Unigold Inc. provided an update on activities at its 100% owned Neita concession in the Dominican Republic. 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 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 Third Quarter of this year. The Company has received the final results from large 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 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 totaling 1,292 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 geotechnical and surveying work, the upgrading of inferred material and utilizing the results of the column testing, the Company will engage appropriate consultants to finalize a feasibility study with sufficient detail to support project financing discussions.

The Company expects this report to be released in Third Quarter of 2022.