Unigold Inc (CVE:UGD) (OTCQX:UGDIF) (FRA:UGD1), the Dominican Republic-focused gold explorer, has posted the latest drilling results from its Candelones Extension deposit on its Neita concession, which shows near-surface, high-grade mineralization, sending shares higher.
Drilling continues to test potential epithermal feeder systems at the B and C targets at the deposit and so far, the firm has completed 12 drill holes of the planned 15,000 metre (m) program.
High grades in one hole
One hole at target C (a fault structure) hit 14 meters (m) averaging 14.94 grams per ton (g/t) gold, 51.6 g/t silver, 0.3% copper, 3.6% zinc, the firm highlighted, and a second interval cut 6m averaging 10.30 g/t gold, 5 g/t silver, 0.3% copper and 1.7% zinc.
Unigold’s CEO Jon Hamilton said this was the first hole, which has tested whether the post-mineral mafic dikes may mark fault zones in the host dacite.
“These fault zones likely served as brecciated conduits for epithermal mineralization,” he said.
“The mineralization is startlingly consistent and evenly distributed along the intercept length, ranging from 5.0 g/t to 32.0 g/t. This intercept is within 100 meters of surface.”
The group’s Neita Concession encompasses 21,031 hectares of the so-called Tireo Formation, a thick sequence of intermediate volcanic and volcanoclastic rocks, which are highly prospective for copper and gold porphyry deposits, gold and silver epithermal deposits and VMS gold, silver, copper, lead, zinc deposits.
Shares in Toronto surged on Friday over 30% to C$0.41 each. In the US, the shares gained 6.44% to US$0.27.
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Published at Fri, 23 Oct 2020 17:00:00 +0000-Unigold hits high grade mineralization within 100 metres of surface at Dominican Republic asset