Unigold Inc. has announced that the first phase of its IP survey has been completed. New targets have been identified which are located along strike from existing known gold mineralization, established by previous geochemical indicators and drilling.
Based upon the promising results from the geophysical survey, and the potential to significantly expand the area of known gold mineralization the Board of Directors has authorized additional work. Diamond drilling has now resumed to test the new targets identified.
Phase 1 of the IP survey was conducted over the summer on the Candelones and MGN properties. 150 kilometers of IP gradient survey was completed, with a line spacing of 200 m covering approximately 10km of strike length along the prospective contact between andesite and dacite lithologies.
Drilling resumed in October on the most prospective targets. Unigold plans to complete 3,000 m to 4,000 m diamond drilling at the Candelones IP targets and 2,000 m diamond drilling at MGN IP targets. The drill program will likely extend into 2012.
On October 28, 2011, Daniel Danis resigned as President and Chief Executive Officer. As previously announced, Andrew Cheatle has assumed the position of President and CEO. The Board thanks Mr. Danis for his contributions. Mr. Cheatle was also appointed to the Board of Directors.
Source: www.unigoldinc.com