The Ministry of the Environment ("MIMARENA") of the Dominican Republic has renewed the drilling permit for the Neita Sur Concession
Previous drilling concentrated on expanding the sulphide mineralization envelope with stepout drilling
The final 50 metre step-out drill holes from the 2021 exploration program returned 16.0 metres averaging 10.78 g/t Au, 68.9 g/t Ag, 0.24% Cu, and 2.35% Zn
This result was within a broader 97.0 metre interval averaging 2.52 g/t Au, 12.1 g/t Ag, 0.12% Cu, and 0.63% Zn (see PR2021-16 on our website)
Another 2021 drill hole positioned to intersect 50 metres below this interval returned 5.0 metres averaging 5.89 g/t Au, 2.2 g/t Ag, 0.29% Cu and 2.75% Zn within a 30.0 metre interval averaging 2.31 g/t Au, 2.29 g/t Ag, 0.41% Cu and 0.83% Zn
Unigold is well funded having received $8,965,253 from the exercise of 29,884,175 warrants that were expiring on March 31, 2026
Toronto, Ontario--(Newsfile Corp. - April 1, 2026) - Unigold Inc. (TSXV: UGD) (OTC Pink: UGDIF) (FSE: UGB1) ("Unigold" or the "Company") has received permission to resume drilling at the Neita Sur gold-silver deposits. In addition, the Company has improved its balance sheet through the exercise of warrants that were set to expire on March 31, 2026.
Joe Hamilton, Chairman and CEO of Unigold notes: "The granting of this work permit is a significant step forward for Unigold. Drilling in late 2021 showed that high-grade sulphide mineralization extended beyond the Sulphide Mineral Resource envelope. The sulphides at Candelones contain the majority of our multi-million ounce resource while the smaller Oxide Reserve presents near-term production potential. The results from the final drill holes in 2021 opened up approximately 1000m of westerly strike extent. Our understanding of the structure to the west of the optimized open pit allowed us to target those drill holes with great success. After five years, we are excited to have the permits that allow us to resume our sulphide drilling programs."
Unigold delivered a positive feasibility study for the Oxide portion of the mineralization at Candelones in late 2022 (see 2022 Candelones Oxide NI43-101 Feasibility Study available on our website). At a US$1650/oz gold price, the project showed a 44% IRR based on a US$36 million capital cost. The Company intends to move forward with the development of the Oxide project while exploring possibilities for the development of the larger sulphide resource. The Company will proceed with the Environmental and Social Impact Assessment ("ESIA") for the Oxide Project once Terms-of-Reference are received from MIMARENA. The Company will provide an update once work programs are defined and time-lines are known.
Joseph Hamilton P.Geo., CEO of Unigold has reviewed and approved the contents of this press release. Drill intervals are not true widths.
About Unigold Inc. - Discovering Gold in the Caribbean
Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD and on the Frankfurt Stock Exchange under the symbol UGB1. The multi-million ounce Candelones gold deposits are within the 100% owned "Neita Sur" concession located in Dajabón province, in the northwest part of the Dominican Republic. This 9,990 Ha concession has moved smoothly through various permitting stages and now awaits the granting of an Exploitation Concession. The Company delivered a feasibility study for the oxide portion of the Candelones deposit in Q4 of 2022. The 10,902 Ha "Neita Norte" Exploration Concession was awarded to the Company in Q2 2023. In early 2024 Unigold completed an earn-in agreement with Barrick Gold which allows Barrick to earn up to a 60% interest in the Neita Norte concession by spending a minimum of $12 million over an eight year period and delivering a Pre-feasibility Study on an identified deposit. Barrick can earn a further 20% in the Neita Norte concession by electing to sole-fund a feasibility study within the following 4 years. The two concessions together form the largest single exposure of the volcanic rocks of the Cretaceous Tireo Formation. This island arc terrain is host to Volcanogenic Massive Sulphide deposits, Intermediate and High Sulphidation Epithermal Systems and Copper-gold porphyry systems. Unigold has identified over 20 areas within the concession areas that host surface expressions of gold systems. Unigold has been concentrating on the multimillion ounce Candelones mineralization and is moving to bring these deposits into production. Unigold has been active in the Dominican Republic since 2002 and continues to receive strong support from the local communities for its exploration and development activities.
For further information please contact:
Joseph Hamilton
T. (416) 866-8157
Forward-looking Statements
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position, rates of return, and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "estimate", "strategy", "expects", "plans", "believes", "will", "estimated", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information, please visit https://www.unigoldinc.com/profile/forward-looking-statement.
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Source: Unigold Inc.
