TORONTO, ONTARIO--(Marketwired - Oct. 24, 2013) - Unigold Inc. ("Unigold" or the "Company") (News - Market indicators) is pleased to report results from recent drilling at its Candelones "Extension Zone" target within the Company's wholly owned, 22,600 hectare Neita Concession in the Dominican Republic.
| Highlights include: |
| |
| LP MET 01 |
|
423.6 metres averaging 1.07 g/t Au, 1.2 g/t Ag, 0.1 % Cu and 0.2 % Zn including 38.0 metres averaging 5.13 g/t Au, 4.5 g/t Ag, 0.5 % Cu and 0.0 % Zn |
| LP MET 02 |
|
32.0 metres averaging 2.53 g/t Au, 7.8 g/t Ag, 0.1% Cu and 1.0 % Zn and |
| LP MET 03 |
|
74.0 metres averaging 0.99 g/t Au, 2.5 g/t Ag, 0.1 % Cu and 0.3 % Zn. |
Three holes were drilled to collect a representative sample from the Extension Zone for metallurgical testing. The holes were drilled at an azimuth of 150º, scissoring the dominant drill direction at the Extension Zone. In the case of LP MET 01, the orientation of the deposit was such that the hole successfully drilled 'down dip.' At the same time, the drill orientation of the metallurgical holes allowed the Company to verify the litho- structural interpretation of the Extension Zone in advance of the initial mineral resource estimate for the Extension Zone.
"The exceptional continuity of gold mineralization at Candelones Extension is well demonstrated by these results" comments Andrew Cheatle, President and CEO Unigold, "The results also confirm our geological interpretation of the deposit."
Candelones Extension Zone - Figure 1 & 2
The three metallurgical holes were drilled on separate sections, testing both Induced Polarity Chargeability anomalies ("Anomaly A and Anomaly B"). Results of the drilling are summarized in Table 1 below:
| TABLE 1 - Significant Results - Candelones Extension Zone |
| Hole_ID |
From |
To |
Interval |
Au (gpt) |
Ag (gpt) |
Cu (%) |
Zn (%) |
| LPMET01 |
60.5 |
484.0 |
423.6 |
1.07 |
1.2 |
0.1 |
0.2 |
| incl |
310.0 |
348.0 |
38.0 |
5.13 |
4.5 |
0.5 |
0.0 |
| LPMET02 |
153.0 |
185.0 |
32.0 |
2.53 |
7.8 |
0.1 |
1.0 |
| and |
195.0 |
225.0 |
30.0 |
0.63 |
0.4 |
0.1 |
0.2 |
| and |
343.0 |
429.0 |
86.0 |
0.62 |
0.3 |
0.1 |
0.0 |
| LPMET03 |
140.0 |
214.0 |
74.0 |
0.99 |
2.5 |
0.1 |
0.3 |
| and |
260.0 |
288.0 |
28.0 |
0.70 |
1.7 |
0.0 |
0.4 |
| NB: The intervals stated represent down-hole intervals and not true widths. The Company notes that the holes summarized above were scissor holes drilled at 180 degrees to the historical drillings. It is unlikely that these results represent the "true width" of the mineralization. |
Grades returned in all three holes were consistent with the initial resource drilling and the Company is confident that the resulting sample is representative of the Extension Zone. The holes also confirmed the litho-structural interpretation of the Extension Zone, entering and exiting the mineralization as anticipated and demonstrating excellent continuity within the mineralized zone as demonstrated in Figure 2.
The drilling has provided approximately 2,000 kg of mineralization for additional metallurgical testing. The sample size allows the Company to evaluate a large number of grade ranges to gauge metallurgical response.
The metallurgical test work has been contracted to SGS Mineral SA ("SGS") in Santiago, Chile and is expected to be completed during H1 2014.
Regional Exploration
Company field teams have completed the detailed mapping of the MGN and Juan de Bosques target areas. Company geologists are currently reviewing the available data and prioritizing drill targets along the 5.0 km trend from the Candelones Extension through the MGN target area.
The Company has initiated regional scale mapping of the northeastern portion of the Concession. Surface geochemical sampling indicates this area is highly prospective for copper. This initial mapping will be used to identify areas where more detailed mapping is required and, if warranted, surface trenching and Diamond drilling may follow.
QA/QC
Drilling provides both HQ and NQ diameter core for sampling. Holes are typically started with larger diameter HQ core and the hole diameter is reduced to NQ at depth. Samples are logged, split by wet Diamond saw, and half sent for assaying with the other half stored on site. Sample lengths typically average 1 m, but vary by geological boundaries. Continuous chip samples from trenches are typically 3 m to 5 m in length. QA/QC included inserting certified standards and blanks into the sample stream at industry standard intervals. Samples are prepped by ACME Analytical Labs in the Dominican Republic, with assaying performed through ACME's laboratory in Santiago, Chile. Analytical procedures include a 36-element ICP-ES analysis (1E) and a 50 g FA AA finish for gold (G6-50).
Wes Hanson PGeo., Chief Operating Officer of Unigold, has reviewed and approved the contents of this press release.
About Unigold Inc. - Discovering Gold in the Caribbean
Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, focused primarily on exploring and developing its gold assets in the Dominican Republic.
For Further Information please visit www.unigoldinc.com.
To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Fig1-3.pdf.
Forward-looking Statements
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
