Toronto, Ontario, November 1, 2012
-- Unigold Inc. ("Unigold" or the "Company")(TSX-V:UGD) is pleased to announce assay results recently received from six drill holes from the ongoing drilling program at the Candelones Project. Four of the five holes intersected significant gold mineralization. The project is located within its wholly owned 22,616 hectare Neita Concession, located in the Dominican Republic.
Table 1: Recent drill hole results from Candelones Extension
- Hole LP48: 15.48 m @ 2.53 g/t gold and 1.53% Zinc is located on the Candelones Extension and continues to extend mineralization westward on the second IP anomaly.
Note: True widths are estimated to be equal to drill intercept interval. No top cut applied to assay values.
||Step back to LP20
LP 47 and LP 49 were drilled well to the south of the main IP anomalies at Candelones Extension and were designed to test geological structure. No significant values (NSV) reported.
"Hole LP48 is both a step back to LP20 and westward extension of mineralization on the second, 800 m long Induced Polarization ("IP") anomaly at Candelones Extension," noted Andrew Cheatle, President and CEO of Unigold Inc. "It is a very positive start to demonstrating the continuity of mineralization of this anomaly."
The six reported drill holes were all drilled within the Candelones Extension Zone (Lomita Piña). The results continue to support Unigold's interpretation that the Candelones Extension zone is open in three directions. Drilling to date also demonstrates a very strong correlation between IP chargeability anomalies and mineralization (Figure 1
and Figure 2
To date the Company has received assay results from a total of 49 diamond drill holes at Candelones Extension over an area having a surface expression of approximately 1,000 m E-W by 700 m N-S. Drill holes are on approximate 100 m centers. Thirty of these holes have intersected significant gold mineralization, with important credits in silver, copper and zinc. Seven additional holes have been drilled within the Candelones Extension zone and assay results from holes LP 50, 51, 52, 53A, 54, 55 and 56A are pending (Figure 1
The Company has now defined drill targets between the Candelones Extension and the main Candelones zone (Figure 2
). Exploration programs have successfully defined a zone of intense silicification with strong gold values at surface over an area approximately 700 m x 125 m east of Candelones. Trenching and surface sampling have been completed on this potential connector zone and drilling will commence in early November.
The Company has identified multiple targets outside of the Candelones-Candelones Extension area (Figure 3
). Drilling on these targets will now start mid-December and to advance these targets at a rapid pace, a fourth drill rig is being mobilized to site.
Unigold is well funded with $9.8 million cash and, given the strength of the numbers reported so far of the current drill program, continues working towards a mineral resource on this new discovery.
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. 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
Mr. Andrew Cheatle
President & CEO
Ms. Amanda Dillon
416 866 8157
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