Unigold Inc. Reports New Results, Including 70 m @ 2.10 g/t Gold, at Candelones Extension, Neita Property, Dominican Republic
TORONTO, ONTARIO -- (Marketwire) -- 04/11/12 -- Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE: UGD) is pleased to announce new results from the 2012 drilling program at its wholly owned Candelones Project, Neita Property, in the Dominican Republic.
Significant results are reported for drill holes LP22a and LP23. The holes were targeted to extend the known consistent gold mineralization reported in January (Press Release No. 2012-01) from holes LP17 (73.0 m @ 2.36 g/t gold and LP18 (60.0 m @ 1.3 g/t). Assay results from the core obtained at the Candelones Extension (Lomita Pina) are reported in the table below. The best results are 70.0 m @ 2.10 g/t gold in drill hole LP23 and 90.0 m @ 1.60 g/t gold in drill hole LP22a. Full results from LP17 are presented. The deposit remains open along strike in both directions and down dip.
"These excellent results in terms of their true width, grade consistency, and location relative to previous drilling are now delivering on the promise of the property," commented Andrew Cheatle, Unigold's President and Chief Executive Officer. "We stepped out 100 m to the west of LP17 and 100 m south of LP18 and achieved very similar and exciting results."
Table: Significant Drill Results from Candelones Extension (Lomita Pina)
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From To Interval Au
Drill Hole (m) (m) (m) (g/t) Comments
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LP21 233.0 263.0 30.0 0.96 Faulted-out top contact
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LP22a 227.0 307.0 90.0 1.60 Approx. 100m south of LP18
Including 227.0 233.0 6.0 7.36
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LP23 191.0 261.0 70.0 2.10 100m west of LP17
Including 243.0 260.0 17.0 4.7
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LP17 252.0 361.0 109.0 1.70 Total zone
Including 252.0 325.0 73.0 2.36 Previously reported
Including 325.0 361.0 36.0 0.47 Hole extension
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Notes: Intervals indicate true width. Holes drilled at approximately 330
degrees Azimuth and dips of -50 degrees to -70 degrees.
At the end of the 2011 drill program, LP17 was extended from 333 m to 450 m and intersected additional zones of sulphide mineralization in the target dacitic breccia lithology. These assay results are presented in the table above. Of note is the thickness of the target lithology in this area which is proving to be thicker than previously observed.
The Company also wishes to announce that it has retained the services of North Star Drilling Ltd., of Thunder Bay, Ontario to manage its diamond drilling operations. Subsequent to Unigold's successful $10.5M bought deal financing in March, two additional drill rigs have been purchased from Atlas Copco and are now being mobilized to the project site. Unigold is now targeting to drill 40,000 m during its next phase of exploration.
Geological Setting
Gold mineralization occurs within Unigold's Neita concession, located within the Central Cordillera of Hispaniola. In the most general sense, the rocks of Hispaniola represent Cretaceous arc complexes that migrated eastward, along with an oceanic plateau, from the Pacific to the Atlantic ocean where they collided with the southern margin of North America. The geology of the property reflects this complex history.
Within the project area, diffusely-bedded dacitic tuff and hyaloclastite breccia are intercalated with marine sedimentary rocks and all are intruded by andesitic sills. These rocks, and their andesitic basement, were overthrust by high-magnesium basalts, related terrestrial sediments, and ophiolitic rocks. They were deformed several times to create complex fault patterns and three different sets of folds. The two older sets of folds are recumbent to isoclinal and are crudely coaxial with W-NW trends. The third set of folds are broad open folds of northerly trend, which provide down-plunge views through the older folds and thrust faults. Economic values of gold mineralization at the property occur within the dacitic breccias.
Locally, the strata are striking east-west and dipping at approximately 35 degrees to the south. Mineralization is characterised by elevated percentages of quartz, pyrite, sphalerite and galena that occur within the matrix of the dacite breccia.
Quality Assurance/Quality Control and Qualified Person
All diamond drill core samples were assayed at the Acme Analytical Laboratories facility in Chile utilizing standard fire assay procedures. The Company has also implemented a quality assurance and quality control ("QA/QC") program to ensure that sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The drill core is cut in half with one-half of the core sample shipped to Acme. The remaining half of the core is kept for future assay verification, geological investigation and/or metallurgical testing. The QA/QC procedures also include the insertion of blind blanks and standards into the sample stream.
Technical information in this press release was reviewed and approved by Andrew Cheatle, P.Geo., President and Chief Executive Officer at Unigold, who is a qualified person under the definitions established by National Instrument 43-101.
About Unigold Inc. - Discovering Gold in the Caribbean
Unigold is a growth-oriented junior natural resource company, focused primarily on exploring and developing its gold assets in the Dominican Republic - a country which is highly prospective for gold mineralization.
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.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/ugd0411fig2.pdf.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/ugd0411fig3.pdf.
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.
Contacts:
Unigold Inc.
Mr. Andrew Cheatle
President and CEO
+1 (416) 866-8157
(416) 866-8674 (FAX)
unigold@unigoldinc.com
www.unigoldinc.com
