Unigold Inc.: Drilling Intersects 74.0 m Averaging 1.33 g/t, Including 13.0 m Averaging 3.78 g/t Au Near-Surface Gold Mineralization at Candelones Connector Zone
TORONTO, ONTARIO -- (Marketwired) -- 06/13/13 -- Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE: UGD) is pleased to report that drilling at the Candelones Connector Zone has identified continuous, near-surface gold mineralization at the Company's wholly owned Neita Concession in the Dominican Republic.
Highlights include:
-- DCZ 24 74.0 metres averaging 1.33 g/t Au including 13.0 metres averaging
3.78 g/t Au;
-- DCZ 25 36.5 metres averaging 1.07 g/t Au;
-- DCZ 26 26.0 metres averaging 1.18 g/t Au; and
-- DCZ 28 5.0 metres averaging 2.52 g/t Au.
Exploration drilling at the Connector Zone was undertaken to follow up on several, widely scattered intervals of anomalous gold mineralization from historical drill holes.
These latest results originate from three separate target areas (Figure 1-3); the current southeastern boundary of the Candelones Main Zone (Target 1), the southwestern limit of the identified silicic alteration (Target 2); and the eastern limit of the silicic alteration (Target 3).
"The Connector Zone keeps showing near and at surface gold mineralization which is potentially important in the early life of a mine pit. At Target 2, a significant amount of gold mineralization is being defined over a length and width of 250 m and is still open" commented Andrew Cheatle, President and CEO Unigold Inc. "We are also excited that step out drilling has started at Rancho Pedro as we explore new areas."
TARGET 2
Drilling at Target 2 (Table 1) was successful with 100% of the 14 holes completed in this area intersecting potentially significant gold and base metal mineralization, including 74.0 m averaging 1.33 g/t Au and 0.1% Cu.
Drilling has, to date, traced the mineralization along strike for 250 m, from Section 216850 East (Figure 4) through Section 217050 East (Figure 8). The mineralization has been traced for 200 to 250 m on each section, outlining a zone measuring 250 m x 250 m x 50 m in size. The mineralization consistently extends from surface to a maximum depth of 50 m; the top 30 m are typically intensely oxidized.
Metallurgical tests on oxide mineralization in 2007 indicated gold recovery in the oxides typically exceed 90%, making the Target 2 area particularly interesting.
The Target 2 area remains open to the North (towards the Candelones Main Zone) as well as to the East and West. Future drilling is planned to test the potential to further expand this mineralization.
Table 1: Recent Drill Results Candelones Connector Zone - Target 2 Area
(Figures 3 - 8)
----------------------------------------------------------------------------
Hole ID From To Interval Au Ag Cu Zn
(g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
DCZ 24 0.0 74.0 74.0 1.33 5.0 0.1% 0.5%
incl 0.0 17.0 17.0 1.32 9.0 0.0% 0.0%
----------------------------------------------------------------------------
incl 59.7 72.7 13.0 3.78 5.1 0.4% 2.2%
----------------------------------------------------------------------------
DCZ 25 0.0 36.5 36.5 1.07 5.9 0.1% 0.1%
incl 3.7 26.0 22.3 1.37 8.8 0.1% 0.0%
----------------------------------------------------------------------------
DCZ 26 8.0 17.7 9.7 0.76 1.5 0.0% 0.0%
and 30.0 56.0 26.0 1.18 3.8 0.2% 0.0%
incl 31.0 48.0 17.0 1.66 4.4 0.2% 0.0%
----------------------------------------------------------------------------
DCZ 27 0.0 15.5 15.5 0.46 3.9 0.1% 0.0%
----------------------------------------------------------------------------
DCZ 28 0.0 50.8 50.8 0.72 4.6 0.2% 0.1%
incl 0.0 20.0 20.0 0.87 7.5 0.0% 0.0%
incl 31.0 50.8 19.8 0.90 1.7 0.4% 0.2%
----------------------------------------------------------------------------
and 61.9 67.0 5.1 2.52 1.1 0.2% 0.4%
----------------------------------------------------------------------------
DCZ 29 26.7 31.0 4.3 0.66 0.6 0.0% 0.1%
----------------------------------------------------------------------------
DCZ 30 0.0 65.0 65.0 0.33 1.1 0.0% 0.1%
incl 35.0 42.3 7.3 1.08 2.4 0.1% 0.3%
----------------------------------------------------------------------------
DCZ 31 66.0 93.3 27.4 0.34 1.7 0.0% 0.1%
----------------------------------------------------------------------------
DCZ 32 22 38.7 16.7 0.53 1.2 0.0% 0.2%
and 43.35 51 7.65 0.51 0.5 0.0% 0.2%
----------------------------------------------------------------------------
DCZ 33 7 39 32 0.48 1.2 0.0% 0.3%
----------------------------------------------------------------------------
DCZ 34 60.25 75.5 15.25 0.15 0.0 0.0% 0.0%
----------------------------------------------------------------------------
DCZ 35 47 53 6 0.39 0.2 0.0% 0.1%
----------------------------------------------------------------------------
DCZ 36 2 26 24 0.53 4.2 0.0% 0.0%
incl 2 12 10 1.03 9.3 0.0% 0.0%
----------------------------------------------------------------------------
DCZ 37 0 11 11 1.09 9.9 0.0% 0.0%
----------------------------------------------------------------------------
The results reported represent down hole sample intervals and not true
widths. True widths cannot be reported at this time.
TARGET 1
Drilling at Target 1 (Table 2) intersected pervasive, mineralization including 28.0 m averaging 0.97 g/t Au with associated base metals. The results confirm that low grade gold and base metal mineralization persists in this target area, offering some potential for resource expansion.
Table 2: Recent Drill Results Candelones Connector Zone - Target 1 Area
(Figures 3-5)
----------------------------------------------------------------------------
Hole ID From To Interval Au Ag Cu Zn
(g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
DCZ 11 2.0 31.3 29.3 0.44 4.7 0.1 0.0
----------------------------------------------------------------------------
incl 12.5 17.0 4.5 1.28 11.5 0.0 0.0
----------------------------------------------------------------------------
DCZ 12 17.0 45.0 28.0 0.97 2.6 0.1 0.4
----------------------------------------------------------------------------
incl 40.0 45.0 5.0 1.93 2.9 0.4 2.0
----------------------------------------------------------------------------
DCZ 13 No significant results
----------------------------------------------------------------------------
DCZ 14 0.0 29.0 29.0 0.22 0.8 0.1 0.0
----------------------------------------------------------------------------
incl 16.4 24.1 7.7 0.46 1.3 0.3 0.1
----------------------------------------------------------------------------
DCZ 15 0.0 30.5 30.5 0.27 1.1 0.1 0.1
----------------------------------------------------------------------------
incl 22.1 30.5 8.4 0.44 0.8 0.1 0.1
----------------------------------------------------------------------------
DCZ 22 No significant results
----------------------------------------------------------------------------
DCZ 23 No significant results
----------------------------------------------------------------------------
The results reported represent down hole sample intervals and not true
widths. True widths cannot be reported at this time.
TARGET 3
Drilling at Target 3 (Table 3) intersected weak to anomalous mineralization suggesting limited potential for resource growth in this area.
Table 3: Recent Drill Results Candelones Connector Zone - Target 3 Area
----------------------------------------------------------------------------
Hole ID From To Interval Au Ag Cu Zn
(g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
DCZ 16 No significant results
----------------------------------------------------------------------------
DCZ 17 No significant results
----------------------------------------------------------------------------
DCZ18 80.0 85.0 5.0 0.78 9.0 0.0% 0.6%
----------------------------------------------------------------------------
DCZ19 No significant results
----------------------------------------------------------------------------
DCZ20 No significant results
----------------------------------------------------------------------------
DCZ21 No significant results
----------------------------------------------------------------------------
The results reported represent down hole sample intervals and not true
widths. True widths cannot be reported at this time.
The Company is currently operating one drill at Candelones Main and a second drill at Candelones Extension. These two drills are completing the final holes in advance of the initial resource estimate to be completed by Micon International during Q3, 2013.
The current drilling at Candelone Main and Candelones Extension is scheduled to be complete by the end of June. The Company anticipates that at least one of the drills will be mobilized to the Montazo, Guano, Naranjo ("MGN") area once drilling in support of the resource estimate is complete. The second drill will resume drilling at the Candelones Connector Zone, following upon the encouraging results from Target 2.
Regional Exploration Targeting "New Discovery" (Figure 1)
Detailed mapping at 1:1000 scale is in progress at MGN, located approximately 5 kilometres east of Candelones (Figure 1). Initial mapping has confirmed the presence of the host dacite tuff unit in contact with undifferentiated andesites. Significant zones of silicification have also been identified. The detailed mapping will assist in prioritizing areas for follow up trenching and drilling.
One drill has been mobilized to the Rancho Pedro target, approximately 5 kms east of Candelones (Figure 1). This drill will test the mapped dacite tuff - andesite contact in an area of strong silicification. This contact zone is coincident with a strong, soil geochemical anomaly and a strong Induced Polarity ("IP") response. These four factors were key indicators that led to the discovery of the Candelones Extension mineralization. An initial series of four drill holes are planned at Rancho Pedro and additional holes are contingent on initial results.
Premier Mining Destination - Dominican Republic
The Dominican Republic is host to world-class gold and base metal mines and deposits. The government supports development and exploration in the mining sector. In addition, the country has well established Mining Laws and Environmental Laws. Unigold's wholly owned flagship property, Neita is compliant with all mineral and environmental requirements and work is conducted to internationally accepted environmental and social standards. The Neita concession exploration license was renewed in 2012 and is in good standing.
Unigold has sufficient funding to meet the goals and objectives established for the current exploration program.
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.
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 the 8 figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/612ugd_maps.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 M. Cheatle, P.Geo
President & CEO
acheatle@unigoldinc.com
Unigold Inc.
Ms. Amanda Dillon
Investor Relations
416.866.8157
adillon@unigoldinc.com
www.unigoldinc.com
