- UniGold (UGD) has revealed that exploration remains stalled at its Neita concession in the Dominican Republic
- The company completed 48 diamond drill holes for 10,087 metres of work on the project before the Dominican Government suspended mining activities
- UniGold expects to restart drilling this quarter and has allocated a C$4.9 million budget to drill a further 15,000 to 20,000 metres
- The follow-up drilling will focus on the site’s B and C targets
- Unigold (UGD) is up 11 per cent and is trading at 48 cents per share
UniGold (UGD) has revealed that exploration remains stalled at its Neita concession in the Dominican Republic.
The company had completed 48 diamond drill holes for a total of 10,087 metres by March 15 of this year. The company had two drill holes in progress before the Dominican Republic suspending mining operations.
Those two final drills were targeting the B and C target zones on the property, following the completion of drilling on the A zone.
The company has revealed it has allocated a C$4.9 million budget for exploration on the property through to December of this year.
The budget includes a further 15,000 to 20,000 metres of drilling work, focusing on targets B and C.
The company also plans to drill the Candelones gap, an 800 to 1000 metre gap between the Candelones main and the extension deposit to the east.
Chairman of Unigold, Joseph Hamilton said the company was anxious to resume activities at Neita and called the results from earlier in the year very encouraging.
“Our preliminary metallurgical results suggest that the alt-surface oxide resource may be amenable to help leach recovery, with 80 per cent gold recovery in 72 hours during column leach tests.
“Flotation recoveries of gold range from 92 to 97 per cent with gravity recoveries ranging from 13 to 53 per cent.
“Leaching of flotation concentrates yielded gold recoveries ranging from 30 to 88 per cent with the best recoveries originating from the late stage, epithermal mineralization at Target B, which remains open at depth,” he said.
UniGold (UGD) is up 11 per cent and is trading at 48 cents per share at 12:30 am EDT.