UGD-V
Unigold Inc.: Drilling Intersects 36.0 Metres Averaging 1.53 g/t Au Including 18.0 Metres Averaging 2.36 g/t Au at Candelones Extension
September 03, 2013 11:58 EDT
TORONTO, ONTARIO--(Marketwired - Sep 3, 2013) - Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) reports results from the ongoing 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 91 | 76.5 metres averaging 0.85 g/t Au including; | | 36.0 metres averaging 1.53 g/t Au including; | | 18.2 metres averaging 2.36 g/t Au; | | •LP 89 | 22.2 metres averaging 1.96 g/t Au including; | | 8.2 metres averaging 4.89 g/t Au; |
This latest drill program focused on completing the planned 100 x 100 metre drill grid in support of the initial resource estimate that is in progress and planned for release in the fourth quarter. The limits of the Extension Zone remain open at depth.
"The most recent phase of drilling continues to define the large mineralization system at Neita and Candelones," said Andrew Cheatle, President and CEO. "The Company has now successfully tested the 3km mineralization trend at Candelones and focus moves to making new discoveries while completing our initial NI 43-101 compliant mineral resource. With over 25 gold and copper targets to evaluate and drill we remain both optimistic and excited about the potential and possibilities of a new discovery at Neita."
Candelones Extension Zone
Holes LP 83 through 92 were drilled to complete the 100 x 100 metre drill grid in advance of the initial resource estimate for the Extension Zone. In addition, holes LP 88 and LP 91 were drilled to provide a series of drill sections on 50 metre spacing, to confirm the continuity of the Extension Zone mineralization.
Results from the Candelones Extension Zone are summarized in Table 1 below:
TABLE 1 - Significant Results - Candelones Extension Zone (Figure 1)
| Hole ID | From | To | Interval | Au | Ag | Cu | Zn | | | | | (g/t) | (g/t) | (%) | (%) | | LP 85 | 69.5 | 101.0 | 31.5 | 0.93 | NA | NA | NA | | incl | 69.5 | 86.5 | 17.0 | 1.57 | NA | NA | NA | | LP 86 | | | No significant results | | | | LP 87 | 167.0 | 194.0 | 27.0 | 1.03 | NA | NA | NA | | LP 88 | 60.7 | 62.7 | 2.0 | 1.98 | NA | NA | NA | | and | 144.2 | 200.0 | 55.8 | 0.72 | NA | NA | NA | | incl | 166.0 | 197.0 | 31.0 | 1.07 | NA | NA | NA | | LP 89 | 229.8 | 252.0 | 22.2 | 1.96 | NA | NA | NA | | incl | 229.8 | 238.0 | 8.2 | 4.89 | NA | NA | NA | | LP 90 | 107.4 | 139.0 | 31.6 | 0.40 | NA | NA | NA | | LP 91 | 265.3 | 341.7 | 76.5 | 0.85 | NA | NA | NA | | incl | 270.0 | 306.0 | 36.0 | 1.53 | NA | NA | NA | | incl | 272.5 | 290.5 | 18.0 | 2.36 | NA | NA | NA | | LP 92 | 29.5 | 62.5 | 33.0 | 0.45 | NA | NA | NA | | incl | 30.5 | 39.6 | 9.1 | 1.09 | NA | NA | NA |
| | NB: NA carries the meaning No Analyses as the samples highlighted in the Table above were analyzed only for gold and not for base metals as per the historic analyses at Candelones Extension. Also, the intervals stated represent down-hole intervals and not true widths. The Company notes that every effort is made to intersect the targeted mineralization at right angles, thereby providing an approximation of the "true width" of the mineralization. However, pending geological interpretation, true widths cannot be definitively stated at this time. |
Exploration holes LP 72, 73, 74, 76, 77, 80, 81 and 82 targeted mineralization potential away from the north- western edge of the Candelones Extension Zone where field mapping suggested a fault zone may have faulted mineralization down to the north. No significant mineralization was intersected at depth.
Holes LP 75, 78 and 79 targeted two Induced Polarity ("IP") anomalies approximately 400 metres to the east the Candelones Extension Zone. These holes intersected pervasive sulphides and anomalous gold mineralization but no significant zone of sustained high grade gold mineralization.
Regional Exploration
The Company is focused, in addition to the NI 43-101 compliant mineral resource work, on making new discoveries at Neita. With over 25,000 soil, rock chip and stream sediment samples in its Neita database the Company is well positioned to follow-up on more than 25 identified gold and copper targets.
Detailed surface mapping of Montazo, Guano Naranjo target ("MGN"), and the Juan de Bosques target, both approximately 5 km to the northeast of the Extension Zone, is in progress. Trenches have been identified for excavation, mapping and sampling at Guano and Juan de Bosques. Detailed field mapping along the entire 5.0 km trend is planned in the coming months in advance of drill testing.
An initial series of drill holes at Rancho Pedro have been completed and are currently being logged and sampled.
Drilling operations have been temporarily suspended for a six week period to allow Company geologists to continue detailed surface mapping and trenching at the Guano and Juan de Bosques targets in advance of initial exploration drilling.
Drilling operations are expected to resume in mid-September.
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, P.Geo., 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.
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.
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Contact Information
Mr. Andrew M. Cheatle, P.Geo
President & CEO
acheatle@unigoldinc.com
Ms. Amanda Dillon
Investor Relations
adillon@unigoldinc.com
416.866.8157
www.unigoldinc.com |
