This morning, Unigold inc (TSXV: UGD) announced further results from its ongoing phase 1 drill program at its Candelones deposit within the Neita Concession at its flagship property in the Dominican Republic. Highlights from the drill program include 9.02 grams per tonne gold, 5.1 grams per tonne silver, and 0.63% copper over 30 metres within hole LP20-147.
The highlighted result was part of a larger intersection that covered 104.1 metres, which averaged 3.14 g/t gold, 2.1 g/t silver, 0.27% Copper and 0.01% zinc. Gold grades were said to be consistent throughout the interval, ranging from 4 g/t to 19 g/t. The intercept is also said to have likely increased the “geological confidence” of the area.
Unigold has indicated that there is potential to expand mineralization to depth, the current mineralization starting at 150 metres and extending to at least 350 metres of depth. The company is currently waiting on material to arrive to enable deeper drilling of the property to chaise the mineralization at depth. Two additional drills have also been ordered, which are capable of drilling to 1,200 metres.
As a result, a 15,000 metre drill program is expected to commence on the property within the next ten days once the required material arrives to enable further exploration. The company is currently working towards converting a significant portion of the inferred mineral reserve at the Neita property to that of an indicated resource.
Unigold Inc last traded at $0.59 on the TSX Venture.
Information for this briefing was found via Sedar and Unigold Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
The Greats: Canada’s Notable Mining Financiers
Mining exploration, besides being a high-risk, high-reward endeavour, is a very capital intensive business. It...