Unigold Inc. Press Release: 2020-22, OCT14, 2020 1 UNIGOLD INC.
Unigold Inc. Press Release: 2020-22, OCT14, 2020 1
UNIGOLD INC.
P.O. Box 936, STN Adelaide, Toronto, ON, Canada, M5C 2K3
T. (416) 866-8157
www.unigoldinc.com
PR No. 2020-22
Unigold Intersects 8.0 Meters Averaging 16.48 g/t Au at Target C, Candelones
Extension Deposit
• LP20-160 intersected 8.0 meters averaging 16.48 g/t Au, 57.7 g/t Ag, 0.3%
Cu and 0.8% Zn;
• Consistent mineralization shows most assays between 5 g/t and 42 g/t Au
• Newest intersection is only 125 meters from surface;
• Highest grades occur at Target C proximal to late mafic dikes;
• Magnetic mafic dikes appear to be highlighting the location of feeder
systems which may allow for more precise drill targeting;
• Eleven (11) holes totalling 3751 meters have been completed to date.
Toronto, Ontario, October 14, 2020 – Unigold Inc. (“Unigold” or the “Company”) (TSX-
V:UGD; OTCQX:UGDIF; FSE: UGD1 ) is pleased to announce results from its ongoing
exploration drilling at the Candelones Extension deposit, part of the Company’s 100%
owned Neita Concession in the Dominican Republic.
A total of 11 holes (3751 meters) of the planned 15,000 meter drill program have
been completed to date. Drilling is currently testing epithermal mineralization at
Targets B and C of the Candelones Extension. The proposed drilling is designed to
increase the geological confidence for future mineral resource estimates and to test
for extensions of the high grade targets at depth and along strike. Drilling at Target
C is focused on tracing an interpreted fault structure which has been intruded by a
late mafic dike. High grade gold and silver with associated copper and zinc
mineralization is localized at or near the contact of the magnetic dike suggesting that
this could represent a potential marker horizon to guide future drilling.
Joe Hamilton, Chairman and CEO of Unigold notes: “ These initial results continue to
demonstrate the exploration potential of the Candelones Project and our increasing
knowledge base which is evolving with each drill hole. The systems at Candelones remain
open, and drilling is identifying new zones in unexpected areas. LP20-160 intersected the
high grade mineralization 90 meters higher than anticipated. We interpret that the high
grade mineralization is fault offset towards surface in the system. This new intercept is
Unigold Inc. Press Release: 2020-22, OCT14, 2020 2
within 125 meters of surface. The location of the mineralization indicates that there is a
150 to 200 meter vertical gap in drill coverage along the andesite -dacite contact below
this intercept. The interpreted sub-vertical faulting, intensity of brecciation and presence
of mafic dikes make this gap in drill coverage a high priority target for additional drilling,
especially in light of the grades intersected in our latest hole. The close spatial association
of high grade mineralization with late , barren mafic dikes is evolving into a possible
targeting tool that we hope to exploit in future d rill planning. Several mafic dike s have
been identified in the hanging wall andesites and we are currently projecting these to the
andesite-dacite contact where we believe further high grade mineralization may be
localized.
We continue to successfully monitor the ongoing drill program. Assay results have been
delayed to date but we expect that new results will now be received on a regular basis .
We are continuing to step out from the known high grade mineralization in 25 to 50 meter
increments as we seek to expand the footprint of mineralization. Once sufficient
analytical results are available, we will be able to adjust the drill plan to target the highest
grade mineralization in undrilled areas.”
LP20-160 (Target C) was collared 20 meters east of LP57 (12.99 meters averaging
5.95 g/t Au, 4.2 g/t Ag, 0.07% Cu and 0.70% Zn) and 20 meters west of LP91 (9.0
meters @ 3.0 g/t Au) . LP20-160 intersected the target mineralization 90 meters
higher in the system than anticipated. Mineralization occurs in a silicified dacite tuff
breccia showing a silica-barite matrix with up to 15% sulphides. The mineralization is
localized in the footwall of a mafic dike possibly highlighting a reactivated fault
system that served as a conduit for mineralization . The dip of the andesite -dacite
contact steepens abruptly, likely the result of faulting. Hole LP49, collared in 2013
about 200 meters to the south of LP20 -160, stopped short of the andesite -dacite
contact. The mineralization int ersected in LP20 -160 suggests that the entire length
(150 meters) of the sub-vertical contact may be prospective for additional high grade
mineralization. (Ref. Figure 1.0).
Table 1.0 – Significant Results LP20-160
Hole (#) From(m) To (m) Interval
(m)
Au (g/t) Ag (g/t) Cu (%) Zn (%)
LP20-160 174.00 209.00 35.00 4.16 14.1 0.10 0.30
including 175.00 183.00 8.00 16.48 57.7 0.30 0.80
Unigold Inc. Press Release: 2020-22, OCT14, 2020 3
Figure 1.0 – Composite Cross Section LP20-160
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 s ample stream and constitute approximately
Unigold Inc. Press Release: 2020-22, OCT14, 2020 4
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.
For further information please visit www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
T. (416) 866-8157
Forward-looking Statements
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