Highest Intersection To Date At Target B

TORONTO - Unigold Inc. reported on drill results from its 100% owned Neita concession in the Dominican Republic. Joseph Hamilton, Chairman and CEO, said, “LP20-165 is the deepest and highest-grade intersection to date at Target B. This hole extended mineralization a further 100m to depth and demonstrates that the system may be strengthening. Once again, the epithermal mineralization shows consistent grades over the 7 meter intercept with the highest assay returning 51.60 g/t gold over 1 meter. Disseminated mineralization continues to exist at depth in the footwall, as observed across the entire 2 kilometer strike length of drilling at Candelones. In this case, disseminated mineralization averaged 1.21 g/t over a remarkable 298 meters into the footwall.

LP20-165 was aligned to pass through Target A mineralization before continuing into the deep footwall extension of target B. The Target A intersection returned 17.0 meters grading 6.7 g/t gold and 0.1% copper. Two additional holes have been pre-collared: each a 100 meter step out down-dip along the Target B trend after passing through the Target A horizon. These holes are in the process of being extended by our larger machines.

LP21-177 is the first hole that was testing a potential new epithermal target at “Target D”, approximately 200 meters to the west of Target C. No drilling has been conducted in this area since 2011 when LP62 intersected 9.0 meters grading 6.6 g/t Au with 3.2% copper and LP66 intersected 6.0 meters averaging 8.2 g/t Au with 2.6% Zn. Both intersections were within 100m of surface. LP21-177 intersected a broad zone of strong semi-massive to net textured pyrite mineralization within an interpreted subvertical fault zone. Although the reported grades and thicknesses are less than those returned from our other targets, this drillhole shows 85 meters of strong alteration, mineralization and structure which is encouraging for continued drilling. This sub-vertical trend, like the controls found at Targets B and C, is evolving as an important control on mineralization at Target D.”

The Company has completed 63 holes (16,527 meters) to date in planned 2020 drill program. Assays are pending from 11 holes. Current analytical turn-around time (“TAT”) exceeds thirty days, more than double historical laboratory performance. The increased TAT has introduced significant challenges in drill targeting in 2020-2021, particularly as the Company transitions to testing targets outside the historical resource area at Candelones.

Drilling within the 1 kilometer Candelones Gap, between the oxide mineralization at Candelones Hill and the easterly Candelones Extension, was positioned to target weak surface geochemical soil and rock anomalies along the interpreted andesite-dacite contact. This area has been sparsely drilled in the past. Drilling in this area intersected andesite and dacite tuffs and volcanoclastics, but also intercepted broad sections of explosive volcanic breccias which disrupt most rock types. This drilling has been completed and assays are pending.