Unigold Updates Mineral Resource Estimate for the Candelones Project: 2.291 million ounces of gold in Measured and Indicated Resources
Rhea-AI Summary
Unigold (OTC: UGDIF) released an updated Mineral Resource Estimate for the Candelones Project within its 100%-owned Neita Sur concession in the Dominican Republic, effective August 6, 2026. The estimate consolidates all Candelones mineralization and incorporates all 475 drill holes totaling 120,000 metres.
The combined open pit and underground Measured and Indicated resources total 69.1 million tonnes at 1.03 g/t Au, containing 2,291,000 ounces of gold, plus 4.3 million ounces of silver and 131.9 million pounds of copper. Inferred resources add 203,000 ounces of gold, 387,000 ounces of silver and 18.0 million pounds of copper. According to Unigold, almost 93% of the known resource is classified as Measured and Indicated, and about 96% of the tonnage lies within an optimized open pit, with less than 4% as an underground extension, supporting progression to feasibility or pre-feasibility studies.
Positive
- 2.291 Moz gold M+I in 69.1 Mt at 1.03 g/t Au, plus 4.3 Moz Ag and 131.9 Mlbs Cu
- High confidence resource: about 93% of known mineralization classified as Measured and Indicated
- 100% conversion of historic Inferred resource into Measured and Indicated categories
- Open-pit dominant geometry: approximately 96% of the resource within an optimized open pit shell
- Feasibility-stage ready: confidence level supports use of the MRE in feasibility or pre-feasibility economic studies
- Strong funding and partner: over C$9 million cash (March 31, 2026) and a Barrick earn-in of up to 80% at Neita Norte
Negative
- Lower recoveries for oxides/transition due to switch from heap leach to flotation processing
- Higher cost assumptions for mining, processing and G&A versus the 2022 oxide mineral resource parameters
- Permitting exposure: Neita Sur Candelones area still awaits granting of an Exploitation Concession
- No mineral reserves yet: resources are not reserves and do not demonstrate economic viability at this stage
AI-generated analysis. How Rhea-AI works. Not financial advice.
- New estimate consolidates all mineralization in the Candelones area and includes all drilling to date.
- Measured and Indicated ("M&I") Resources of 69.1 million tonnes averaging 1.03 g/t Au containing 2,291,000 ozs Au
- M&I Resource also contains 4.3 million ounces of silver and 131.9 million pounds of copper; Inferred resource contains an additional 387,000 ounces of silver and 18.0 million pounds of copper
100% conversion of historic Inferred resource to M&I.
Toronto, Ontario--(Newsfile Corp. - August 14, 2026) - Unigold Inc. (TSXV: UGD) (OTC Pink: UGDIF) (FSE: UGB1) ("Unigold" or the "Company") is pleased to announce an updated mineral resource estimate (MRE) for the Candelones Project, part of the Company's
Table 1.0 - Combined Open Pit and Underground Mineral Resource Estimate for CMC and CE, Effective Date August 6, 2026
| Category | Total Tonnes | Gold (g/t) | Silver (g/t) | Copper (%) | Contained Gold (Koz) | Contained Silver (Koz) | Contained Copper (Klbs) |
| Measured | 31,001,872 | 1.13 | 2.13 | 0.10 | 1,125 | 2,127 | 71,794 |
| Indicated | 38,133,903 | 0.95 | 1.75 | 0.07 | 1,167 | 2,150 | 60,148 |
| M+I | 69,135,774 | 1.03 | 1.92 | 0.09 | 2,291 | 4,277 | 131,943 |
| Inferred | 5,288,811 | 1.20 | 2.28 | 0.10 | 203 | 387 | 18,010 |
Notes to follow below……
- The Mineral Resource Estimate used a marginal NSR cut-off of US
$32.75 /t for the conceptual open pit evaluation of sulphides and transition material, and US$23.75 /t for Oxide material, while a marginal NSR cut-off of US$92.75 /t was applied to the conceptual underground evaluation. - The NSR cut-off was calculated using a gold price of US
$3,500 per ounce gold, US$45.00 per ounce of silver, US$4.75 per pound of copper, with metallurgical recoveries of84% for gold,55% for silver and87% for copper in the sulphide mineralization, metallurgical recoveries of50% for the gold in oxides and70% in transition. Cost assumptions of US$2.85 /t for open pit mining of sulphides and transition material US$2.30 /t for oxide material. US$60.00 /t for underground mining, US$30.00 /t for transition and sulphide mineral processing, US$21.00 /t for oxide mineral processing, and US$2.75 /t for G&A. Other parameters for the NSR were a5% royalty, t and a5% discount rate. An overall slope angle of 50° was applied to the sulphide domains for both the CMC and CE deposits. For the oxide and transition domains, overall slope angles of 42° and 45° were applied, respectively. - For the Candelones Main/Connector (CMC) deposit, grade capping values were determined using log-normal probability plots for each estimated element and weathering domain. For the Candelones Extension (CE) deposit, a review of the assay distributions indicated that grade capping was not warranted and consequently no top-cuts were applied during grade estimation.
- Separate topographic surfaces were used for the Mineral Resource estimate. The CMC deposit was modelled using the high-resolution LiDAR-derived Digital Terrain Model adopted for the 2022 Feasibility Study, while the CE deposit was modelled using the Copernicus Global Digital Surface Model (COP30). No collar elevation adjustments were made for the CE deposit.
- New three-dimensional (3-D) wireframes were developed for the current Mineral Resource estimate to define the mineralized domains within both the Candelones Main/Connector (CMC) and Candelones Extension (CE) deposits. The wireframes were interpreted using geological and assay data together with 1 m economic composites generated using a 0.1 g/t Au cut-off grade. The interpreted mineralized envelopes were reviewed to ensure geological continuity and consistency with the drill hole data before being finalized for Mineral Resource estimation.
- The Mineral Resources were estimated using two separate block models for CE and CMC respectively. Both deposits were estimated using a block size of 10 m × 10 m × 12 m ,, with no sub-blocking. Assay grades were estimated by Ordinary Kriging (OK) using Leapfrog Geo and Leapfrog Edge version 2026.1.1. Interpolation was constrained to the interpreted mineralized domains.
- The mineral resources presented here were estimated by Micon International Limited using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards of Disclosure for Mineral Projects (NI 43-101).
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. At this time, Micon's QP does not believe that the estimate of mineral resources is materially affected by environmental, permitting, legal, title, market or other relevant modifying factors.
- The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- Tonnage estimates are based on bulk densities individually measured and were interpolated for oxide, transitional and sulphide zones. Resources are presented as undiluted and in-situ.
- The Updated Mineral Resource Estimate is effectively dated August 6, 2026.
- Tonnages and ounces in the tables are rounded to the nearest thousand. Therefore, the numbers may not total due to rounding.
- Mr. William J. Lewis, P.Geo. and Matt Ball, MIMMM, of Micon International Limited., who are Qualified Persons as defined by NI 43-101 are responsible for the updated mineral resource estimate. Mohsin Hashmi, P.ENG. of Micon International Limited., who is a Qualified Persons as defined by NI 43-101 is responsible for the RPEEE mine design used in the evaluation of the updated mineral resource deposits.
- The oxide and transition mineral resources for the CMC area differ from the previously disclosed 2022 mineral resources for this zone as the economic parameters have changed due to higher metal prices and well as higher mining, processing and G&A cost. In addition, changes to the processing methodology from heap leach to milling which will now include copper recovery. This change in the processing methodology has resulted in a lower metallurgical recovery for the material in the oxide and transition portions of the deposit.
The updated mineral resource was estimated by Mr. William J. Lewis, P.Geo. and Mr. Matt Ball, MIMMM, of Micon International Limited (Qualified Persons as defined by NI 43-101). Mr. Mohsin Hashmi, P.Eng. of Micon International Limited. (a Qualified Person as defined by NI 43-101) is responsible for the RPEEE mine design used in the evaluation of the updated mineral resource deposits. Micon is independent of Unigold.
Joe Hamilton, Chairman and CEO of Unigold notes: "The delivery of this consolidated resource follows metallurgical studies which established that the Oxide and Transition material at Candelones, which were the subject of a 2022 feasibility study looking at a small heap leach facility, are amenable to flotation, albeit with slightly lower recoveries as compared to heap leaching. Since this oxide and transition material is a small part of the overall resource, it makes sense to process all material through a single floatation plant. This resource estimate positions Unigold to commence feasibility studies for the consolidated resource in the region. Now that we are comfortable we can treat all material types and mineralization within the deposit using a single flotation plant, we can look at removing cyanide completely from the process flowsheet, which effectively mitigates a key concern of the local communities."
Almost
Unigold intends to continue with permitting and comprehensive community engagement activities in the Dominican Republic in parallel with technical studies, and to engage the local communities throughout the design process. Framework Terms of Reference for mineral extraction projects have recently been published by MIMARENA (the government environmental agency) and these will be used to as a guide throughout the upcoming process.
The Mineral Resource Estimate ("MRE") is based on a total of 475 holes (120,000 metres). The MRE has been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and has an effective date of August 6, 2026. The mineral resources disclosed herein shall be included in a Technical Report which is currently in progress.
QA/QC
Diamond drilling utilizes both HQ and NQ diameter tooling. Holes are established using HQ diameter tooling before reducing to NQ tooling to complete the hole. The core is received at the on-site logging facility where it is, photographed, logged for geotechnical and geological data and subjected to other physical tests including magnetic susceptibility and specific gravity analysis. Samples are identified, recorded, split by wet diamond saw, and half the core is sent for assay with the remaining half stored on site. A minimum sample length of 0.3 metres and a maximum sample length of 1.5 metres is employed with most samples averaging 1.0 metres in length except where geological contacts dictate. Certified standards and blanks are randomly inserted into the sample stream and constitute approximately 5
Mr. William J. Lewis, P.Geo. and Mr. Matt Ball, MIMMM, and Mr. Mohsin Hashmi, P.Eng (Qualified Persons as defined by NI 43-101). of Micon have reviewed and approved the contents of this press release. Messrs. Lewis, Ball and Hashmi are unaware of any political, environmental or other risks that could materially affect the potential development of the mineral resource estimate.
Mr.Joseph Hamilton P.Geo., Chief Executive Officer of Unigold has reviewed and approved the contents of this press release.
About Unigold Inc. - Discovering Gold in the Caribbean
Unigold is a well-funded (> C
For further information please visit http://www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
T. (416) 866-8157
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