Toronto, Ontario--(Newsfile Corp. - March 17, 2020) - Unigold Inc. (TSXV: UGD) ("Unigold" or the "Company") is pleased to provide an update on the status of its exploration program at its Neita Concession in the Dominican Republic.
The Company has completed a total of 48 diamond drill holes. Two holes are in progress testing feeder zones for the high-grade sulphide mineralization intersected at Targets B and C. These current holes are expected to cumulatively total about 1000 meters. Twenty-eight drill holes totaling approximately 750 meters were drilled to assess the oxide resource, determine depth to the transition boundary and to collect sufficient sample material for metallurgical testing. Significant results for the project to date are included in Tables 1.0 (Candelones Sulphide Resource) and 2.0 (Candelones Oxide Resource).
Sufficient material has been collected from both sulphide and oxide mineralization to support metallurgical testing. The bulk samples are currently undergoing metallurgical testing at Bureau Veritas Minerals - Metallurgical Division in Richmond B.C. under the supervision of Mr. Richard Gowans, B.Sc. P.Eng., President and Principal Metallurgist, Micon International Ltd. The studies commenced with mineral deportment and QEMSCAN analysis in late February and early March. No metallurgical studies incorporating the higher grade sulphide mineralization have been completed in the past. These early results are encouraging and will be used to inform and design the second stage of metallurgical tests, which are expected to get underway shortly. Material results will be released when verified and the significance can be communicated effectively.
Joe Hamilton, Chairman and CEO of Unigold notes: "The results to date have exceeded our expectations, with 85% of the holes completed to date intersecting what we categorize as significant mineralization. Our stated objectives when we commenced this program were to upgrade a portion of the inferred mineral resource to the Indicated category and we believe we have achieved that goal. We also wanted to collect representative bulk samples for metallurgical testing of the near surface oxide and the higher grade sulphide mineralization identified in 2016. Finally, we also wanted to evaluate the exploration potential of the Candelones Extension deposit at depth to determine if there were opportunities to increase the current mineral resource. Our initial step out drill results targeting the higher grade mineralization at depth has been very successful and results suggest that both the grade and thickness of the mineralization are increasing at depth."
To view an enhanced version of Table 1.0, please visit:
https://orders.newsfilecorp.com/files/6915/53521_uni3_orig.jpg
Figure 1.0 - Candelones Extension Longitudinal Section Looking North
To view an enhanced version of Figure 1.0 please visit:
https://orders.newsfilecorp.com/files/6915/53521_uni2_orig.jpg
To view an enhanced version of Table 2.0, please visit:
https://orders.newsfilecorp.com/files/6915/53521_un1i_orig.jpg
The holes currently underway are the final two holes in our 2020 Phase 1 exploration program. Final results, when received, will be compiled and used to design our Phase 2 drill program. The commencement of the Phase 2 program will depend on a number of factors including an assessment of the impact of Covid-19 to the Dominican Republic, to our supply chain in that country, to our local and expatriate employees and to the immediate communities around our operations. Recent announcements by the Government of Canada urging Canadian residents to return to Canada and recommendations by the World Health Organization to combat the spread of the Covid-19 virus have prompted us to recall our expatriate employees to Canada. The final two holes will be logged remotely, and sampled by our Dominican staff using existing protocols.
The Company will host a Webinar update on Wednesday March 25 at 10:30am to discuss results to date. Further details will be included in future press releases and posted on our website.
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 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
jhamilton@unigoldinc.com
416.866.8157
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.
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