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Unigold Inc.

TSXV:UGDLive AI agent

Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, the OTCQX exchange under the symbol UGDIF, and on the Frankfurt Stock Exchange under the symbol UGB1.

Investor website: https://www.unigoldinc.com/

About

Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, the OTCQX exchange under the symbol UGDIF, and on the Frankfurt Stock Exchange under the symbol UGB1. The Company is focused primarily on exploring and developing its gold assets in the Dominican Republic. The Candelones oxide gold deposit is within the 100% owned Neita Fase II exploration concession located in Dajabón province, in the northwest part of the Dominican Republic. Unigold has made an application to convert part of this exploration concession into a 9,990 Ha Exploitation Concession: 'Neita Sur'. Unigold made a subsequent application to renew the Exploration Concession over those areas of Neita Fase II that do not fall within the Exploitation Licence area: 'Neita Norte'. The Neita Norte Concession was granted to Unigold in Q2 2023. The Neita Sur Concession application is pending approval by the Dominican Government. The Candelones project area is about 20 kilometers south of the town of Restauraćion. The oxide deposit occurs at surface as a result of the tropical weathering of underlying mineralization. Unigold has been active in the Dominican Republic since 2002 and remains the most active exploration Company in the country. The Neita Fase II exploration concession is the largest single exploration concession covering 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 area that host surface expressions of gold systems. Unigold has been concentrating on the Candelones mineralization and continues to expand the deeper sulphide resources with on-going drilling.

Verified company data

Cash position
$8.9 million
Shares outstanding
338,803,817
Fully diluted shares
379,119,814
Mineral resource
The Candelones Project is currently composed of two distinct mineralization zones: the Candelones Main and Connector (“CMC”) and the Candelones Extension (“CE”). As previously predicted by Micon's QPs, the new drilling has allowed joining the CM and CMC zones into a single continuous zone. The present Candelones resource update is focused on the updated economic parameters for the oxidized portion of the CMC zone which were used as the basis for the oxide PEA described in this Technical Report. The sulphide portions of the CMC and the CE models have not only been updated to reflect the new economic parameters but, in the case of the CE zone, have been updated to reflect the new drilling information obtained during the 2015, 2016, 2019, 2020 and 2021 drilling. Oxide Mineral Resource Estimate for Candelones Project PEA, Effective Date May 10, 2021 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | **Deposit** | **Mining**<br>**Method** | **Mineralization Type** | **Category** | **Tonnes**<br>**(x1,000)** | **Au g/t** | **Au oz**<br>**(x1,000)** | **Strip Ratio** | | CMC | Open Pit (Starter) PEA | Oxide (Heap Leach) | Measured | 1,851 | 0.82 | 49 | 0.13 | | Indicated | 1,616 | 0.82 | 42 | | **Total Measured + Indicated** | **3,467** | **0.82** | **91** | | Oxide (Heap Leach) | Inferred | 1,154 | 0.6 | 22 | | Transition (Heap Leach) | 478 | 0.87 | 13 | | **Total Inferred** | **1,632** | **0.68** | **36** | **Sulphide Mineral Resource Estimate for the Candelones Project, Effective Date May 10, 2021** | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Deposit** | **Mining**<br>**Method** | **Category** | **NSR$ Cut-off** | **Tonnes**<br>**(x1,000)** | **AuEq g/t** | **Au g/t** | **Ag g/t** | **Cu %** | **AuEq oz**<br>**(x1,000)** | **Au oz**<br>**(x1,000)** | **Ag oz**<br>**(x1,000)** | **Cu lb**<br>**(x1,000)** | **Strip**<br>**Ratio** | | CE | Open Pit (Ultimate) | Measured | 20 | 6,280 | 2.22 | 1.90 | 3.28 | 0.18 | 449 | 383 | 662 | 25,042 | 7.46 | | Indicated | 20 | 13,098 | 1.63 | 1.40 | 4.18 | 0.12 | 688 | 591 | 1,762 | 34,201 | | **M+I** | **20** | **19,378** | **1.82** | **1.56** | **3.89** | **0.14** | **1,137** | **974** | **2,425** | **59,243** | | Inferred | 20 | 18,594 | 1.55 | 1.38 | 2.93 | 0.09 | 928 | 826 | 1,749 | 36,022 | | CMC | 20 | 4,448 | 1.38 | 1.25 | 1.17 | 0.07 | 197 | 178 | 167 | 7,207 | 0.91 | | CMC + CE | **Inferred Subtotal** | **20** | **23,042** | **1.52** | **1.36** | **2.59** | **0.09** | **1,125** | **1,005** | **1,916** | **43,229** | N/A | | CE | Underground | Measured | 77 | 759 | 3.15 | 2.65 | 1.88 | 0.29 | 77 | 65 | 46 | 4,836 | N/A | | Indicated | 77 | 348 | 2.73 | 2.35 | 2.32 | 0.22 | 31 | 26 | 26 | 1,652 | | **M+I** | **77** | **1,107** | **3.02** | **2.56** | **2.02** | **0.27** | **107** | **91** | **72** | **6,488** | | Inferred | 77 | 417 | 2.63 | 2.32 | 3.53 | 0.17 | 35 | 31 | 47 | 1,535 | | CMC | 77 | 338 | 2.72 | 2.46 | 0.81 | 0.15 | 30 | 27 | 9 | 1,114 | | CMC + CE | **Inferred Subtotal** | **77** | **755** | **2.67** | **2.38** | **2.31** | **0.16** | **65** | **58** | **56** | **2,649** | | **Sulphides Total Measured + Indicated** | | **20,484** | **1.89** | **1.62** | **3.79** | **0.15** | **1,244** | **1,065** | **2,497** | **65,731** | | | **Sulphides Total Inferred** | | **23,797** | **1.55** | **1.39** | **2.58** | **0.09** | **1,190** | **1,063** | **1,972** | **45,878** |
Projects
["Unigold has been active on the Neita Concession since 2002 and has been steadily moving the project up the value chain. In 2020, the Company revised the Mineral Resource Estimate for the Candelones area and in 2021 released a Preliminary Economic Assessment for the oxide mineralization at Candelones. Current resources stand at 1.15 million ounces of Measured and Indicated material, and a further 1.1 million ounces of inferred mineralization (please see the Micon 2020 MRE Report for more information). The deposits are open to depth and new high-grade veins are being discovered along-strike.\n\nThe Company is completing a feasibility study on the oxide portion of the deposits and costing a heap leach operation that will produce between 30,000 and 40,000 ounces per year for a 3 to 4 year period. The oxide project provides an opportunity for Unigold to assemble permits, supply lines and a trained workforce prior to developing the much larger sulphide resource at Candelones. The delivery of this project will be the Dominican Republic’s second gold mine after Pueblo Viejo and will signal the start of a new industry in the Caribbean nation.\n\nThe Company’s Neita Concession encompasses 21,031 Ha of the Tireo Formation, a thick sequence of intermediate volcanic and volcanoclastic rocks produced by island arc volcanism that are highly prospective for:\n\n- Porphyry Cu and Cu-Au deposits;\n- High to low sulphidation Au and Au-Ag epithermal deposits; and\n- Volcanogenic Hosted Massive Sulphide (“VHMS”) Au-Ag-Cu-Pb-Zn deposits.\n\nProject to date investment totals CAD$ 51.0 M. Completed work includes:\n\n- Soil geochemistry of the entire concession (32,000 samples) that has highlighted twenty one (21) prospective targets;\n- 11,000 surface rock geochemistry samples confirming all identified soil anomalies;\n- 32,000 meters of surface trenching, predominantly at the Candelones Main and Connector deposits;\n- 135,000 meters of resource definition drilling at the Candelones Main, Connector and Extension deposits;\n- 23,000 meters of reconnaissance exploration drilling at 12 additional targets.\n\nThe Company has trained and employs a Dominican labour force and maintains a 98.5% local (25 km radius) hire rate.\n\nMineral resource estimates and NI43-101 reports have been completed in 2007, 2013, 2015 and 2021 (see NI43-101 Technical Reports tab here). Drilling prior to 2015 concentrated on a large area of disseminated suphides that averaged about 1.5 g/t utilizing wide-spaced drilling on 100 meter centers. In Q4, 2015, the Company initiated a diamond drill program to increase the geological confidence of the inferred mineral resource by targeting high grade intercepts identified in the initial 100 meter spaced drill pattern. The first hole in this program, LP15-93, a 50 meter step out hole from LP17 (6.0 meters averaging 6.05 g/t Au; 0.8% Cu), intersected pyrite rich massive sulphide mineralization returning 15.7 meters at 7.45 g/t Au; 1.1% Cu.\n\nDrilling has since extended high grade mineralization at three distinct target areas. The results to date suggest that the Candelones deposits are a result of multiple phases with a minimum of three separate mineralization events.\n\nAn initial, VHMS event deposited Au, Ag, Zn, Pb and Cu as stratiform mineralization within a dacite breccia that typically extends 20 to 100 from the hanging wall andesite volcanics. This was followed by an initial epithermal gold copper event which introduced mineralization along conjugate fault systems formed during the development of a island arc system above a subducting oceanic plate. A second epithermal event, interpreted to be largely Au, Zn and Ag rich, was emplaced along the same reactivated fault systems. Finally, late stage intermediate to mafic dikes intruded these same fault systems which remobilized mineralization along the dike margins with a significant increase in Au grade.\n\nSelect results from the Company’s drill program targeting the high grade mineralization include:\n\n**Table 1.0 – Candelones Sulphide Drilling - Summary of Significant Results**\n\n| | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Target** | **Hole (#)** | **From(m)** | **To (m)** | **Interval (m)** **1** | **Au (g/t)** | **Ag (g/t)** | **Cu (%)** | **Zn (%)** |\n| **A** | **LP19-131M** | 284.00 | 309.00 | 25.00 | 5.67 | NSV | 0.40 | NSV |\n| | **LP19-133M** | 283.00 | 300.00 | 17.00 | 7.31 | 22.5 | 1.22 | NSV |\n| | **LP19-137** | 258.20 | 393.50 | 135.30 | 1.28 | 1.1 | 0.14 | NSV |\n| **B** | **LP19-134M** | 368.00 | 392.00 | 24.00 | 4.59 | 3.4 | 0.54 | 0.23 |\n| | **LP19-135** | 397.30 | 421.00 | 23.70 | 6.03 | 4.9 | 0.31 | 0.10 |\n| **C** | **LP20-146** | 111.00 | 120.50 | 9.5 | 14.14 | 46.6 | 0.26 | 3.20 |\n| | **LP20-148** | 130.50 | 149.00 | 18.50 | 10.18 | 4.5 | 0.19 | 1.53 |\n| | **LP20-150** | 212.00 | 222.50 | 10.50 | 12.94 | 15.6 | 0.27 | 3.03 |\n\nThe accompanying longitudinal section demonstrates the sub-vertical continuity of the high grade systems, all of which remain open at depth. For a 3-D model, please refer to our Vrify.com project links.\n\nThe three high grade targets tested to date all lie within the Candelones Extension footprint of the 850 Ha Candelones Project area, representing less than 4% of the total Neita Concession area. Exploration at the remaining 18 targets highlighted by the soil geochemistry is minimal. As a result, the Company believes that there is significant potential for additional discoveries outside the Candelones Project area.\n\nIn 2019, the Company targeted the at surface oxide resource at Candelones Main and Candelones Connector identified as part of the 2013 mineral resource estimate. The objective was to increase the geological confidence of the 2012 mineral resource and evaluate the metallurgical response of the oxide resource. Metallurgical testing in 2020 confirms that the oxide mineralization is amenable to direct cyanidation with recoveries in excess of 90% after 72 hours in standard column tests. Additional metallurgical testing has shown that this oxide material is amenable to Run-of-Mine heap leaching. A PEA was completed in 2021 which showed good economics with a rapid payback. Feasibility level work is underway with an expected completion of Q3 2022."]
Leadership
Joseph Hamilton, P.Geo, CFA (Chairman of the Board of Directors and CEO, Professional Geologist with over 30 years of experience in mineral exploration, capital markets and mine development.), Donna McLean, BA (Chief Financial Officer, Experienced CFO and Controller for numerous publicly-traded and private companies, managing financial reporting and controls.), Wesley C. Hanson, P.Geo. (VP Exploration, Over 32 years of industry experience including exploration, mine development, and project evaluation. Former President and CEO of Noront Resources.), Sr. Ramón Tapia (Country Director, Dominican Republic, Responsible for Unigold’s operating subsidiaries in the Dominican Republic and government relations. Holds a Law degree and an MBA.)

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