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Unigold submits an application for an exploitation license. Updated Oxide Metallurgical Test Results, The Canadian Business Journal

  • An application for an exploitation license for 9,990 ha, including a known Candelones gold deposit, has been submitted and approved as completed.
  • The results of the Run-of-Mine column test show a recovery of 95% after 90 days, exceeding the PEA assumption.
  • Column test results show the potential for reducing reagent costs.
  • The results received so far in the fourth quarter of 2021 oxide drilling confirm the modeled grade. Over 92% of the completed oxide pores contain strongly oxidized dacite breccia
  • Detailed site surveys and geoengineering work have begun to support the design of heap reach facilities.
  • Fieldwork to support environmental and social impact assessment has started

Toronto, March 1, 2022 (GLOBE NEWSWIRE) — Unigold Inc. (“Unigold” or “Company”) (TSX-V: UGD; OTCQX: UGDIF; FSE: UGB1) is pleased to be able to provide you with the latest information on our activities at 100. % Owned Neita’s concession in the Dominican Republic.

CEO Joseph Hamilton commented, “Applying for an exploitation license in the southern half of the existing Nita Consession is an important milestone for us. Our strategy for achieving a small, low-capital oxide project at Candelones is in the future. It aims to introduce the mining industry to the community while allowing it to build the capacity and infrastructure that can be used to develop larger sulfide resources. Large-diameter column testing work has returned promising results that could lead to improved project economics. Environmental, geotechnical, and community programs have been launched and, along with the completed oxide drilling program, contributed to our goal of providing a final feasibility study and environmental impact assessment in the third quarter of this year. increase. “

The first step to achieving commercial production in the Candelones oxide deposit is to obtain an exploitation license in part of the Neita block. The application and supplementary documents were submitted to the appropriate government agency on February 25. The grant of the exploitation license gives Unigold the sole right to extract metal minerals from a 9,990 hectare block for 75 years. At the same time, we have submitted an application to retain the rest of the Neita Phase 2 concession under a new five-year exploration license. We look forward to working closely with government authorities to facilitate the issuance of natural resource development licenses. While the government is reviewing this application, we will conduct a feasibility study and work in parallel to advance baseline data collection for the Environmental and Social Impact Assessment (“ESIA”). Both are scheduled to take place in the third quarter of this year. ..

We received the final results from a large diameter (3.75 mx 0.525 m) metallurgical column test using a Run-of-Mine (“RoM”) oxide material, which began in mid-2021. The PEA in May 2021 estimated 80% gold. Recovery of 0.72 kg / t reagent consumption in a 70-day leaching cycle (for more information, see NI 43-101 Technical Report, “Updated Mineral Resource Estimates and Preliminary Economic Assessment of Oxide Part of Canderon Project”, Neita Concession Effective May 10, 2021, available on our website (https://www.unigoldinc.com/project/technical-reports/ or www.sedar.com). In the latest test program, the mineralization of RoM oxide in Candelones is susceptible to heap leaching, and about 95% gold recovery can be expected in 90 days using the reagent concentration assumed by PEA. Was confirmed. A 40% reduction in reagent concentration resulted in a 91% recovery after 106 days, with reagent consumption 20% less than the PEA estimate. The leaching was still active when the test was finished. These reflect significant improvements to PEA estimates.

In the fourth quarter of 2021 and the first quarter of 2022, we completed 43 holes totaling 1292 meters within the oxide resource limits with the aim of converting estimated oxide resources into measured and labeled resources. rice field. Over 90% of the holes intersected the strongly oxidized sections of dacite breccia. Most of the observed oxide mineralization begins on the surface and extends to a depth of 5-40 meters. The company has received 12 hole results so far, all confirming the estimated grades of current mineral resources. We are confident that a significant portion of the estimated resources may be converted into measurement and display categories, which will be incorporated into mine scheduling and ultimately into feasibility studies. We will provide further information as soon as all assays are received.

A detailed topographical survey of the conceptualized oxide project site has been completed. Geoengineering work to evaluate plant and pad placement is done by Tierra Group International, Ltd. Started under the supervision of. The Tierra Group will be responsible for engineering the final feasibility level of the Candelones Oxide Project’s heap reach facility.

After completing geoengineering and surveying work, upgrading estimated materials, and utilizing the results of column tests, we hire appropriate consultants and conduct feasibility studies with sufficient details to support project finance discussions. To complete. We plan to release this report in the third quarter of 2022.

Unigold’s Exploration VP, Wes Hanson P. Geo. Has reviewed and approved the contents of this press release.

About Unigold Inc. – Discovering Gold in the Caribbean
Unigold is a Canada-based mineral exploration company trading under the UGD symbol on the TSX Venture Exchange, the UGDIF symbol on the OTCQX Exchange, and the UGB1 symbol on the Frankfurt Stock Exchange. We are primarily focused on investigating and developing gold assets in the Dominican Republic. The Candelones Gold Oxide Deposit is within the scope of the 100% owned Neita Fase II exploration right in Dajabon Province, northwestern Dominican Republic. The Candelones project area is about 20 km south of the town of Restauraćion. Oxide deposits occur on the surface as a result of tropical weathering of the underlying mineralization. Unigold has been active in the Dominican Republic since 2002 and continues to be the most active exploration company in the country. The Neita Fase II exploration right is the largest single exploration right covering the Cretaceous Tyreo volcanic rocks. This arcuate terrain is the host of volcanic massive sulfide deposits, medium and high sulfide epithermal systems, and copper-gold porphyry systems. Unigold has identified more than 20 areas within the concession area that host the surface representation of the gold system. Unigold is focused on the mineralization of Candelones and continues to expand deeper sulfide resources through continuous drilling.

Description of future prospects
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future results, financial position and cash flows, are forward-looking statements in the sense of federal securities law. May be configured. These statements are based on our assumptions and estimates and are subject to risks and uncertainties. These forward-looking statements use terms such as “strategy,” “expectation,” “plan,” “believe,” “will,” “estimate,” “intention,” “project,” and “goal.” Can be identified. “Target”, and other words with similar meanings. You can also identify them by the fact that they are not strictly related to historical or current facts. Please note that such statements contained are merely predictions or opinions and may differ materially from actual events or outcomes. The forward-looking statements contained in this material are current as of the date of this document, and we have updated the forward-looking statements and the actual results are largely those predicted in the forward-looking statements. We do not undertake any obligation to update the reasons that may differ. Where applicable, we claim the protection of a safe port with respect to the forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. For more information, please visit https: //www.unigoldinc.com/profile/forward. -Looking-Statement.

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.


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Unigold submits an application for an exploitation license. Updated Oxide Metallurgical Test Results, The Canadian Business Journal

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