Business
Unigold Announces Approval of Environmental Permit for Neita Concession Allowing for Resumption of Active Exploration
TORONTO, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD) is pleased to announce that the Environmental Permit for the Co
About this update from Unigold Inc.
[{"type":"text","content":" TORONTO, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD) is pleased to announce that the Environmental Permit for the Company’s 100% owned Neita Fase II Exploration Concession located in the Dominican Republic has been approved by the Minister of the Environment of the Dominican Republic. This final permit allows the Company to resume active exploration of the Concession. Joseph Del Campo, Interim President and CEO of Unigold commented, “We are very pleased to report that we have secured all necessary permits to allow exploration activity to resume at our flagship Neita Concession. We believe that there is opportunity to expand both the high grade gold and copper massive sulphide mineralization identified at the Candelones Extension deposit and increase both the size and the grade of the near surface oxide mineralization at the Candelones Main and Candelones Connector deposits. While obtaining the necessary licenses required by Dominican law has taken significantly longer than expected, the hiatus in active exploration has provided us an opportunity to reevaluate our exploration approach. Our focus going forward will be directed towards advancing the project sufficiently to allow the Company to apply for an exploitation permit within the next 3-5 years.” While there are over 20 known showings within the Concession, the Company’s focus will be on the Candelones Project where historical exploration drilling completed from 2012 through 2013 returned long intercepts of consistent mineralization, including: LP17 252.0 to 325.0 metres 73.0 metres(1) 2.37 g/t Au 0.3% Cu LP23 191.0 to 261.0 metres 70.0 metres(1) 2.10 g/t Au 0.2% Cu LP28 263.0 to 340.0 metres 77.0 metres(1) 3.81 g/t Au 0.1% Cu LP52 115.2 to 184.6 metres 69.4 metres(1) 3.75 g/t Au 0.1% Cu (1) Intervals noted above are measured down hole and are interpreted to be true width based on the current interpretation of the orientation of the mineralization relative to the orientation of the drilling. The 2012-2013 drilling supported an initial, Inferred Mineral Resource Estimate totaling 39.5 M tonnes averaging 1.59 g/t Au containing 2.0 M ozs Au The mineral resource estimate presented above has been prepared under the supervision of Mr. Alan J. San Martin, MAusIMM(CP) and Mr. William J. Lewis (P.Geo.) of Micon International Limited., both...