Unigold Continues to Extend Mineralization at the Candelones Project Including 48.7 m @ 2.48 g/t Gold
TORONTO, ONTARIO -- (Marketwire) -- 08/09/12 -- Unigold Inc. ("Unigold" or the "Company")(TSX VENTURE: UGD) is pleased to announce continued positive results from the ongoing drilling program at the Candelones Project, located within its wholly owned 22,616 hectare Neita Concession, located in the Dominican Republic.
-- LP29 reported 89.0 m @ 1.72 g/t gold, which included 48.7 m @ 2.48 g/t
gold. LP29 was drilled approximately 100 m south east of hole LP28, with
reported assay results (PR. No 2012-11 July 18) 77.0 m @ 3.81 g/t gold.
The results from LP29 indicate that the mineralized zone remains strong
and open down- dip to the southeast (Figure 2: Section L-L').
-- LP31A reported a long intercept of 122 m @ of 0.73 g/t gold. Included in
that interval is 19.4 m @ 1.20 g/t gold and 14.8 m @ 1.24 g/t gold
(Figure 3: Section K-K'). LP31A is approximately 100 m north east from
LP29.
Table 1: Recent drill hole results from Candelones Extension
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Hole ID From To Interval Au Ag Cu Zn Comments
(m) (m) (m) (g/t) (g/t) (%) (%)
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LP29 326.0 415.0 89.0 1.72 2 0.22 0.26 Main Zone- West
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includes 326.0 361.9 35.9 0.89 0.5 0.07 0.20
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includes 366.4 415.0 48.7 2.48 3.3 0.36 0.32
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LP30 440.0 448.0 8.0 1.67 0.5 0.06 0.00 Drilled in East
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LP31A 257.0 379.0 122.0 0.73 1.4 0.12 0.20 Main Zone- West
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includes 257.0 305.0 48.0 0.84 0.7 0.07 0.48
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includes 333.6 353.0 19.4 1.20 3.4 0.23 0.03
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includes 370.9 379.0 14.8 1.24 2.3 0.60 0.10
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and 541.0 546.0 5.0 1.03 0.1 0.09 0.00 Lower Zone?
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Note: True widths are estimated to be equal to drill intercept interval. No
top cut applied to assay values.
"Holes LP29 and LP 31A both continue to demonstrate the exceptional continuity of significant mineralization at Candelones Extension" says Andrew Cheatle, President and CEO of Unigold Inc. "These were two of the deeper holes of our ongoing wide-spaced, 100 m step-out drill program. Focus now shifts to drilling shallower parts of the extensive mineralized system, which remains open at depth and along strike - particularly to the west."
Unigold has completed drilling of six holes within the Candelones Extension deposit and assay results from holes LP 32A, 33, 34, 35, 36, and 37 are pending. (Figure 1: Candelones Drill Holes with IP Chargeability, Neita Concession, Dominican Republic).
The Company currently has three wholly owned drill rigs operating continuously at the Candelones Extension (Lomita Pina) zone. To date, most of the 31 drill holes that have received assay results have been collared on a grid over an area of approximately 400 m x 500 m. Drill holes are on 100 m centers. The Company's current drill program is designed to extend and define mineralization to the west and south.
Unigold is well funded with $7.2 million cash and, given the strength of the numbers reported so far of the current drill program, continues working towards a mineral resource on this new discovery.
VMS / Epithermal Gold-Silver-Copper-Zinc Discovery
The results received from the three completed holes are located on a 100 m step-out drill program extending significant gold mineralization. The results are also interpreted to be the continuation of a mineralized system, extending over three km, which has now been mapped and identified from an IP Survey. The intersections are located approximately two km east of the Candelones gold deposit, which lies on the same IP anomaly. To date, there has been no drilling that has fully tested the IP anomaly between the current program at Candelones Extension and the Candelones deposit. Mineralization remains open along strike, dip and at depth.
QA/QC
Core drilling is being done primarily with NQ. 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. 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). Jim Robinson, C.P.G., Vice President - Exploration of Unigold, and a Qualified Person under National Instrument 43-101, has designed and supervised the program, and 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 Figure 1: Candelones Drill Holes with IP Chargeability, Neita Concession, Dominican Republic please visit the following link:
http://media3.marketwire.com/docs/Unigold88Fig1.pdf
To view Figure 2: Section L-L' please visit the following link:
http://media3.marketwire.com/docs/Unigold88Fig2.pdf
To view Figure 3: Section K-K' please visit the following link:
http://media3.marketwire.com/docs/Unigold88Fig3.pdf
To view Figure 4: Candelones Extension Grade - Thickness Plan (projected to horizontal) please visit the following link:
http://media3.marketwire.com/docs/Unigold88Fig4.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 & CEO
416 866 8157
acheatle@unigoldinc.com
Unigold Inc.
Amanda Dillon
Investor Relations
416 866 8157
adillon@unigoldinc.com
www.unigoldinc.com