Toronto, Ontario, November 26, 2012
- Unigold Inc. ("Unigold" or the "Company") (TSX-V:UGD) is pleased to announce additional drill results. Four holes testing Anomalies A and B on the Candelones Extension (Lomita Pina) area returned strong results. Candelones Extension is located within the Company's wholly owned 22,616 hectare Neita Concession, Dominican Republic.
Table 1: Recent drill hole results from Candelones Extension (Figures 1 to 4)
- Drill hole LP 52 returned 69.4 m @ 3.75 g/t gold and 1.6 % zinc, including 15.8 m @ 11.4 g/t gold and 5.1 % zinc.
- Drill hole LP 50 returned 20.2 m @ 2.6 g/t gold and 1.1 % copper
Note: True widths are estimated to be equal to drill intercept interval. No top cut applied to assay values.*2 samples likely exceeded upper detection limits for zinc due to assay methodology and will be re-assayed using other methodologies.
Expanding Mineralization at Candelones Extension
||Easternmost hole on Anomaly A
|| Anomaly B
||Anomaly B. Step Back to LP20. Upper Limit 10% for zinc *
LP 52 is one of the best holes drilled to date at Neita. The reported drill results (LP 51, LP 52 and LP 53) are from the 100 m step-out, systematic drilling program at Candelones Extension focused on the second IP anomaly (IP Anomaly B, Figure 1). Results continue to expand mineralization to the south and west on IP Anomaly B.
Drill hole LP 50 is the easternmost hole drilled to date on IP Anomaly A (Figure 1) and has succeeded in extending mineralization an additional 100 m east.
Both IP Anomalies A and B remain open.
"We were very happy to see grades and widths improve on the step back to LP 20 and LP 48 on Anomaly B." commented Andrew Cheatle, President and CEO, Unigold Inc. "We were also pleased that mineralization extended further to the east on IP Anomaly A."
These drill results have expanded the known mineralization east and west at Candelones Extension. The results continue to support Unigold's interpretation that the Candelones Extension zone is open in three directions. Drilling to date continues to demonstrate a very strong correlation between IP chargeability anomalies and mineralization (Figure 1).
To date the Company has received assay results from a total of 53 diamond drill holes at Candelones Extension over an area having a surface expression of approximately 1,100 m E-W by 700 m N-S. Drill holes are on approximate 100 m centers. Thirty- four of these holes have intersected significant gold mineralization, with important credits in silver, copper and zinc. Five additional holes have been drilled within the Candelones Extension zone and assay results from holes LP 54, 55, 56A, 57, and 58 are pending.
More Targets to Test - More Potential for Success
Unigold is committed to extending its current mineralization footprint at the Candelones area on the wholly owned Neita Concession in the Dominican Republic. The 2012 exploration program has demonstrated exploration success through testing IP anomalies identified in the 2011 survey. The Company plans to continue expanding known mineralized zones. Beyond the immediate work at Candelones, the Company intends to test other regional targets in 2013. Primary targets include Loma de Montazo, Montazo, Rancho Pedro and Naranjo (Figure 5). All of these targets have strong geochemical anomalies and coincident strong IP anomalies. Previous work on the targets did not have the benefit of the 2011 IP survey.
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 is well funded with $9.7 million cash.
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 or contact
Mr. Andrew M. Cheatle, P.Geo
President & CEO
Ms. Amanda Dillon
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.
Figure 1: Candelones area with IP Chargeability, Neita Concession, Dominican Republic
Figure 2: Candelones Extension Grade - Thickness Plan (projected to horizontal)
Figure 3: Section P-P'
Figure 4: Section 0-0'
Figure 5: Neita Property, Regional IP Chargeability