Unigold intersects 16.0 metres averaging 10.78 g/t Au in a new zone to the west of the Candelones resource
August 17 2021 - 6:45AM
Unigold Inc. (TSX.V: UGD, OTCQX: UGDIF, FSE: UGB1) ("Unigold" or
the "Company") reports its latest drill results from exploration
drilling at its 100% owned Neita concession in the Dominican
Republic.
LP21-204 and LP21-206 were collared 50 metres
west of the of the Candelones Extension resource envelope (Ref.
Figures 1.0 and 2.0). The holes were drilled as part of an
exploration program testing the along strike extensions of
mineralization into sparsely drilled areas.
Joe Hamilton, Chairman and CEO of Unigold notes:
“This drilling demonstrates that high-grade mineralization extends
beyond the envelope that defines the most recent Mineral Resource
Estimate. Previous exploration efforts in this area intersected
lithologies that suggested we are getting closer to a volcanic
vent. Although the previous drilling failed to find high-grade
mineralization, it increased our understanding of the structure in
this area and led directly to this new discovery. Our increased
understanding of the structure opens up approximately 1000 metres
of potential strike extension to the west. There is minimal
historic drilling through this gap, and we believe these latest
holes suggest that we have the possibility to increase the mineral
resource at Candelones to the west through further drilling.”
The mineralization at Candelones was likely
continuous during its formation but has been displaced by
post-mineral faulting that parallels the island-wide north-westerly
tectonic fabric (Ref. Figures 1.0 and 2.0). The recognition of this
structural displacement led directly to these intersections and has
opened up a large area to the north-west that remains
undrilled.
LP21-204 and LP21-206 were collared 50 metres
west of the Candelones Extension resource envelope and drilled from
the same platform with LP21-206 undercutting the other drillhole by
about 50 metres. The upper hole, LP21-204, intersected a zone of
intermediate epithermal barite-quartz alteration that carried
significant gold, silver and sphalerite (Ref. Table 1.0). The newly
discovered mineralization appears to be sub-vertical, similar to
the other high-grade epithermal systems drilled at Candelones (Ref.
Figure 3.0).
Table 1.0 – Summary of Exploration Drill Hole Results –
August 2021
Hole (#) |
From(m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Zn (%) |
LP21-204 |
330.00 |
427.00 |
97.00 |
2.52 |
12.10 |
0.12 |
0.63 |
including |
336.00 |
368.50 |
32.50 |
6.41 |
34.80 |
0.16 |
1.21 |
and |
336.00 |
352.00 |
16.00 |
10.78 |
68.90 |
0.24 |
2.35 |
including |
388.00 |
411.00 |
23.00 |
1.44 |
1.43 |
0.15 |
0.42 |
LP21-206 |
344.00 |
361.00 |
17.00 |
0.11 |
0.33 |
0.02 |
0.06 |
and |
395.00 |
425.00 |
30.00 |
2.31 |
2.29 |
0.41 |
0.83 |
including |
418.00 |
423.00 |
5.00 |
5.89 |
2.20 |
0.29 |
2.75 |
Field crews have started to assess regional
exploration targets while awaiting assay results from exploration
drilling. Trenching, mapping and surface sampling is in progress at
Km6 (gold-copper), Neita (copper), MGN (gold) and at Mariano
Cestero (a 10 km long x 1 km wide copper-in-soil anomaly northeast
of the town of Restauración). Follow up drill holes will be
prioritized once results of the surface field work is
completed.
Update on Oxide Starter
Project
Work on the Candelones Oxide starter project
continues. Metallurgical testing of run-of-mine composite material
through large diameter leach columns is in progress. Follow-up
drilling is planned to convert the inferred resources within the
oxide starter pit to indicated status in advance of commencing
feasibility work. Compilation work has highlighted other potential
sources of sub-cropping oxide mineralization and field crews are
evaluating these additional sources through surface mapping,
sampling and trenching.
The Company has retained domestic and
international consultants to assist with the development of an
Environmental Impact Assessment for the Candelones mineralization.
Weather stations have been installed to monitor baseline conditions
throughout the rainy season. We are continuing with the Community
Engagement process that started in 2020. Our efforts for the
remainder of this year will focus on shortening the permitting
timelines around the oxide project as we complete final metallurgy
and look to starting detailed engineering and definitive
feasibility studies.
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 metres and a
maximum sample length of 1.5 metres is employed with most samples
averaging 1.0 metres 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.
Figure 1.0 – Drill Hole Locations – July
2021 – https://www.globenewswire.com/NewsRoom/AttachmentNg/4747aac5-1f89-4c1e-a52b-e0ed01d4329a
Figure 2.0 – Drill Hole Locations – July
2021 – https://www.globenewswire.com/NewsRoom/AttachmentNg/2f401065-5eb4-4ead-8b14-950ab083a785
Figure 3.0: Idealized Cross
Section – https://www.globenewswire.com/NewsRoom/AttachmentNg/a2a6eb8f-2d63-43da-8bcd-16afe00af2fe
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 kilometres 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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