Toronto, Ontario, May 9, 2013
-- Unigold Inc. ("Unigold" or the "Company") (TSX-V:UGD) today reports that drilling continues to expand the Candelones "Extension Zone", at the Company's wholly owned 22,600 hectare Neita Concession in the Dominican Republic.
- LP 68 94.8 metres averaging 1.33 g/t Au, including:
20.0 metres averaging 1.78 g/t Au.
- LP 71 43.0 metres averaging 1.08 g/t Au, including:
5.9 metres averaging 3.33 g/t Au.
Table 1: Recent Drill Results Candelones Extension Zone (Figure 2)
The results reported represent down hole sample intervals and not true widths. All drilling at Candelones Extension is designed to intersect the targeted mineralized zone at right angles and therefore, the results above should approximate true widths.
||No Significant Values- Not Previously Reported
||No Significant Values
||No Significant Values
"The significant results from holes LP 68 and LP 71 extend mineralization 50 metres to the north on anomaly B at the Candelones Extension zone. These results confirm that mineralization is still open to the north and to the west and we are pleased to see the mineralization close to surface in hole LP 68" commented Andrew Cheatle, President and CEO.
The latest results continue to extend the northwestern extent of the Candelones Extension zone (Figure 1). The Candelones Extension has been drill tested along a 1,600 metre strike length to a down dip extent over 300 metres. The gold mineralization varies from several metres up to over 100 metres from holes designed to intersect the mineralization at right angles. The Candelones Extension has been defined through a series of sections spaced 100 metres apart with holes collared at 50 to 100 metre intervals along each section. The mineralization subcrops at surface and dips gently to the southeast.
The current drill program continues to trace the northwestern edge of the Candelones Extension zone (Figure 2) in an effort to determine the full extent of the gold mineralization.
Hole LP 69, (Figure 2) was collared approximately 100 metres south east of hole LP 57 (Section N, PR No. 2013-03-- 77.5 m @ 1.43 g/t Au), failed to intersect any significant values within a weakly altered dacite tuff that was intersected 450 metres from surface. LP 69 intersected what is interpreted to be the favourable contact between andesite and dacite tuff at a depth approximately 350 metres below the mineralization intersected in hole LP 57.
Holes LP 54, 70 and 71 are all drilled on the same section (Section O, Figure 4). Holes LP 54 (No Significant Values -- not previously reported) and LP 70 (No Significant Values) were collared 100 and 300 metres respectively, to the southeast of hole LP 61 (PR No. 2013-06 -- 70.7 m @ 0.37 g/t Au). LP 71, collared 60 metres northwest of LP 65 (PR No. 2013-09 -- 159.5 @ 0.64 g/t Au), intersected 43.0 m @ 1.08 g/t Au at a depth of 97 metres from surface. The Company believes the mineralization is structurally displaced to the northwest and further drilling is planned to confirm this interpretation.
Hole LP 68 (Section P, Figure 5) intersected 94.8 metres averaging 1.33g/t Au at a depth of 48 metres from surface. This hole was drilled approximately 60 metres northwest of hole LP 66 (PR No. 2013-09 -- 155.0 m @ 1.14 g/t Au)
Regional mapping at 1:5000 scale has been completed over the Montazo, Guano and Naranjo ("MGN") target areas that lie entirely within the Neita Concession. Mapping has identified dacite tuff(s) in contact with overlying andesite as well as significant silicic and argillic alteration assemblages. Gold mineralization at Candelones is closely associated with similar lithologies and alteration assemblages suggesting the MGN area is highly prospective for additional gold discovery.
Company field teams are currently completing detailed 1:1000 scale mapping where soil geochemical surveys and the recent induced polarity surveys have identified multiple anomalies. On completion of this detailed geological mapping, drills will be mobilized to the area to test the most prospective anomalies.
Award of Initial Resource Estimate
The Company is pleased to announce that after a competitive bid process, Micon International has been awarded the contract to provide the initial resource estimate and accompanying Technical Report for the Candelones Main, Connector and Extension zones. The Company is targeting completion by the end of the third quarter.
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.
Mr. James Robinson CPG, Vice President Exploration, has submitted his resignation effective May 31, 2013. Unigold wishes to thank him for his contribution in advancing the Candelones project and the Neita property.
Drilling provides both HQ and NQ diameter core for sampling. Holes are 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. -- 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 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.