EXPLORATION & DEVELOPMENT

Unigold up on 'startlingly consistent' mineralisation

Dominican Republic explorer Unigold has reported more high-grade mineralisation from ongoing drilling at its Candelones Extension deposit, at its flagship Neita concession.

Staff reporter
 Drilling continues at Unigold’s Neita project in the Dominican Republic

Drilling continues at Unigold’s Neita project in the Dominican Republic

Hole LP20-162 intercepted 84m at 3.91g/t gold from 144m, including 14m averaging 14.94g/t gold, 51g/t silver, 0.3% copper and 3.6% zinc.

"The mineralisation is startlingly consistent and evenly distributed along the intercept length, ranging from 5g/t to 32g/t," chairman and CEO Joe Hamilton said.

He said the hole was the first drilled at the project to test whether the post-mineral mafic dikes might mark fault zones in the host dacit.

The company had converted 80% of the Candelones inferred oxide resource to a measured and indicated 3.43 million tonnes at 0.84g/t gold for 92,000 ounces in an August update.

Inferred was put at 1.61Mt at 0.74g/t for 38,000oz within the same low-strip starter pit.

The company was planning to update the 2015 sulphide resource next, which comprised an inferred 894,000oz and about 40 million pounds of copper.

Eric Sprott holds 15.1% of the company, according to an October presentation.

Unigold had raised C$6 million at 18c per unit in June to advance Neita.

Its shares (TSXV: UGD) have ranged from 10-67c over the past year.

They closed up 46% to 46c on Friday to capitalise it at $58.3 million (US$44.3 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.