Inferred resource contains and additional 1.97 million ounces of silver and 45.9 million pounds of copper. The company said that it has estimated the silver and copper resources for the first time.
The company added that 310,000 ounces moved from underground into open-pit resource as compared to the historic 2013 estimate, and additional 200,000 ounces added to the open-pit resource from recent drilling as compared to the 2013 estimate. Updated resource estimate demonstrated 66% conversion of historic inferred resource to M&I. The company noted that with this updated estimate, it has added approximately 20% to its available resource base.
The company pointed out that updated mineral resources will be included in the Technical Report summarizing the Preliminary Economic Assessment of the Candelones Oxide Project which is currently in progress with an anticipated completion date of May 31, 2021.
Unigold is a Canadian based mineral exploration company focused primarily on exploring and developing its gold assets in the Dominican Republic. The Candelones oxide gold deposit is within the 100% owned Neita Fase II exploration concession located in Dajabón province, in the northwest part of the Dominican Republic. Unigold has been concentrating on the Candelones mineralization and continues to expand the deeper sulphide resources with on-going drilling.
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