Unigold Provides Exploration Update for the Neita Concession in the
Dominican Republic
TORONTO, ONTARIO--(Marketwired - Apr 8, 2014) - Unigold Inc.
("Unigold" or the "Company") (TSX-VENTURE:UGD) is pleased to
provide an update on its ongoing exploration work at the Neita
Concession and advancement of the Candelones deposit.
- Advancing Candelones:
building on a solid foundation On November 12, 2013, the
Company announced its maiden mineral resource estimate for the
Candelones Main, Connector and Extension deposits (collectively
"the Candelones deposit"), an inferred mineral resource of 39.5
million tonnes averaging 1.6 g/t gold for 2.0 million ounces of
gold. Work is currently in progress on metallurgical testing, prior
to possible commencement of a Preliminary Economic Assessment later
in 2014.
- Focus on making new
discovery: Neita is target rich Exploration within the
highly prospective Tireo Formation 'belt' in the Dominican
Republic, has recently, identified approximately 5.0 million gold
equivalent ounces. The Tireo Formation 'belt,' is a 40 km wide
sequence of intermediate volcanic and volcanoclastic rocks that
bisects the island of Hispaniola and which has seen limited modern
exploration. Approximately 85% of exploration expenditures to date
at Neita have focused on the Candelones - Guano trend which strikes
ENE along the southern half of the Concession (Figure 2). With the
successful completion of the initial mineral resource estimate at
Candelones, the Company is also focusing its efforts in 2014
towards a "new" discovery.
Andrew Cheatle,
President and CEO of Unigold notes: "We are very excited to have a
significant land position in what is rapidly emerging as one of the
premier exploration districts in the world today. With our maiden
mineral resource estimate completed, and additional metallurgical
testing underway we can now focus on making a new discovery in the
Dominican Republic while simultaneously advancing Candelones. We
are confident that our field programs and data analyses will allow
us to effectively prioritize target areas to maximize the
efficiency of our future drilling, which we expect to resume by
mid-2014."
To achieve a new
discovery, the Company's efforts during the first half of 2014 is
on regional scale mapping of the largely untested northern half of
the Concession where geochemical and geophysical data define
several highly prospective areas of copper-gold enrichment. At the
same time, results of exploration drilling at various gold targets
in the southern half of the Concession will be critically evaluated
with a view to streamlining target selection and improving target
selection for follow-up drilling.
Once the northern
sector mapping is complete, the remaining target areas will be
evaluated, prioritized and the targets offering the most upside
potential will be selected for drill testing during H2, 2014.
Exploration Update:
During the fourth
quarter of 2013, the Company was focused on delivering its maiden
mineral resource estimate for Candelones deposit. With that
objective successfully completed, the Company drill tested select
targets along the interpreted Candelones - Guano mineralized trend
(Figure 1 and 2). In late Q3 and Q4 2013, the Company drilled the
Rancho Pedro, Juan del Bosques and Montazo targets (Figure 1 and
2). Wide zones of anomalous gold mineralization were intersected
and these were associated with IP anomalies. Follow-up work is
required.
Montazo:
Drilling at Montazo,
located 3.0 km to the northeast of the Candelones Extension Zone,
was targeted to follow up on anomalous results from surface mapping
and trenching that were coincident with an IP chargeability anomaly
located along the interpreted contact between andesite
volcanoclastics and the favourable dacite tuff horizion hosting the
mineralization at the Candelones Extension.
Significant results
include:
MTZ13-02 |
50.0
metres averaging 0.60 g/t Au, 9.2 g/t Ag, 0.1% Cu and 0.2% Zn
including 10.5 metres averaging 1.39 g/t Au, 4.8 g/t Ag, 0.0% Cu
and 0.2% Zn and |
MTZ13-09 |
6.75
metres averaging 0.53 g/t Au, 1.3 g/t Ag, 0.0% Cu and 0.3% Zn |
Both MTZ13-02 and
13-09 were drilled on the same section, testing below favourable
results returned from surface sampling and trenching within a zone
of intense silicification mapped on surface.
Rancho Pedro:
The Company
completed 13 holes (3955 metres) at Rancho Pedro, approximately 6.0
kilometres east of the Candelones discovery. The drilling targeted
a +100 ppb gold in soil anomaly coincident with a 500 m x 100 m IP
chargeability anomaly, both of which occurred at the interpreted
boundary between andesite volcanoclastics with dacite tuffs, the
favourable contact hosting the mineralization at Candelones.
Drilling intersected
broad intervals of dacite porphyry containing trace amounts of
finely disseminated pyrite and chalcopyrite cut by minor veinlets
chalcopyrite, typically less than 2.0 cm in width. Analytical
results indicate anomalous gold, copper and zinc grade over several
tens of metres.
Significant results
include:
DRP-05 |
68.0
metres averaging 0.05 g/t Au, 1.1 g/t Ag, 0.2% Cu and 0.1% Zn |
DRP-11 |
63.0
metres averaging 0.12 g/t Au, 2.1 g/t Ag, 0.1% Cu and 0.2% Zn
and |
DRP-12 |
73.8
metres averaging 0.13 g/t Au, 2.3 g/t Ag, 0.0% Cu and 0.5% Zn |
The finely
disseminated pyrite and chalcopyrite observed in the drill core is
believed to have generated the chargeability anomaly tested. As a
result, drilling at Rancho Pedro was suspended pending further
review of the data.
Juan del
Bosques:
The Company
completed 4 holes (1,305 metres) at the Juan del Bosques target,
2.5 kms northeast of Rancho Pedro. Drilling at Juan del Bosques
targeted an area of low grade gold results returned from surface
trenches.
Significant results
include:
JB13-20 |
45.3
metres averaging 0.34 g/t Au, 2.8 g/t Ag, 0.0% Cu and 0.0% Zn
and |
JB13-21 |
25.0
metres averaging 0.24 g/t Au, 2.4 g/t Ag, 0.0% Cu and 0.0% Zn |
Results were
consistent with the values encountered in the surface trenching.
Drilling at Juan del Bosques was suspended pending further review
and analysis of the historical results.
2014 Exploration Plan:
detail
Unigold's
exploration to date has largely been limited to the southern 25% of
the Neita Concession, tracing the gold enriched trend defined from
Candelones to Guano, approximately 10.0 kms to the ENE. While this
trend has proven to hold significant potential for additional gold
discoveries, the Company considers it prudent to evaluate the
remaining 75% of the Concession which has seen limited, if any,
follow up exploration on a number of exciting copper and gold
anomalies defined through soil geochemistry and regional airborne
MAG.
The Company is
currently focused on regional scale mapping of the northern half of
the Concession. Current data suggests that the northern portion of
the Concession is dominated by more mafic volcanic and
volcanoclastics rocks, interpreted by some to represent the older
rocks of the Lower Tireo Formation. The southern portion of the
Concession is dominated by younger, more felsic volcanic and
volcanoclastics rocks from the Upper Tireo sequence. The contact
between the Upper and Lower Tireo is currently interpreted to be a
thrust fault that trends to the NW and essentially bisects the
Concession (Figure 2).
Soil geochemistry
indicates a very distinctive break along the mapped contact area.
Airborne MAG also demonstrates a coincident linear feature that
mirrors the contact as mapped.
The soil
geochemistry clearly indicates that the Lower Tireo has a stronger
copper response than the Upper Tireo while the gold geochemistry is
completely opposite, favouring the more felsic volcanic and
volcanoclastic rocks of the Upper Tireo.
Initial targets of
interest that, with the exception of Corozo, have not been drill
tested to date include:
- The northern copper trend - a large, (8.0 km x 2.0 km) copper
in soil anomaly trending NW, parallel to the regional geological
fabric located approximately 11 kms NE of Candelones;
- Corozo - a coincident copper, gold and molybdenum soil anomaly
measuring approximately 500 m in diameter located in the NW corner
of the Concession approximately 12 km NNW of Candelones and
- Jiminez, a rock geochemical target demonstrating high grade
(+2.0 g/t Au) located 8.0 kms NNE of Candelones.
Metallurgy
A composite bulk
sample weighing approximately 1,500 kgs, was received by SGS
Mineral Services ("SGS") in Chile. This composite sample was
collected from the Candelones Extension deposit. The sample is
comprised of more than 220 individual 2.0 metre half core samples
collected from three different drill holes on three different
sections of the Candelones Extension deposit.
SGS will prepare
separate composites that approximate the average grade of the
deposit as estimated by the inferred mineral resource estimate
(~1.6 g/t Au). SGS will evaluate the Bond Work Index, grinding and
regrinding kinetics, rougher and cleaner flotation recovery,
gravity recovery and locked cycle flotation tests to determine the
potential metallurgical recovery at the Candelones Extension.
Testing commenced in
early February and initial results are expected by June, 2014.
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).
Wes Hanson P.Geo.,
Chief Operating Officer of Unigold, has reviewed and approved the
contents of this press release.
About Unigold Inc.
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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statements contained in this document, including statements
regarding events and financial trends that may affect our future
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Unigold Inc.Mr. Andrew M. Cheatle, P.GeoPresident &
CEO416.866.8157416.866.8674acheatle@unigoldinc.comUnigold Inc.Ms.
Amanda DillonInvestor
Relations416.866.8157416.866.8674adillon@unigoldinc.comwww.unigoldinc.com
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