Unigold Inc (CVE:UGD) (OTCQX:UGDIF) (FRA:UGB1) unveiled a new mineral resource estimate for its Candelones project that added nearly 200,000 ounces of gold to the resource.
Candelones, part of the company’s Neita Concession in the Dominican Republic, now contains measured and indicated resources of 24 million tons averaging 1.50 grams per ton (g/t) containing 1,158,000 gold ounces.
Additional resources in the inferred category include 25.4 million tons averaging 1.34 g/t gold for nearly 1.1 million ounces.
READ: Unigold considering Candelones oxide project as stand-alone operation following positive PEA
The measured and indicated resource contains 2.5 million ounces of silver and 65.7 million pounds of copper, while the inferred resource contains an additional 1.97 million ounces of silver and 45.9 million pounds of copper.
Toronto-based Unigold converted 66% of the historic inferred resource into the higher-confidence measured and indicated category and 310,000 ounces from underground into the open-pit resource as compared to the 2013 estimate.
“The delivery of this sulphide resource, in conjunction with the recent delivery of a preliminary economic assessment for our starter oxide project, fulfills a key step in our strategy to become a producer in the Dominican Republic,” CEO Joe Hamilton said in a statement.
Hamilton noted that the company estimated the silver and copper resources for the first time. The sulphide resource at Candelones is open for expansion to the east, west and to depth.
“Silver and copper are principally contained with the higher-grade late-stage epithermal mineralization that we have been drilling since 2016. We continue to drill at Candelones and will use this resource estimate to inform our drilling as we move swiftly to convert the inferred mineralization to the measured and indicated category.”
Current drilling
The junior company is continuing with its oxide feasibility programs, sulphide metallurgical studies, permitting in the Dominican Republic and comprehensive community engagement activities, Hamilton told investors.
Drilling is currently focused on step-out exploration to expand the near-surface mineralization to the east and west of this resource and on multi-element anomalies at Montazo, 1,500 meters to the east.
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.
Contact Angela at angela@proactiveinvestors.com
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