Unigold Updates Mineral Resource Estimate for the Candelones Project: 2.291 million ounces of gold in Measured and Indicated Resources
Unigold’s Candelones resource update pivots to flotation, de-risking the feasibility study path for the project.
Unigold Inc. (UGD) announced an updated Mineral Resource Estimate (MRE) for the Candelones Project, effective August 6, 2026. The consolidated Measured and Indicated (M&I) resources total 69.1 million tonnes at 1.03 g/t Au, containing 2.291 million oz Au, 4.3 million oz Ag, and 131.9 million lbs Cu.
The update features a 100% conversion of the historic Inferred resource to M&I, driven by new metallurgical studies confirming that oxide, transition, and sulphide materials can be processed in a single flotation plant. This new processing strategy eliminates cyanide from the flowsheet, addressing community concerns. The resource is predominantly open-pit, with less than 4% underground.
Feasibility studies for the consolidated resource are planned for later in 2026. Economic parameters used optimistic metal prices: $3,500/oz Au, $45/oz Ag, $4.75/lb Cu.
Unigold Inc. (UGD) released a resource update that serves as a logical progression following the metallurgical study announcements made in February 2026. The company converted its entire Inferred resource to Measured and Indicated categories, a move that de-risks the project and establishes a foundation for the upcoming feasibility study. Additionally, the plan to utilize a single flotation plant simplifies project economics and mitigates environmental risks associated with cyanide, a shift that supports permitting efforts and community relations.
However, the resource estimate relies on elevated metal price assumptions of $3,500/oz Au, which masks the true economic sensitivity at current market prices. The news is considered incremental to the development path and does not represent a sudden, unexpected market-moving event. It confirms management's prior guidance to advance toward a feasibility study.
Unigold Inc. (UGD) is a Canadian junior explorer focused on the Candelones gold project in the Dominican Republic. The flagship project comprises oxide and sulphide deposits within the Neita Sur concession. A 2022 feasibility study for the oxide portion showed a 44% after-tax IRR and 1.5-year payback at $1,650/oz Au. The company is currently in the permitting and development stage, awaiting final government approval for the Exploitation Concession and ESIA approval. Management has strong industry experience, including former executives from Barrick Gold and local government officials.