Drilling intersected 7m grading 21.9 grams per tonne gold and 2.7% copper at target B, with the same hole also returning 17m grading 6.7g/t gold and 0.1% copper in target A. Another hole extended target B a further 100m to depth and extended target A 25m below its previous limits. The first drill hole at target D intersected 4.9m grading 1.2g/t gold and 0.3% copper.

"LP20-165 is the deepest and highest-grade intersection to date at target B. This hole extended mineralisation a further 100m to depth and demonstrates that the system may be strengthening," said Unigold chair and CEO Joseph Hamilton.

The company has completed 63 holes for 16,527m of its 2020 drill programme with assays pending from 11 holes. More than 120,000m has been drilled at the project to date which hosts a resource of about 2 million ounces grading 1.6g/t.

Unigold aims to complete pre-feasibility and feasibility studies on the oxide resource this year as well as complete permitting. For the sulphide resource, it aims to update the resource estimate, complete metallurgical studies to finalise a process design and complete trade-off studies for open pit or underground development scenarios, while continuing exploration drilling to depth and along strike.

Shares in Unigold are trading at C29c, valuing the company at $37 million.