Unigold Expands Near Surface Gold Mineralization at Connector Zone
TORONTO, ONTARIO -- (Marketwire) -- 03/01/13 -- Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE: UGD) is pleased to announce that ongoing drilling has identified near surface gold mineralization at the Candelones "Connector Zone" located within the Company's wholly owned 22,616 hectare Neita Concession in the Dominican Republic. Results have been received to date on ten core holes from the Connector Zone.
Highlights include:
- DCZ 10 50.0 m averaging 1.51 g/t gold including 18.2 m averaging
2.99 g/t gold.
- DCZ 09 33.0 m averaging 1.79 g/t gold.
- DCZ 06 42.0 m averaging 1.16 g/t gold.
Table 1: Candelones Connector Zone Initial Results: (Figure 2, Figure 5,
Figure 6)
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From To Interval Au Ag Cu Zn
Hole ID (m) (m) (m) (g/t) (g/t) (%) (%)
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DCZ10 2.00 52.00 50.00 1.51 8.8 0.1 0.2
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includes 2.00 20.20 18.20 2.99 21.9 0.0 0.0
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DCZ09 0.00 33.00 33.00 1.79 8.9 0.1 0.2
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DCZ08 15.00 36.50 21.50 0.60 6.4 0.1 0.0
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DCZ07 0.00 26.00 26.00 0.94 9.6 0.2 0.1
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DCZ06 0.00 42.00 42.00 1.16 4.1 0.1 0.2
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No significant
DCZ05 results
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DCZ04 17.90 59.00 41.10 0.84 3.9 0.1 0.1
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includes 17.90 27.70 9.80 1.52 5.3 0.0 0.0
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DCZ03 13.50 23.00 9.50 0.87 7.4 0.0 0.0
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No significant
DCZ02 results
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No significant
DCZ01 results
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Intervals reported above do not represent true widths, which cannot be
estimated at this time.
"The presence of near surface mineralization in our initial drilling at the Connector Zone continues to positively demonstrate additional gold mineralization within our Neita Property and reinforces the success we have had following up on recently identified IP targets within our Neita Concession," stated Andrew Cheatle, President and CEO of Unigold. "There are a number of untested IP anomalies within our project area that we are currently evaluating and prioritizing as we continue to build on our success in this exciting world-class exploration district."
The Candelones "Connector Zone"
The Connector Zone lies between the Candelones "Main" and the evolving Candelones "Extension" zones. It has been mapped and sampled over a 700+ m strike length. Geological mapping of the Connector Zone identified significant silicification and alteration in surface outcrop. Initial surface trenching returned anomalous to strong gold values from continuous chip sampling. Drilling is ongoing with the objective of tracing the mineralized footprint at the Connector Zone.
Table 2: Results of recent continuous rock chip sampling at the Connector
Zone
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Sample Interval
Zone Line (m) Au g/t
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SE 26 15.0 0.55
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Connector 28 6 1.04
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Connector 29 27 1.36
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SE 30 57 0.83
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Main/Connector 31 38 1.36
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Note: Continuous rock chip samples were taken from mechanically excavated
trenches and outcrops, with samples lengths ranging from 3 to 5 m summarized
in the table above.
Potential
Unigold is committed to extending its current mineralization footprint at the Candelones area on the wholly owned Neita Concession in the Dominican Republic. Unigold has initially focused on exploration to increase the known mineralized footprint from the original Candelones Main Zone in the north west, through the newly discovered Candelones Connector Zone and into the Candelones Extension Zone which lies to the north east. Altogether, there is potential for a zone of gold mineralization extending over 3.0 kilometres in length.
Beyond the immediate work outlined above, the Company intends to test other regional targets in 2013. Primary targets include; Montazo, Guano, Naranjo, (collectively known as MGN), Loma de Montazo, Rancho Pedro, Juan Del Bosque and Cerro Simon (Figure 7). All of these targets have strong soil geochemical anomalies and coincident strong IP anomalies. Surface mapping and geochemical rock sampling is under way to assist in prioritization of these target areas.
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 is well funded with approximately $6.7-million cash.
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. 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). 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.
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.
To view the 7 figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/857028FIG.pdf.
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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