Unigold Announces New Results From Drilling Los Candelones Gold Deposit
Tue Sep 23, 11:27 AMTORONTO, ONTARIO--(Marketwire - Sept. 23, 2008) - Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE: UGD.V) is pleased to announce results from ongoing drilling at its 100-per-cent-owned Los Candelones Gold Deposit in the Dominican Republic. Impressive gold intervals continue to be intersected at depth confirming the continuity of the Los Candelones deposit. Highlights include:
- Hole DC104: 1 g/t Au over 53 metres (including 2.2 g/t Au over 20 metres) within a mineralized zone of 0.7 g/t Au over 89 metres. - Hole DC110: 1.1 g/t Au over 23 metres within a mineralized zone 0.6 g/t Au over 106 metres. - Hole DC120: 1 g/t Au over 76 metres (including 2.5 g/t Au over 24 metres) within a mineralized zone of 0.8 g/t Au over 106 metres. Gold mineralization at Los Candelones is hosted within a large epithermal field in silicified, clay-altered and partially brecciated dacite of the Tireo formation.
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Hole ID g/t Au Interval From To
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DC95 0.42 56m 119m 175m
including 1.01 13m 129m 142m
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DC99 0.50 38m 113m 151m
including 3.60 1m 122m 123m
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DC101 0.51 20m 152m 172m
including 1.04 6m 166m 172m
including 3.95 1m 171m 172m
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DC102 0.50 11m 209m 220m
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DC103 2.23 1m 88m 89m
And 2.20 1m 192m 193m
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DC104 0.71 89m 177m 266m
including 1.05 53m 186m 239m
including 2.18 20m 219m 239m
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DC105 0.45 76m 101m 177m
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DC106 0.71 49m 183m 232m
including 1.02 18m 194m 212m
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DC107 NSV
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DC108 1.04 32.5m 106m 138.5m
including 20.60 1m 130.5m 131.5m
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DC109 0.63 16.5m 87m 103.5m
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DC110 0.58 106m 141m 247m
including 1.12 23m 155m 178m
And 1.02 12m 203m 215m
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DC111 0.34 30m 31m 61m
including 4.43 1m 31m 32m
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DC112 0.84 51m 246m 297m
including 1.56 17m 280m 297m
including 19.10 1m 296m 297m
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DC113 NSV
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DC114 0.48 15m 233m 248m
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DC115 NSV
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DC116 NSV
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DC117 1.05 1m 78m 79m
and 1.09 1m 122m 123m
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DC118 0.39 112m 115m 227m
including 1.02 27m 135m 162m
including 9.05 1m 149m 150m
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DC119 NSV
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DC120 0.79 106m 138m 244m
including 1.00 76m 138m 214m
including 2.52 24m 192m 216m
including 5.54 10m 197m 207m
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Holes were drilled at -60 degrees towards the southwest and true widths are 90-95% of reported widths. Assays were done at the ACME laboratory in Santiago, Chile by fire assay procedure and gravimetric finish and the reported length represents true width section. Field study of the Los Candelones system, show high sulphidation signature with vuggy quartz veins system associated with pyrite-enargite-barite high grade gold. The system evolves into a gold-bearing stockwork and disseminated zone followed upward by gold-barite veining, a barite breccia zone and is capped by a massive barite zone. An ongoing preliminary study of the alteration halo and associated mineralization using a portable shortwave infrared spectrometer shows two stages of alteration. The second one is associated with the mineralization and is characterized by significant silicification, dickite, kaolinite and alunite within or in close proximity to the orebody. This ongoing study will be used to vector in toward additional gold mineralization. To date, the Los Candelones Gold Deposit has 128 diamond drill holes totalling approximately 18,000 metres. The new results have allowed Unigold to demonstrate the on strike and down dip continuation of the 25 to 30 metre thick gold core of epithermal mineralization which grades from 1.0 to 4.4 g/t gold and is enclosed within an up to 100 metre wide lower grade gold halo. The existing trenched and diamond drilled mineralized area is a small part of the 1,200 metre long by 600 metre wide gold in soil anomaly and coincident IP chargeability high which represents sulphide mineralization. The Los Candelones Gold Deposit is the most advanced of several very encouraging target areas within the 226 square kilometre Neita Property. The foregoing scientific and technical information has been prepared or reviewed by Daniel Danis, M.Sc., the President and Chief Executive Officer of Unigold a "qualified person" within the meaning of National Instrument 43-101. About Unigold Inc. Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km2 Neita Property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from an 18-year holiday on all corporate taxes, sales taxes and import duties 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.ContactsDaniel Danis Unigold Inc.
President and CEO
(450) 667-4766
Email: unigold@unigoldinc.com
Website: www.unigoldinc.com
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