The Company is currently operating one drill at Candelones Main and a second drill at Candelones Extension. These two drills are completing the final holes in advance of the initial resource estimate to be completed by Micon International during Q3, 2013.
The current drilling at Candelone Main and Candelones Extension is scheduled to be complete by the end of June. The Company anticipates that at least one of the drills will be mobilized to the Montazo, Guano, Naranjo ("MGN") area once drilling in support of the resource estimate is complete. The second drill will resume drilling at the Candelones Connector Zone, following upon the encouraging results from Target 2.
Regional Exploration Targeting "New Discovery" (Figure 1)
Detailed mapping at 1:1000 scale is in progress at MGN, located approximately 5 kilometres east of Candelones (Figure 1). Initial mapping has confirmed the presence of the host dacite tuff unit in contact with undifferentiated andesites. Significant zones of silicification have also been identified. The detailed mapping will assist in prioritizing areas for follow up trenching and drilling.
One drill has been mobilized to the Rancho Pedro target, approximately 5 kms east of Candelones (Figure 1). This drill will test the mapped dacite tuff - andesite contact in an area of strong silicification. This contact zone is coincident with a strong, soil geochemical anomaly and a strong Induced Polarity ("IP") response. These four factors were key indicators that led to the discovery of the Candelones Extension mineralization. An initial series of four drill holes are planned at Rancho Pedro and additional holes are contingent on initial results.
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.
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, PGeo., 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.
To view the 8 figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/612ugd_maps.pdf.
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.
Mr. Andrew M. Cheatle, P.Geo
President & CEO
Ms. Amanda Dillon
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