Unigold Submits Application for Exploitation Licence; Updates results from Oxide metallurgical tests
Unigold Inc. Press Release: PR2022-02 March 1, 2022 1
UNIGOLD INC.
Ste 2704, 401 Bay Street,
P.O. Box 4, Toronto, ON M5H 2Y4
T. (416) 866-8157
www.unigoldinc.com
PR No. 2022-02
Unigold Submits Application for Exploitation Licence;
Updates results from Oxide metallurgical tests
• Application for a 9,990 ha Exploitation Licence encompassing the known gold
deposits at Candelones has been submitted and accepted as complete
• Results from Run-of-Mine column tests demonstrate recoveries of 95% after 90
days, exceeding PEA assumptions.
• Column test results indicate potential to reduce reagent costs.
• Results received to date for Q4/2021 oxide drilling confirm modeled grades. Over
92% of the oxide holes completed contain strongly oxidized dacite breccia
• Initiation of detailed site surveys and geotechnical work to support the Heap
Leach Facility design has commenced
• Field work to support the Environmental and Social Impact Assessment has
commenced
Toronto, Ontario, March 1, 2022 – Unigold Inc. (“Unigold” or the “Company”) (TSX -V:UGD;
OTCQX: UGDIF; FSE:UGB1) is pleased to provide an update on activities at its 100% owned
Neita concession in the Dominican Republic.
Joseph Hamilton, CEO, commented, “The filing of an application for the Exploitation Licence
over the southern half of the existing Neita Concession is a significant milestone for the Company.
Our strategy for the delivery of a small footprint, low -capital oxide project at Candelones is
intended to introduce mining to the lo cal communities while allowing us to build capacity and
infrastructure that can be used to develop the larger sulphide resource in the future. The large-
diameter column test work returned encouraging results that will likely lead to enhanced project
economics. Environmental, geotechnical and community programs have commenced and , in
conjunction with our completed oxide drilling program, will contribute to our stated objective of
delivering a final feasibility study and environmental impact assessment in the third quarter of
this year.”
The first step in achieving commercial production at the Candelones oxide deposits is to
receive an Exploitation Licence over a portion of the Neita Concession. The application and
supporting documentation were filed with the appropriate government organizations on
Unigold Inc. Press Release: PR2022-02 March 1, 2022 2
February 25. The granting of an Exploitation Licence would give Unigold the sole right to
extract metallic minerals from the 9,990 hectare concession area for a 75 -year period.
Simultaneously, the Company has submitted applications to retain the remaining portions
of the Neita Phase 2 Concession under a new 5-year exploration licence. The Company
expects to work closely with government authorities to expedite the issuance of the
Exploitation Licence. While the government reviews this application, the Company intends
to work in parallel to deliver a Feasibility Study and advance in the baseline data collection
for an Environmental and Social Impact Assessment (“ESIA”) , both of which should be
delivered in Q3 of this year.
The Company has received the final results f rom l arge diameter (3.75 m by 0.525 m)
metallurgical column tests utilizing Run-of-Mine (“RoM”) oxide material which commenced in
the middle of 2021. The May 2021 PEA estimated an 80% gold recovery over a 70 day leach
cycle with 0.72 kg/t reagent consumption (for more information see the NI43-101 Technical
report titled ”Updated Mineral Resource Estimate and Preliminary Economic Assessment for
the Oxide Portion of the Candelones Project, Neita Concession, Dominican Republic” with an
effective date of May 10, 202 1; available on our website at
https://www.unigoldinc.com/project/technical-reports/ or on www.sedar.com). The latest
test program confirmed that the RoM Oxide mineralization at Candelones is amenable to
heap leaching and approximately 95% gold recovery can be expected over 90 days using the
reagent concentrations assumed in the PEA. Reducing the reagent concentrations by 40%
demonstrated a 91% recovery after 106 days with reagent consumptions 20% lower than the
PEA estimate. Leaching was still active when the testing was terminated. These reflect
material improvements over the PEA estimates.
In Q4/2021 and Q1/2022, the Company completed 43 holes totalling 1292 meters within the
oxide resource limits with the objective of converting Inferred Oxide Resources to Measured
and Indicated Resources. Over 90% of the holes intersected strongly oxidized intervals of
dacite breccia. Most of observed oxide mineralization starts at surface and extends to depths
ranging from 5 to 40 meters. The company has received results for 12 holes to date, all of
which confirm the grades estimated in the current Mineral Resource. The Company remains
confident that a substantial portion of the Inferred resource may be converted to the
Measured and Indicated category, and these will be incorporated into mine scheduling and
ultimately into the feasibility study. The Company will provide further information once all
assays have been received.
Detailed topographic surveys of the conceptualized oxide project site have been completed.
Geotechnical work to assess the plant and pad placements has commenced under the
supervision of Tierra Group International, Ltd.. Tierra Group will have responsibility for the
final feasibility-level engineering of the Heap Leach Facility for the Candelones Oxide Project.
Following completion of the geotechni cal and surveying work, the upgrading of inferred
material and utilizing the results of the column testing, the Company will engage appropriate
Unigold Inc. Press Release: PR2022-02 March 1, 2022 3
consultants to finalize a feasibility study with sufficient detail to support project financing
discussions. The Company expects this report to be released in Q3 of 2022.
Wes Hanson P.Geo., VP Exploration of Unigold has reviewed and approved the content s of
this press release.
For further information please visit http://www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
T. (416) 866-8157
About Unigold Inc. – Discovering Gold in the Caribbean
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 expl oring 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. 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 mos t 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 Candel ones mineralization and continues to expand the deeper sulphide resources with on -
going drilling.
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