Two drill holes at Unigold’s (TSX-V:UGD) wholly owned Neita concession have intersected gold-rich massive sulphide mineralization at the project’s Candelones Extension zone.
The 226-sq.-km Neita concession, 100 km southwest of Santiago de los Caballeros in the Dominican Republic, has an open-pit inferred resource of 39.49 million tonnes grading 1.59 grams gold per tonne for 2 million oz. contained gold.
Hole 133M intersected 17 metres of massive sulphide grading 7.31 grams gold, 22.5 grams silver and 1.2% copper from 283 metres.
Hole 132M returned 12 metres grading 6.95 grams gold, 8.4 grams silver and 0.86% copper from 250 metres, within a broader interval of 99 metres containing three distinct sulphide intervals that assayed 3.42 grams gold, 2.8 grams silver and 0.33% copper from 237 metres. The sulphide mineralization within this larger interval showed a distinct and separate lens grading 21.7 grams gold over the final four metres at the footwall.
Joe Hamilton, Unigold’s chairman and CEO, said in a statement that the latest holes “show minimal grade variation within the massive sulphide, which results in startlingly consistent gold and copper grades with no discernable nugget effect and little need for cutting assays.”
Drilling has traced the massive sulphide mineralization along a 350-metre strike length, and the mineralization remains open to the east and to depth.
Two drills are operating around the clock and are initially targeting the depth extensions and the footwall for stockwork and feeder zones. The drilling will then step out to probe the eastern extensions of the mineralization before stepping out to probe the eastern extensions.
The company’s shareholders include Eric Sprott (12.8%), Osisko Gold Royalties (TSX: OR) (10.6%), Monarch Gold (TSX: MQR) (10.3%) and Evanchan (Rob McEwen) (8.1%).
At press time, Unigold shares were trading at 21¢ with a 52-week trading range of 9¢ to 26¢. The company has 78 million shares outstanding for a $16-million market capitalization.