Unigold Files Technical Report on Candelones Project
24 Diciembre 2013 - 10:09AM
Marketwired
Unigold Files Technical Report on Candelones Project
TORONTO, ONTARIO--(Marketwired - Dec 24, 2013) - Unigold Inc.
("Unigold" or the "Company") (TSX-VENTURE:UGD) is pleased to report
that the Technical Report titled "NI 43-101 Technical Report
Mineral Resource Estimate for the Candelones Project, Neita
Concession, Dominican Republic" has been filed on SEDAR.
The Technical
Report, with an effective date of November 4, 2013, provides the
required technical disclosure supporting the Company's initial, 2.0
million ounce inferred mineral resource estimate for it's
Candelones Project in the Dominican Republic (November 12, 2013
Press Release).
Andrew Cheatle, President and CEO of Unigold notes:
"The filing of the Technical Report for the Candelones
Project Mineral Resource Estimate marks the end of a highly
successful 15 month period for Unigold. During that period, the
Company successfully traced the gold mineralization from Candelones
main hill to the Connector Zone and onto the Candelones Extension,
a distance approaching 3.0 km. We not only established the initial
mineral resource at Candelones, we also identified additional
targets, similar to Candelones, along a mineralized trend that
extends for over 8.0 km along the southern portion of the Neita
Concession." Mr. Cheatle also notes: "Capital conservation is an
important consideration for 2014. Exploration in 2014 will largely
focus on field work and data compilation, particularly of the
largely unexplored northern portion of the Concession which the
Company believes is prospective for large, Cu-Au porphyry type
deposits. The initial portion of the 2014 field season will focus
on reconnaissance mapping and sampling. This will be followed by
data compilation to identify and prioritize targets which, in turn,
will be followed by limited diamond drilling on select
targets."
TABLE 1 - Summary Mineral Resource Estimate for the
Candelones Project. |
Date |
Classification |
Source |
Ore |
Deposit |
Tonnes |
Au |
Au ozs |
Strip |
|
|
|
Type |
|
(x1,000) |
(g/t) |
(x 1,000) |
Ratio |
Nov. 1, 2013 |
Inferred |
Open Pit |
Oxide |
Extension |
- |
- |
- |
- |
|
|
|
|
Main |
2,448.0 |
0.92 |
72.0 |
1.3 |
|
|
|
|
Connector |
1,108.0 |
1.12 |
40.0 |
1.3 |
|
|
|
Subtotal |
|
3,556.0 |
0.98 |
112.0 |
1.3 |
|
|
|
Sulphide |
Extension |
24,223.0 |
1.59 |
1,241.0 |
7.6 |
|
|
|
|
Main |
5,003.0 |
1.16 |
186.0 |
1.3 |
|
|
|
|
Connector |
980.0 |
1.08 |
34.0 |
1.3 |
|
|
|
Subtotal |
|
30,206.0 |
1.50 |
1,461.0 |
6.4 |
|
|
Subtotal |
|
|
33,762.0 |
1.45 |
1,573.0 |
5.8 |
|
|
Underground |
Sulphide |
Extension |
4,977.0 |
2.42 |
387.0 |
|
|
|
|
|
Main |
704.0 |
2.21 |
50.0 |
|
|
|
|
|
Connector |
50.0 |
2.49 |
4.0 |
|
|
|
Subtotal |
|
|
5,731.0 |
2.39 |
441.0 |
|
TOTAL |
TOTAL |
ALL |
|
|
39,493.0 |
1.59 |
2,014.0 |
|
Notes |
1.The mineral resource estimate presented above has
been prepared under the supervision of Mr. Alan J. San Martin,
MAusIMM (CP) and Mr. William J. Lewis (P.Geo.) of Micon
International Ltd., both of whom are "qualified persons" as per the
CIM Standards and independent of Unigold Inc. |
2. The CIM Standards define a Mineral Resource as
"a concentration of material in or on the Earth's crust in such
form and quantity and of such grade or quality that it has
reasonable prospects for economic extraction" the CIM
Standards further define an Inferred Mineral Resource as "that
part of a Mineral Resource for which quantity and grade or quality
can be estimated on the basis of geological evidence and limited
sampling and reasonable assumed but not verified, geological and
grade continuity." The CIM Standards state; "Due to the
uncertainty that may be attached to Inferred Mineral Resources, it
cannot be assumed that all or part of an Inferred Mineral Resource
will be upgraded to an Indicated or Measured Mineral Resource as a
result of continued exploration. |
3. Micon has not identified any legal, political,
environmental or other risks that could materially affect the
potential development of the mineral resource estimate
presented. |
4. The mineral resource estimate presented above
includes both open pit resources; reported within an optimized pit
shell and underground resources; reported below the optimized pit
shell. Both open pit and underground resources are reported above
an estimated economic cut-off grade developed using the following
key economic assumptions. |
Key Economic Assumptions |
Gold Price |
$1500 /oz |
Mining Costs |
Open Pit |
$2.00/tonne |
Underground |
$30.00/tonne |
Process Costs |
Oxide |
$10.00/tonne |
Sulphide |
$18.00/tonne |
G&A Costs |
$2.50/tonne |
Recovery |
Oxide |
95% |
Sulphide |
84% |
Pit slope criteria |
45 degrees |
Est. Cut-off grades |
Open Pit |
Oxide |
0.32 Au g/t |
|
Sulphide |
0.56 Au g/t |
Underground |
Oxide |
Not applicable |
|
Sulphide |
1.25 g/t Au |
The mineral resource and accompanying Technical Report have been
estimated and prepared by Mr. W. Lewis, P.Geo. and Mr. A. San
Martin, MAusIMM(CP) of Micon International Ltd. ("Micon"), a
Toronto based consulting company, independent of Unigold. Mr. Lewis
and Mr. San Martin meet the requirements of a "Qualified Person" as
established by the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Definition Standards for Mineral Resources and
Mineral Reserves (2010) ("the CIM Standards"). The estimate is
based on a long term gold price of US$ 1,500 per ounce.
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
Diamond drilling at the Candelones Project included both HQ and
NQ diameter core for sampling. Holes were 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).
W. Lewis P.Geo., Micon International Ltd., has reviewed and
approved the contents of this press release.
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.
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.
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.
Unigold Inc.Mr. Andrew M. Cheatle, P.GeoPresident &
CEOacheatle@unigoldinc.comUnigold Inc.Ms. Amanda DillonInvestor
Relations416.866.8157416.866.8674adillon@unigoldinc.comwww.unigoldinc.com
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