Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD, OTCQX:UGDIF,
FSE:UGB1) reports its latest results from 17 exploration drill
holes from Candelones on its 100% owned Neita concession in the
Dominican Republic. The Company is awaiting assay information for a
further 12 drillholes.
In February 2021, drilling transitioned from
largely infill holes towards testing geophysical anomalies around
the defined mineralization at Candelones. These targets covered a
number of prospective areas that were largely ignored over the past
drilling. Exploration drill holes tested the following targets:
Connector Zone – The Connector
zone lies between the Candelones Main mineralization and the
Candelones Extension. This gap area was sparsely drilled in the
past but forms an 800m wide corridor between the two deposits.
Eight drill holes, DCZ20-71 to DCZ21-78, tested coincident Induced
Polarity (“IP”) Chargeability and Resistivity anomalies east of the
currently identified oxide resource. Drilling intersected what we
interpret to be an extensive phreatomagmatic breccia system that
may mark a volcanic vent area. Broad intervals of elevated zinc and
copper grades occur proximal to the observed breccia and there are
intervals of what appears to be intermediate intrusive interlaced
throughout the package. The breccia shows a melange of angular
fragments and shards of numerous rock types including syenitic and
rhyolitic lithologies. Elevated copper and zinc grades were
returned over several tens of meters (DCZ20-74, DCZ21-75) with low
tenor gold enrichment.
The connector zone is currently interpreted to
be a volcanic or hydrothermal vent that may represent the heat
source for the younger epithermal systems that overprint
mineralization to the east. This observation has
positive implications for future exploration in the immediate
vicinity of Candelones.
Candelones Oxide Expansion
Drilling – The oxide mineralization at Candelones Main
forms the basis for a PEA that shows a 35% after-tax IRR (see NR PR
2021-06, April 26, 2021). An expansion of the available oxide
material may enhance the project economics by extending the project
life. Eight holes, DCZOX21-01 through 08, were completed testing
for oxide mineralization based on follow up geological mapping east
of the oxide resource limit. Results for all shallow oxide holes
are pending.
Extension West – Sixteen (16)
holes were completed along 300 meters of strike length to the west
of the Candelones Extension deposit. These holes were drilled from
four platforms and targeted to intersect mineralization beneath
historic drilling. No drilling had been conducted in this area
since 2013. The silicified dacite breccias encountered in these
areas are texturally similar to those found to the east at Target C
and Target B. While silicification and other alteration indicated
that the drills likely passed through epithermal systems, only low
tenor gold and copper was encountered in all reported holes.
Results are pending for six holes.
Extension East – Eight (8)
holes were completed along a 200 meter strike length to the east of
the Candelones Extension, expanding the surface sulphide
mineralization intersected in holes LP20-169 (PR2021-04, March 9,
2021) and LP21-171 (PR2021-05, March 29, 2021). Broad intervals of
low to moderate gold values, similar to those intersected in the
discovery holes, were returned although gold grades as a whole seem
to be decreasing to the east. The Company plans to continue tracing
the low grade mineralization to the east for as long as it
persists. This material is shallow and the sustained intervals
above a 0.50 g/t gold suggest that this mineralization has the
potential to increase both the oxide and near-surface sulphide
resources. Results are pending for the three most easterly
holes.
Eastern Oxides – Blind oxide
mineralization was encountered while drilling LP20-169 (PR2021-04,
March 9, 2021). This mineralization had no surface expression but
returned 14 m grading 2.11 g/t gold with 8.2 g/t silver starting
from 2 metres below surface. Fifteen shallow vertical holes,
covering about 1 kilometre of strike extent, were completed to
evaluate the potential of additional oxide resources in this area
to the east. Results of all 15 holes are pending.
Extension North – One hole was
completed testing a coincident airborne Magnetic low and IP
resistivity high response 800 meters north of the Candelones
resource envelope. Higher grade intervals of 1 to 2 metres with
chalcopyrite veining assaying between 0.5% to 1.5% copper were
intersected. Gold values were generally low. The northerly
anomalies are broad and continuous across 2.5 kilometres of strike
extent. While the gold grades provided little excitement, the
alteration and copper mineralization indicates that the
mineralizing systems are persistent into this underexplored
area.
Montazo – Montazo is a separate
target to the east of Candelones. It appears to be a discrete set
of gold-in-soil and geophysical anomalies clustered into an area
that is along the trend of the Candelones mineralization, about 3.5
kilomteres to the east. Five holes were completed probing the
interpreted andesite-dacite contact at the Montazo target where a
coincident, WNW trending IP chargeability anomaly persists for 2000
meters, parallel to the interpreted andesite – dacite contact. A
four hole fence of drill holes targeted the southern IP
chargeability response and failed to report any significant
mineralization. The Company notes that oxide mineralization at the
top of holes MN21-11 and MN21-13 was not initially sampled. This
oversight was corrected and the samples for the strongly oxidized
dacite breccia from the collar to approximately 20 meters depth has
been submitted for analysis. MN21-14, testing a second IP
chargeability anomaly 500 meters the north, intersected low tenor
gold and silver grades from surface to a depth of 113.0 meters down
hole. Oxide mineralization was encountered over the top 11 metres
in this hole, returning 0.34 g/t gold and 15.8 g/t silver. It is
the Company’s opinion that Montazo remains priority target with an
IP chargeability response similar to the Candelones mineralization
which hosts a 1.0 million ounce measured and indicated resource
with an additional 1.0 million ounces of inferred resource.
Table 1.0 summarizes the results received to
date as well as the holes for which results are
pending. Figure 1.0 is a drill hole location plan
showing the general location of the latest exploration drill
holes.
A detailed review of the geophysical and
geochemical data is in progress. The latest drill results are being
evaluated relative to the historical geochemical and geophysical
data searching for potential vectors to assist with exploration
drill hole targeting particularly along the Montazo, Guano, Naranja
trend to the east of the Candelones Extension resource. No
geophysical work has been completed in this area since 2012. The
Company is examining the utility of completing more advanced
airborne and ground geophysical surveys to support further drill
targeting.
Table 1.0 – Summary of Exploration Drill
Hole Results – June 2021
Target |
Hole (#) |
From(m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Zn (%) |
Extension |
LP20-167 D |
|
NO SIGNIFICANT VALUES |
Extension North |
LP21-175 |
NO SIGNIFICANT VALUES |
Extension West |
LP21-177 |
124.65 |
209.80 |
85.15 |
0.31 |
0.89 |
0.12 |
0.02 |
|
including |
130.10 |
135.00 |
4.90 |
1.17 |
2.60 |
0.29 |
0.00 |
|
including |
188.00 |
191.00 |
3.00 |
0.76 |
1.67 |
1.00 |
0.11 |
|
LP21-179 |
125.10 |
132.70 |
7.60 |
0.36 |
3.83 |
0.15 |
0.08 |
|
and |
165.40 |
201.00 |
35.60 |
0.14 |
0.44 |
0.10 |
0.00 |
|
LP21-181 |
214.00 |
239.00 |
25.00 |
0.16 |
0.64 |
0.07 |
0.24 |
|
LP21-183 |
NO SIGNIFICANT VALUES |
|
LP21-184 |
212.00 |
216.00 |
4.00 |
0.73 |
4.80 |
0.34 |
0.04 |
|
LP21-186 |
279.00 |
306.00 |
27.00 |
0.16 |
0.64 |
0.07 |
0.24 |
|
LP21-188 |
NO SIGNIFICANT VALUES |
|
LP21-190 |
289.80 |
318.00 |
28.20 |
0.14 |
0.61 |
0.08 |
0.05 |
|
LP21-192 |
NO SIGNIFICANT VALUES |
|
LP21-194 |
RESULTS PENDING |
|
LP21-196 |
RESULTS PENDING |
|
LP21-198 |
RESULTS PENDING |
|
LP21-200 |
103.00 |
116.00 |
13.00 |
0.02 |
1.39 |
0.09 |
0.06 |
|
and |
311.00 |
339.00 |
28.00 |
0.04 |
0.86 |
0.31 |
0.01 |
|
including |
316.00 |
320.00 |
4.00 |
0.06 |
2.63 |
1.29 |
0.00 |
|
LP21-202 |
RESULTS PENDING |
|
LP21-204 |
RESULTS PENDING |
|
LP21-206 |
RESULTS PENDING |
Extension East |
LP21-185 |
297.70 |
426.00 |
128.30 |
0.20 |
0.63 |
0.05 |
0.02 |
|
including |
297.70 |
300.05 |
2.35 |
1.67 |
9.54 |
0.06 |
0.54 |
|
including |
335.00 |
379.15 |
44.15 |
0.34 |
0.74 |
0.11 |
0.00 |
|
LP21-187 |
156.80 |
203.00 |
46.20 |
0.95 |
1.26 |
0.06 |
0.81 |
|
including |
158.00 |
176.00 |
18.00 |
1.19 |
1.96 |
0.06 |
0.98 |
|
|
and |
221.00 |
223.00 |
2.00 |
6.64 |
0.25 |
0.02 |
0.00 |
|
and |
306.00 |
343.00 |
37.00 |
0.02 |
0.29 |
0.11 |
0.01 |
|
LP21-189 |
137.00 |
251.00 |
114.00 |
0.50 |
0.97 |
0.03 |
0.29 |
|
including |
137.00 |
210.00 |
73.00 |
0.55 |
1.21 |
0.03 |
0.32 |
|
including |
137.00 |
144.00 |
7.00 |
1.15 |
4.16 |
0.49 |
0.57 |
|
LP21-191 |
80.00 |
200.00 |
120.00 |
0.36 |
0.32 |
0.03 |
0.11 |
|
including |
95.00 |
159.00 |
64.00 |
0.57 |
0.33 |
0.04 |
0.19 |
|
including |
124.00 |
134.00 |
10.00 |
1.80 |
0.67 |
0.05 |
0.82 |
|
LP21-193 |
RESULTS PENDING |
|
LP21-195 |
RESULTS PENDING |
|
LP21-197 |
9.65 |
95.15 |
85.50 |
0.50 |
2.22 |
0.07 |
0.34 |
|
including |
35.65 |
57.00 |
21.35 |
1.38 |
5.87 |
0.18 |
1.14 |
|
LP21-201 |
RESULTS PENDING |
Eastern Oxides |
LPOX21-01 - 15 |
RESULTS PENDING |
Table 1 continued on next page…Table
1.0: Continued
Target |
Hole (#) |
From(m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Zn (%) |
Connector |
DCZ20-72 |
287.00 |
305.00 |
18.00 |
0.76 |
1.40 |
0.01 |
0.07 |
|
including |
290.00 |
295.00 |
5.00 |
1.72 |
1.66 |
0.02 |
0.14 |
|
DCZ20-73 |
267.00 |
283.00 |
16.00 |
0.29 |
1.69 |
0.01 |
0.12 |
|
and |
304.00 |
315.00 |
11.00 |
0.41 |
0.58 |
0.02 |
0.13 |
|
DCZ20-74 |
117.00 |
122.00 |
5.00 |
0.05 |
1.26 |
0.02 |
0.57 |
|
|
and |
122.00 |
140.00 |
18.00 |
RESULTS PENDING |
|
and |
140.00 |
150.00 |
10.00 |
0.02 |
0.25 |
0.04 |
0.82 |
|
and |
195.00 |
241.00 |
46.00 |
0.06 |
1.11 |
0.16 |
0.00 |
|
DCZ21-75 |
265.00 |
295.00 |
30.00 |
0.03 |
0.38 |
0.07 |
1.59 |
|
DCZ21-76 |
85.15 |
116.25 |
31.10 |
0.02 |
1.94 |
0.04 |
0.27 |
|
DCZ21-77 |
132.00 |
139.60 |
7.60 |
0.01 |
0.81 |
0.18 |
0.01 |
|
DCZ21-78 |
NO SIGNIFICANT VALUES |
|
DCZOX21-01 - 08 |
RESULTS PENDING |
Montazo |
MN21-10 |
NO SIGNIFICANT VALUES |
|
MN21-11 |
NO SIGNIFICANT VALUES |
|
MN21-12 |
NO SIGNIFICANT VALUES |
|
MN21-13 |
69.20 |
72.00 |
2.80 |
0.05 |
1.52 |
0.53 |
0.00 |
|
MN21-14 |
0.00 |
113.00 |
113.00 |
0.12 |
3.36 |
0.02 |
0.08 |
|
including |
0.00 |
11.10 |
11.10 |
0.34 |
15.80 |
0.00 |
0.00 |
|
|
including |
80.00 |
104.60 |
24.60 |
0.14 |
3.01 |
0.05 |
0.22 |
(1) Interval represents drilled length in meters and not true
width. |
Figure 1.0 – Drill Hole Locations – June
2021: https://www.globenewswire.com/NewsRoom/AttachmentNg/d6df64f6-4227-4594-80a9-17c6f4ae1e40
QA/QC
Diamond drilling utilizes both HQ and NQ
diameter tooling. Holes are established using HQ diameter tooling
before reducing to NQ tooling to complete the hole. The core is
received at the on-site logging facility where it is, photographed,
logged for geotechnical and geological data and subjected to other
physical tests including magnetic susceptibility and specific
gravity analysis. Samples are identified, recorded, split by wet
diamond saw, and half the core is sent for assay with the remaining
half stored on site. A minimum sample length of 0.3 meters and a
maximum sample length of 1.5 metres is employed with most samples
averaging 1.0 meters in length except where geological contacts
dictate. Certified standards and blanks are randomly inserted into
the sample stream and constitute approximately 5-10% of the sample
stream. Samples are shipped to a sample preparation facility in the
Dominican Republic operated by Bureau Veritas. Assaying is
performed at Bureau Veritas Commodities Canada Ltd.’s laboratory in
Vancouver, B.C. Canada. All samples are analyzed for gold using a
50 gram lead collection fire assay fusion with an atomic adsorption
finish. In addition, most samples are also assayed using a 36
element multi-acid ICP-ES analysis method.
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 CaribbeanUnigold is a Canadian based mineral
exploration company traded on the TSX Venture Exchange under the
symbol UGD, the OTCQX exchange under the symbol UGDIF, and on the
Frankfurt Stock Exchange under the symbol UGB1. The Company is
focused primarily on exploring and developing its gold assets in
the Dominican Republic. The Candelones oxide gold deposit is within
the 100% owned Neita Fase II exploration concession located in
Dajabón province, in the northwest part of the Dominican Republic.
The Candelones project area is about 20 kilometers south of the
town of Restauraćion. The oxide deposit occurs at surface as a
result of the tropical weathering of underlying mineralization.
Unigold has been active in the Dominican Republic since 2002 and
remains the most active exploration Company in the country. The
Neita Fase II exploration concession is the largest single
exploration concession covering volcanic rocks of the Cretaceous
Tireo Formation. This island arc terrain is host to Volcanogenic
Massive Sulphide deposits, Intermediate and High Sulphidation
Epithermal Systems and Copper-gold porphyry systems. Unigold has
identified over 20 areas within the concession area that host
surface expressions of gold systems. Unigold has been concentrating
on the Candelones mineralization and continues to expand the deeper
sulphide resources with on-going drilling.
Forward-looking Statements
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.
For further information please visit www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
jhamilton@unigoldinc.com
T. (416) 866-8157
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