|By Marketwired .||
|April 8, 2014 07:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 04/08/14 -- 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.
1. 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. 2. 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.
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.
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.
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.
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 (approx. 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.
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.
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.
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.
To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/ugd0408figs.pdf.
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