Unigold Intercepts 41 Metres of 1.44 g/t Gold, Extends Mineralization at the Candelones Project, Dominican Republic
06 Junio 2012 - 9:07AM
Marketwired Canada
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.
Assays have been received for drill holes LP24, LP25 and LP26 from the
Candelones Extension (Lomita Pina) zone. Significant results from hole LP26
include:
-- 41.0 meters of 1.44 g/t gold from 312 to 353 metres. Full results
reported in the table below. The Company has also released significant
results of silver, copper and zinc coincident with reported gold values;
these have the potential to add significant credits to the developing
deposit.
"We continue to demonstrate excellent continuity of significant gold
mineralization with hole LP26, which is located 100 m east of 'discovery hole'
LP17 and 200 m east of LP23," comments Andrew Cheatle, President and CEO. "I am
also excited about the fact that our geological team has identified significant
silver, copper and zinc credits in the deposit, which is now being
re-interpreted as having signatures of volcanic hosted massive sulphide
mineralization."
The Company has completed 26 holes to date at the Candelones Extension,
identifying gold mineralization over approximately a 1000 m x 400 m surface
area. Hole spacing to date has been on 100 m centers. Results from the
Candelones Extension are summarized in the table below. Note that holes LP1
through LP23 have been summarized in previous press releases, although without
silver and base metals values.
Table 1: Summary of Candelones Extension (Lomita Pina) Drill Holes
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Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Zn (%)
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LP01 10.6 17.0 6.4 2.97 20.1 0.05 0.37
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LP02 41.8 51.0 8.3 1.00 10.5 0.02 0.24
----------------------------------------------------------------------------
LP03 NSV NSV NSV NSV
----------------------------------------------------------------------------
LP04 75.0 77.0 2.0 1.31 2.6 0.03 0.24
----------------------------------------------------------------------------
LP05 41.0 70.0 29.0 0.68 2.1 0.03 0.24
----------------------------------------------------------------------------
including 41.0 50.0 9.0 1.03 0.8 0.02 0.05
----------------------------------------------------------------------------
LP06 139.0 141.0 2.0 0.61 0.8 0.01 0.09
----------------------------------------------------------------------------
LP07 99.0 144.0 45.0 1.58 3.3 0.03 0.35
----------------------------------------------------------------------------
including 99.0 127.0 28.0 2.24 5.1 0.04 0.47
----------------------------------------------------------------------------
LP08 239.0 240.0 8.0 1.61 13.5 0.03 0.09
----------------------------------------------------------------------------
LP09 37.0 87.0 50.0 1.17 3.0 0.03 0.33
----------------------------------------------------------------------------
including 37.0 72.0 35.0 1.50 3.3 0.02 0.28
----------------------------------------------------------------------------
LP10 95.0 159.0 64.0 1.36 2.6 0.03 0.44
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including 95.0 129.0 34.0 2.01 3.5 0.03 0.52
----------------------------------------------------------------------------
LP11 156.0 173.0 17.0 0.18 1.4 0.07 0.61
----------------------------------------------------------------------------
LP12 57.0 64.0 7.0 1.05 2.4 0.05 0.44
----------------------------------------------------------------------------
and 163.0 164.0 1.0 26.20 5.1 0.29 0.05
----------------------------------------------------------------------------
and 201.0 207.0 6.0 1.46 1.4 0.61 0.01
----------------------------------------------------------------------------
LP13 49.0 51.0 2.0 9.01 2.1 0.28 0.02
----------------------------------------------------------------------------
and 129.0 183.0 54.0 0.40 1.2 0.09 0.44
----------------------------------------------------------------------------
including 137.0 147.0 10.0 1.14 3.0 0.25 1.66
----------------------------------------------------------------------------
LP15 210.0 285.0 75.0 1.38 1.8 0.20 0.28
----------------------------------------------------------------------------
LP16 43.0 75.0 32.0 0.42 1.6 0.01 0.08
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including 57.0 67.0 10.0 0.76 1.5 0.02 0.12
----------------------------------------------------------------------------
LP17 252.0 361.0 109.0 1.73 2.5 0.17 0.03
----------------------------------------------------------------------------
including 252.0 325.0 73.0 2.37 1.8 0.25 0.04
----------------------------------------------------------------------------
including 325.0 363.0 36.0 0.44 4.0 0.00 0.01
----------------------------------------------------------------------------
LP18 200.0 260.0 60.0 1.30 0.6 0.04 0.35
----------------------------------------------------------------------------
including 200.0 237.0 37.0 1.86 0.9 0.03 0.48
----------------------------------------------------------------------------
including 239.0 242.0 3.0 1.01 0.4 0.04 0.37
----------------------------------------------------------------------------
LP19 96.0 120.0 24.0 0.37 0.5 0.03 0.06
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LP20 60.0 80.0 20.0 2.74 16.8 0.13 0.49
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including 60.0 68.0 8.0 6.25 34.5 0.08 0.47
----------------------------------------------------------------------------
and 121.0 158.0 37.0 1.48 20.1 0.11 2.07
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LP21 233.0 263.0 30.0 0.97 4.9 0.13 0.42
----------------------------------------------------------------------------
LP22A 227.0 307.0 80.0 1.60 (iii) (iii) (iii)
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including 227.0 233.0 6.0 7.36 (iii) (iii) (iii)
----------------------------------------------------------------------------
LP23 191.0 261.0 70.0 2.10 3.2 0.18 0.14
----------------------------------------------------------------------------
including 242.0 260.0 17.0 4.71 7.1 0.02 0.19
----------------------------------------------------------------------------
LP24 84.0 85.0 1.0 14.20 3.7 0.14 0.09
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and 240.0 285.0 45.0 0.17 0.5 0.01 0.10
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LP25 155.0 158.0 3.0 0.58 1.1 0.04 0.42
----------------------------------------------------------------------------
LP26 312.0 353.0 41.0 1.44 0.6 0.05 0.03
----------------------------------------------------------------------------
and 377.0 383.0 6.0 1.63 1.0 0.16 0.00
----------------------------------------------------------------------------
and 415.0 418.0 3.0 2.87 1.6 0.17 0.00
----------------------------------------------------------------------------
Note: True widths are estimated to be equal to drill intercept interval.
(iii) no ICP at reporting date
Hole LP 25 was drilled north of the IP target. LP 24 was located to
the NE of the IP target, and a distance from the recently reported
higher grade mineralization.
Based on increasing geological knowledge of its Neita property, Unigold
interprets mineralization at Candelones as a large volcanic hosted massive
sulphide deposit ("VHMS"). Mineralization generally occurs near a stratabound
contact between lower Cretaceous andesite and dacite volcanics. The mineralized
zones have been tilted due to post-mineral tectonic activity. Unigold has mapped
the volcanic package as being part of the favourable Upper Cretaceous Tireo
volcanic sequence, that is believed to host the La Escandalosa (GoldQuest) and
La Miel - Haiti (Eurasian Minerals / Newmont) deposits. This prospective
formation and belt of mineralization is over 150 kms long, oriented NW-SE. The
Pueblo Viejo deposit (Barrick 60%/Goldcorp 40%) is along the same trend, with
proven and probable reserves of 314.5-million tonnes grading 2.48 g/t gold.
These favourable volcanic packages are interpreted as deposited in rifted
shallow basins (back arc) behind the extensive Greater Antilles island arc that
developed during the Cretaceous period near the subduction zone of the North
American Plate colliding with the Caribbean Plate. Unigold believes Candelones
has the potential for containing a world class economic gold deposit, with
significant credits for silver, copper and zinc.
The mineralized zone is divided into Candelones and the Candelones Extension.
Drilling has indicated a potential strike length of three kilometres combining
the two zones. Candelones Extension has been Unigold's main focus since 2010,
with the program accelerating in late 2011 due to the recognition of a major
mineralizing system and successful financing. In 2011, Unigold completed an
Induced Polarization ground survey ("IP") over Candelones. The results defined
distinct chargeability anomalies that geologists interpret to high sulphide
content from deeper zones of mineralization. The recent drilling at Candelones
Extension was based primarily on high IP anomalies. Mineralized intercepts
coinciding with IP highs have been very significant, with thicknesses and grades
potentially increasing "down-dip" to the south. The IP highs appear to have a
direct correlation to mineralized core, which locally has greater than 15%
pyrite, along with lesser sphalerite and chalcopyrite. The Candelones Extension
zone remains open in all directions and at depth.
In the late 1990's the Bureau de Recherche Geologiques et Minieres of France and
state owned company Rosario Dominicana completed the first drilling program at
Candelones, defining a significant deposit. Further drilling by Unigold between
2004 and 2009 resulted in very encouraging results over an area of approximately
400 m x 400 m, to a depth of 200 m. Mineralization is open in all directions
including at depth. Mineralization is locally exposed at surface at Candelones.
The Company has designed a two phase exploration program, with the first phase
designed to expand Candelones Extension, and to define continuity between
Candelones and Candelones Extension. The Company has purchased and received in
country two new Atlas Copco CS-1000 drill rigs. The new drills are being
commissioned and production is expected to begin this week. The new drills will
complement the two existing dills on-site that will be receiving maintenance in
June and July. By July, Unigold plans to have four drills working on the
property.
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 one meter, 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.
For Further Information please visit www.unigoldinc.com.
Forward-looking Statements
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events and financial trends that may affect our future operating results,
financial position and cash flows, may constitute forward-looking statements
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