TORONTO, March 20, 2020 (GLOBE NEWSWIRE) -- Unigold Inc. (“Unigold” or the “Company”) (UGD.V) is pleased to announce results from its ongoing drill program at the Candelones Extension deposit, part of the Company’s 100% owned Neita Concession in the Dominican Republic.
Drill hole LP20-144 was positioned to target an undrilled area of low interpolated gold values in the historical mineral resource estimate. LP20-144 intersected a broad zone of disseminated mineralization that, like other areas within the pit-constrained resource, is consistent in both grade and continuity. A total of 95.5 meters averaging 1.23 g/t Au, 2.1 g/t Ag, 0.10% Cu and 0.34% Zn was returned. LP20-144 targeted the area 75 meters below holes LP19-140 (38.0 meters averaging 2.43 g/t Au, 48.2 g/t Ag, 0.15% Cu and 1.66% Zn) and LP19-142 (60.4 meters averaging 1.51 g/t Au, 5.1 g/t Ag, 0.07% Cu and 0.77% Zn)(Ref. Figure 1.0).
Joe Hamilton, Chairman and CEO of Unigold notes: “LP20-144 is the third consecutive hole to intersect broad, mineralization at the andesite – dacite contact that was not intersected in the historical, wide-spaced drill pattern. These new intersections lie within 150 meters of surface. Reported grades are elevated relative to our 2013 inferred mineral resource estimate. These holes tested a 100 meter gap in the historical drill coverage and the results exceeded our expectations. We believe there are similar opportunities to drill gaps in the pit-constrained resources that may help to convert the inferred mineral resources to the indicated classification, one of the stated objectives of the current drill campaign. In addition, finding this thickness of mineralization at the eastern end of the pit may allow for a reduction in the historic stripping ratio by converting areas that were previously classified as ‘in-pit waste’ to mineralized blocks. Once again, the flexibility of this deposit is demonstrated with broad swaths of gold-bearing material surrounding high-grade gold and silver feeder zones. The distribution of grade within the deposit allows both selective and bulk mining methods to be considered in any development scenario.”
Further to the east, drillhole LP20-145B was positioned at the eastern edge of drilling, 50 metres below a previous gold-copper massive sulphide intersection at Target A. LP20-145B intersected 4.0 meters averaging 2.00 g/t Au, 1.9 g/t Ag, 0.64% Cu and 0.01% Zn in scattered, stringer sulphide mineralization. The base of the massive sulphide lens is interpreted to lie above LP20-145B (Ref. Figure 2.0). This result continues to suggest that the massive sulphide is relatively flat lying, discordant to the andesite-dacite contact and extends to the east. Additional drilling will be planned in our Phase 2 program to test the area above and further to the east of LP50 (18.5m averaging 2.49 g/t Au, 4.9 g/t Ag, 1.05% Cu, 0.02% Zn).
|Table 1.0 – Summary of Significant Results |
|Hole ID||From (m)||To (m)||Interval(1)(m)||Au (g/t)||Ag (g/t)||Cu (%)||Zn (%)||Au Eq (g/t)|
(1) Intervals are reported as drilled length not true width. There is insufficient data at this time to estimate true width.
Figure 1.0 – Au Grade x Thickness Contours – Longitudinal Section Looking North at 015 Azimuth is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a5be9d8-7eaf-468a-a8bd-37d8df8f3ca4
Figure 2.0 – Compilation Section Looking East – LP20-145B is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/857e11f0-1b96-4451-8cce-1c8a7cf4ac1b
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 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.
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