Shares of Unigold (TSXV: UGD) soared 46% or 14.5¢ to 46¢ per share following the discharge of drill outcomes at its Candelones Extension deposit within the Dominican Republic. The deposit is a part of the corporate’s 21,031-hectare Neita Concession.
Latest drilling was designed to check potential epithermal feeder programs at Targets B and C of the deposit. The primary gap to check post-mineral mafic dikes intersected a high-grade interval of 14 metres averaging 14.94 grams gold per tonne, 51.6 grams silver per tonne, 0.3% copper, and three.6% zinc, and a second interval of 6 metres averaged 10.30 grams gold, 5 grams silver, 0.3% copper and 1.7% zinc.
The high-grade gold and silver mineralization is localized at or close to the contact of the magnetic dike, suggesting that it may characterize a possible marker horizon to information future drilling, the corporate stated.
“Our exploration mannequin means that these mafic dikes, along with defining potential conduits, additionally remobilized mineralization and concentrated it alongside the contact of the dikes,” Unigold CEO Joe Hamilton stated in a media launch.
“The mineralization is startlingly constant and evenly distributed alongside the intercept size, starting from 5.Zero grams per tonne to 32.Zero grams per tonne,” Hamilton said, including that the high-grade intercept is inside 100 metres of floor.
To this point, the corporate has accomplished 12 drill holes (4,742 metres) of the deliberate 15,000 metre program on the Candelones Extension deposit.
A 2015 technical report gave this residue an estimated inferred mineral useful resource of 5.2 million tonnes averaging 5.27 grams gold and 0.35% copper for 894,000 oz. gold and 41.2 million lb. copper.
Over the past 12 months Unigold’s shares have traded in a spread of 10¢ and 67¢. At presstime the corporate had a market cap of $53.Four million based mostly on 129 million frequent shares excellent.