Unigold (TSXV: UGD; US-OTC: UGDIF) has reported drill results from its exploration program at the Candelones Extension deposit, part of the company’s 100% owned Neita Concession in the Dominican Republic, 220 km northwest of the capital Santo Domingo.
The company has completed 31 drill holes totalling 9,470 metres of its planned 15,000 metre program. These include nine metallurgical holes totalling 243 metres at the Candelones Main and Connector zones targeting oxide and transition mineralisation for additional test work.
Highlights included drill hole LP20-170, which intersected 13 metres grading 5.17 grams gold per tonne, 4.2 grams silver per tonne, 0.13% copper, and 1.67% zinc starting from 229 metres, including 5 metres grading 7.44 grams gold, 10 grams silver, and 0.47% copper.
Drill hole LP20-172, drilled 30 metres below hole LP20-170, returned 3 metres grading 3.98 grams gold, 2.23 grams silver, 0.1% copper, and 1.85% zinc from 321 metres, including 4 metres grading 7.18 grams gold, 8.58 grams silver, 0.4% copper, and 0.1% zinc.
Both step-out drill holes extended mineralisation at Target C a further 75 metres to the east and 75 metres to depth.
“The most recent fence of holes intersected two sub-vertical zones of higher-grade mineralization,” Joe Hamilton, Unigold’s chairman and CEO, stated in a press release. “The confirmation of a second zone at Target C enhances the exploration potential at this high-grade target.”
In addition to extending mineralisation at Target C, the company also undertook exploration drilling at the gap between Targets A and B, about 600 metres east of Target C. The drilling, the company said, once again hit an interval of massive to semi-massive sulphide mineralization.
Highlights included drill hole LP153A, which intersected 18 metres grading 0.67 gram gold, 2.63 grams silver, and 0.3% copper from 468 metres, and demonstrated the continuity of mineralisation across the 150-metre gap between Target A and Target B, the company said.
“The horizon in LP20-153A has similar grades but is much deeper than the previous intercept in this area,” Hamilton said. “The massive sulphide lens in this area remains open at depth and the geometry suggests that the mineralization either dips steeply to the north or has been fault offset to the north.”
Drill hole LP13, which returned 2 metres grading 9 grams gold may, the company said, represent an alternate trend to the massive sulphide mineralization in hole LP20-153A.
This new zone of sulphide mineralization is depleted in zinc but has elevated copper grades and is similar to the mineralisation at Target A. Further drill holes will test this trend in the future, the company said.
An updated mineral resource estimate for the Candelones Extension deposit in 2015 outlined inferred mineral resources of 5.2 million tonnes grading 5.27 grams gold and 0.35% copper for 894,000 oz. contained gold and 41.2 million lb. of copper.
At press time in Toronto, Unigold was trading at 39¢ per share within a 52-week trading range of 10¢ and 67¢. The company has around 127 million common shares outstanding for a $49.5-million market capitalization.
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