Unigold Inc. (TSX-V:UGD, OTCQX:UGDIF) has said it is continuing to advance its Candelones oxide project in the Dominican Republic, saying it expects to publish a feasibility study, an environmental and social impact assessment (ESIA), and an approved exploitation concession licence during the third quarter this year.
The company is converting the 2021 preliminary economic assessment (PEA) for the project into a feasibility level study and noted that infill drilling of inferred resource blocks was completed in the first quarter this year. Metallurgical work is likely continue into 2023 and the report will be based on testwork completed to date, it added.
Unigold said it expects to release the results of feasibility level engineering, including updated capital and operating cost estimates, in the third quarter of 2022.
"Although inflation will undoubtedly impact both operating and capital cost estimates the PEA utilized Q2/2021 numbers such that the company expects any impact to minimal," it added.
READ: Unigold updates on application for Exploitation Licence at Neita concession in Dominican Republic
In late February this year, the firm submitted an application to convert a portion of the Neita exploration concession into an exploitation concession, which was accepted by the Direccion General de Mineria and published in the national press as required by Dominican mining law.
"The company is hopeful of receiving the completed exploitation concession licence in the third quarter of this year. Once granted, the licence gives the company the sole right to extract most metallic minerals from the concession area for 75 years," it told investors.
Meanwhile, ESIA work began in the fourth quarter last year and hydrographic surveys are on-going and water usage being documented, which will continue throughout most of the July-November rainy season.
A draft report is expected to be tabled for public comment later this year and Unigold hopes to table a final report for approval by the end of the year. Environmental permits will be required in advance of construction
Finally, the company revealed it has filed its inaugural Environmental and Social Governance (ESG) report, which is available to read on the company website HERE.
Contact the writer at giles@proactiveinvestors.com