Unigold provides update on activities; releases first ESG report
June 29 2022 - 7:00AM
Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD; OTCQX: UGDIF;
FSE:UGB1) is pleased to provide an update on permitting,
engineering and environmental activities surrounding the Candelones
Oxide Project. Activities remain on schedule and the Company
expects to be able to deliver a NI43-101 compliant feasibility
study (“FS”), an Environmental and Social Impact Assessment
(“ESIA”) and an approved Exploitation Concession licence during the
third quarter of this year.
In late February 2022, the Company submitted an
application to convert a portion of the Neita Exploration
Concession into an Exploitation Concession. The application was
accepted as complete by the Dirección General de Minería and
published in the national press as required by Dominican Mining
Law. No material comments were received from the public regarding
the application. The perimeter survey work and control points have
been checked and verified by the General de Minería who are now
finalizing their review. Once this review is complete the Company
expects is that a favourable opinion on the technical, economical
and social aspects will be granted at which point the application
will be passed up to the Ministerio de Energía y Minas for review
by the Minister’s office and ultimately sent for Presidential
review. The Company is hopeful of receiving the completed
Exploitation Concession Licence in the third quarter of this year.
Once granted, the licence gives the Company the sole right to
extract most metallic minerals from the concession area for 75
years.
The Company is pleased to report that it has
filed it’s inaugural Environmental and Social Governance (“ESG”)
report. This reporting is an integral part of good corporate
governance practice and is absolutely essential as the Company
moves towards a production decision. The report is available
through our website at www.unigoldinc.com.
The Company commenced ESIA work in Q4/2021.
Field work to document flora, fauna, socioeconomic and cultural
topics is substantially complete. Hydrographic surveys are on-going
and water usage is being documented. This work will continue
throughout most of the July-November rainy season. To date, no
issues of concern have been identified. A draft report is expected
to be tabled for public comment in late September or early October.
The Company would like to be in a position to table a final report
for approval by the end of the year once all public comments have
been deferred or addressed. Environmental permits will be required
in advance of construction.
Engineering work continues on the Oxide project
in order to convert the 2021 PEA into a feasibility level report.
Infill drilling of inferred resource blocks was completed in Q1 of
this year and the results incorporated into a new block model and
mine plan for the deposit. Final data from large diameter column
tests was released in Q1 which showed over 90% recovery could be
achieved from Run-of-Mine (“RoM”) material. Detailed topographic
surveys were completed in early Q2 in order to support capital cost
estimates for earthworks. Geotechnical work around the proposed
heap leach pad location also commenced in Q1 and this work is
on-going. Detailed testing of mineralized material will likely
continue throughout the rest of this year in order to verify the
material handling procedures for an eventual operation. Mining
contractors have been identified and operating cost estimates for a
contract mining operation are being refined. Domestic sources of
lime and cement have been identified and budget quotes for delivery
have been assembled. Bulk samples of oxidized material have been
collected for characterization studies and more thorough column
testing in advance of production. This metallurgical work will
likely continue into next year. Feasibility design will be based on
testwork completed to date. The Company expects to be able to
release the results of feasibility level engineering, including
updated capital and operating cost estimates, in Q3 of this year.
Although inflation will undoubtedly impact both operating and
capital cost estimates the PEA utilized Q2/2021 numbers such that
the company expects any impact to minimal.
Work on the sulphide portion of the deposit has
been suspended for the first half of this year as the Company
concentrated on the work necessary to bring the oxide deposits
towards a production decision. As this work nears completion in Q3,
the Company will start to devote resources to the engineering of
the sulphide deposits. The Company would like to be in a position
by year-end to demonstrate how the resources available in the
sulphide portion of the deposit will fit into a long-term plan for
Candelones.
Forward-looking Statements This
press release contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation. Except for
statements of historical fact relating to the Corporation (as
defined herein), information contained herein constitutes
forward-looking statements, including any information as to the
Corporation's strategy, plans or future financial or operating
performance. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and other similar words or statements that
certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at
the date the information is made, and is based on a number of
assumptions and subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
Information concerning the interpretation of drill results, mineral
resource and reserve estimates and capital cost estimates may also
be deemed as forward-looking statements as such information
constitutes a prediction of what mineralization might be found to
be present and how much capital will be required if and when a
project is actually developed. Such statements are based on a
number of assumptions which may prove to be incorrect, including,
but not limited to, assumptions about availability of skilled
labour, equipment, and materials; the potential of the
Corporation's properties to contain economic metals deposits; the
Corporation's ability to meet its working capital needs for the
future periods and the plans, costs, timing and capital for future
exploration and development of the Corporation's property
interests. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in market
conditions, risks associated with the impact of COVID-19 on the
Corporation's operations and business, variations in ore reserves,
resources, grade or recovery rates, risks relating to international
operations (including legislative, political, social, or economic
developments in the jurisdictions in which the Corporation
operates), economic factors, government regulation and approvals,
environmental and reclamation risks, actual results of exploration
activities, fluctuating metal prices and currency exchange rates,
costs, changes in project parameters, conclusions of economic
evaluations, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and the
availability of skilled labour, failure of plant, equipment or
processes to operate as anticipated, capital expenditures and
requirements for additional capital, risks associated with internal
control over financial reporting, and other risks of the mining
industry, as well as those risk factors discussed or referred to in
the Corporation's annual Management's Discussion and Analysis filed
with the securities regulatory authorities in all of the
Corporation's reporting jurisdictions in Canada and available at
www.sedar.com. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but
are not limited to, the risk factors incorporated by reference
herein.
For more information see our full disclosure
regarding forward-looking statements on our website at
https://unigoldinc.com/profile/forward-looking-statement/ and more
information regarding specific risks in Section "3.2 Risk Factors"
in our most recent AIF filed on www.sedar.com.
For further information please visit http://www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
jhamilton@unigoldinc.com
T. (416) 866-8157
Unigold (TSXV:UGD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Unigold (TSXV:UGD)
Historical Stock Chart
From Jul 2023 to Jul 2024