Posted in | Gold | Discoveries

Unigold Reports Recent Results from Exploration Drilling at Candelones Extension Deposit

Unigold Inc. is pleased to announce recent results from exploration drilling at the Candelones Extension deposit, within the Company's 100% owned Neita Concession in the Dominican Republic.

Hole LP16-101 was drilled 75 metres east of the recently discovered lenses of massive sulphide intersected by holes LP15-93, 95 and 96 (UGD PR#2016-02). Hole LP50 (5.07 g/t Au; 2.5% Cu over 5.7 metres) is located an additional 50 metres to the east. LP16-101 intersected massive to semi-massive, pyrite rich sulphides at a depth of 409.6 metres assaying:

3.10 g/t Au with 0.6% Cu over 9.8 metres

The massive sulphides are similar to the initial massive sulphide lenses discovered 75 metres to the west. Pyrite is the dominant sulphide mineral with lesser chalcopyrite. The sulphide mineralization occurs at the same elevation as LP50 and the second massive sulphide lens intersected in LP15-96 (Ref. Figure 2.0). The flat lying massive sulphide lenses appear to be confined to a 75 metre wide trend plunging at 25° to 35° to the east. This trend has not been drill tested east of hole LP50 (Ref. Figure 3.0). To date, seven holes (Ref. Table 1.0) have tested this trend with all seven returning gold and copper grades three to four times higher than the 2013 initial resource grade. The seven drill holes define a strike length of 200 metres with a width between 60 to 80 metres and thickness ranging from 5 to 30 metres.

Joseph Del Campo, Interim President and CEO of Unigold notes: "The latest results are very encouraging. Not only have we expanded the gold and copper rich massive sulphide mineralization over 100 metres to the east, we have identified mineralization that was not previously recognized and which may have a significant, positive impact on the mineral resources of the deposit. We have tested two targets, both of which have returned very positive results, supporting our initial premise, that the wide spaced historical drilling failed to isolate higher grade zones that may represent potential feeder systems. Both targets tested to date have consistently returned results that are among the highest grades intersected at the Candelones Extension deposit. We believe these latest drill results are an initial indication of the potential for resource growth at our flagship property in the Dominican Republic."

LP16-102 targeted the massive sulphides 75 metres up dip (north) of LP16-101. It intersected scattered stringers of massive sulphide, generally less than 25 cm in length. The broad, multi-metre intervals of massive sulphide intersected in the other holes at Target A were absent and assays indicate some lower grade gold and copper enrichment, typical of the stratabound mineralization that was the focus of historical drill campaigns but no sustained intervals of higher grade mineralization were intersected in LP`16-102. It is likely that this hole, like many of the historical holes drilled to the east, passed over top of the mineralized trend.


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