New MRE Part Of PEA Studies
Unigold Inc. (TSXV:UGD, OTCQX: UGDIF) has unveiled an updated mineral resource estimate for the Candelones Project, part of the company’s 100% owned Neita Concession in the Dominican Republic.
The new resource estimate supercedes the estimate disclosed on April 26, 2021.
The updated estimate shall be incorporated into the Preliminary Economic Assessment (PEA) currently being finalised by Micon International Limited with a targeted release date of May 31, 2021.
Highlights:
- Measured and Indicated (“M&I”) Resources of 24.0 M tonnes averaging 1.50 g/t Au containing 1,158,000 ozs Au (includes 91,000 ozs of oxide).
- Inferred Resources of 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.
- 66% conversion of historic inferred resource to M&I.
- 310,000 ounces moved from underground into open-pit resource as compared to the historic 2013 estimate.
- Additional 200,000 ounces added to the open-pit resource from recent drilling as compared to the 2013 estimate.
Chairman and CEO, Joe Hamilton, said the delivery of this sulphide resource, in conjunction with the recent delivery of a PEA for the starter oxide project, fulfills a key step in the company’s strategy to become a producer in the Dominican Republic.
“We have converted 66% of the existing resource at Candelones Extension to the measured and indicated classification and added approximately 20% to our available resource base.
“This estimate conforms to the 2019 CIM Best Practice Guidelines for Mineral Resource Estimation which requires, for the first time, the rigorous application of costing, engineering, mining and recovery assumptions to early stage resource calculations.
“As compared to our historic 2013 mineral resource estimate, we have been successful in moving about 310,000 ounces from the underground classification into the pit constrained resource and added another 200,000 ounces of gold from new drilling. In addition, we have estimated the silver and copper resources for the first time.
“Silver and copper are principally contained with the higher-grade late-stage epithermal mineralisation that we have been drilling since 2016. The sulphide resource at Candelones is open for expansion to the east, west and to depth.
“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.
“We are very encouraged by this estimate, and we are continuing with our oxide feasibility programmes, sulphide metallurgical studies, permitting in the Dominican Republic and comprehensive community engagement activities.
“Drilling is currently focused on step out exploration to expand the near-surface mineralisation to the east and west of this resource and on multi-element anomalies at Montazo, 1500 meters to the east.”
The estimate is based on a total of 460 holes (114,000m) and includes 123 holes (36,000m) completed since 2015.
Approximately 92% of the holes added to this estimate are infill holes completed at the Candelones Extension deposit.
Six exploration holes, targeted to expand the resource along strike, were completed in time to be included in this estimate. Fifty percent of those holes intersected near surface mineralisation.
This recently discovered mineralisation, including new oxide mineralisation, has the potential to enhance available resources for both the oxides and a sulphides at Candelones. Fifteen holes (5,600m) were excluded from this estimate as assay results were unavailable.
