“R.itemList.length” “- this.config.text.ariaShown
“This.config.text.ariaFermé”
TORONTO, July 15, 2020 (GLOBE NEWSWIRE) – Unigold Inc. (“Unigold” or “Company”) (TSX-V: UGD) is pleased to review its exploration program at the Neita dealership in the Dominican Republic.
The company completed 48 diamond drilling wells (10087 meters) as of March 15, 2020, when restrictions to restrict the spread of COVID in Canada and the Dominican Republic forced the suspension of active exploration drilling. Two holes (97 meters) were in progress at the time of suspension, with any of the holes aimed at extensions of high-grade epithermal feeding spaces to targets B and C, respectively.
The effects of the assignment to date are summarized in Tables 1.0 (Candelon Sulfide Drilling) and 2.0 (Candelon Oxide Drilling).
Joseph Hamilton, President and CEO of Unigold, notes: “We take a look at the resumption of our Neita dealership’s active exploration. The effects at the beginning of this year are very encouraging. We have effectively updated the portions of the alleged existing mineral resource to the extent and classification indicated. Our initial metallurgical effects recommend that surface oxide resource may be suitable for battery leaching recovery, with 80% gold recovery in 72 hours during column leaching tests. Gold recovery consistent with flotation levels of 92 to 97% with gravity recoveries between thirteen and 53%. Leaching of flotation concentrates resulted in gold recoveries ranging from 30% to 88%, and the most productive recoveries come from the complex stage, epythermal mineralization to target B, which remains wide open. At the mineralogical level, there are similarities between objectives B and C and our follow-up exploration for the rest of the year will focus on The expansion of known mineralization and the transition to little-drilled prospective areas along the lateral direction. We expect active exploration drilling to resume until July 31, 2020. Drilling at the beginning of the third trimester will focus on targets B and C before moving on to exploration drilling based on known structural trends to date. We also plan to begin paintings on a prefactibility examination of oxide mineralization, positioning the company to request an agreement consistent with consistent confirmation in the near future.
The Company targets July 31, 2020 to resume active exploration. The initial drilling will focus on the expansion of targets B and C, which are lately interpreted as complex epithermal feed systems with a gold recovery perspective of more than 85% of gravity leaching circuits.
Table 1.0 – Candelona sulfide drilling – Summary of important results 2019-2020
Objective
Hole (O)
From (m)
In m)
Interval (m) 1
In (g/t)
Ag (g/t)
Cu (%)
Zn (%)
A
LP19-131M
244,30
381,00
136.70
1,94
NS V
0,20
NS V
Even
284,00
309,00
25,00
5,67
NS V
0,40
NS V
LP19-132M
237.50
336,50
99,00
3,42
2,8
0,33
NS V
Even
287,30
318,70
31,40
4,72
4.1
0,50
NS V
LP19-133M
221,00
323,00
102.00
1,65
NS V
0,26
NS V
Even
283,00
300,00
17.00
7,31
22,5
1,22
NSV
LP19-137
258,20
393,50
135,30
1,28
1.1
0,14
NS V
Even
306,50
321,80
3:30 p.m.
5,75
3,7
0,52
NS V
LP19-138
292.50
422,00
129,50
1,29
0,9
0,13
NS V
Even
351,00
394,00
43,00
3,04
1,8
0,26
NS V
LP19-141
393,00
407,00
14.00
1,69
2,4
0,70
NS V
LP20-143
340,60
344,80
4.20
1,58
5,0
0,60
0,07
LP20-145B
198,80
202,80
4,00
2,00
1,9
0,64
0,01
LP20-147
DELAY DUE TO A COVIDÉE SITUATION
Yes
LP19-134M
286,00
392,00
106,00
1,90
2,8
0,22
0.30
including
368,00
392,00
24.00
4,59
3.4
0,54
0,23
LP19-135
303,70
440,60
136,90
1,83
2,0
0,15
0,20
Even
397,30
421,00
23,70
6,03
4,9
0,31
0,10
LP19-139
275.00
392,50
117,50
1,91
3.2
0,14
0,80
Even
309,40
326,00
16,60
3,37
13,0
0,30
2,13
LP19-140
180,00
297,00
117,00
1,27
18,1
0,08
0,84
Even
188,30
197,00
8,70
4,38
74,6
0,44
3,42
LP19-142
180,10
411,50
231,40
1.11
2,7
0,12
0,37
Even
180,10
194,10
14.00
2,60
5,4
0,09
0,85
And
498.40
506,10
7,70
3,65
1.1
0,27
0,23
LP20-144
238,50
334.00
95,50
1.23
2,1
0,10
0,34
Even
268,50
292,00
23,50
1,52
1,2
0,07
0,37
LP20-149
TROU At 17.0 m – PERFORATION SUSPENDED DUE TO COVERED WORK RESTRICTIONS
C
LP20-146
111,00
161,00
50
4.19
15,7
0,26
0,15
Even
111,00
120.50
9,5
14.14
46,6
0.26
3.20
LP20-148
103,00
177,70
74,70
3,41
3,7
0,07
0,56
Even
105.00
150,00
45,00
4,95
5,7
0,10
0,89
Even
130,50
149,00
18,50
10,18
4,5
0,19
1,53
LP20-150
133,00
278,00
145,00
1.97
6.2
0,07
0.58
including
208,00
235,90
27.90
6.24
8,7
0,17
1,84
Even
212,00
222,50
10,50
12,94
15,6
0,27
3,03
Even
273,40
277,00
3,60
2,25
2,7
0,14
0,02
LP20-150A
PENDING RESULTS
LP20-152
PENDING RESULTS
LP20-154
PENDING RESULTS
LP20-156
TROU AT 80.0 m, REGISTRATION AND SAMPLING SUSPENDED FOR REASONS OF COVIDED WORK RESTRICTIONS
(1) Intervals are indicated as perforated duration and true width. Currently, there is no adequate knowledge to estimate the actual width.
Figure 1.0 – Longitudinal cut of the candelon extension noticed to the north
A photo accompanying this ad should be taken into https://www.globenewswire.com/NewsRoom/AttachmentNg/d0e28f3f-3086-4928-bd3c-04cd82070441
Table 2.0 – Drilling with candelona oxide – Summary of important results 2019-2020
Area
Hole (O)
From (m)
In m)
Interval (m)
Au (g/t)
Connector
DCZ19-54
0.0
13.4
13.4
0.65
DCZ19-55
0,0
22,5
22,5
0,65
DCZ19-56
0.0
23.0
23,0
1,37
DCZ19-57
0,0
21,0
21,0
1.08
DCZ19-58
0.0
21.0
21.0
0,93
DCZ19-63
0,0
18,0
18.0
0,44
Main
DC19-143
0,0
14,2
14,2
0,31
DC19-146
0,0
16,3
16,3
1,25
DC19-148
0,0
30,3
30.3
1.33
DC19-149
0,0
29,8
29,8
0,54
DC19-150
0,0
25,1
25,1
0,46
DC19-151
0.0
23,0
23,0
0,93
DC19-152
0,0
32,4
32,4
1,19
DC19-153
0,0
31,6
31,6
1,52
DC19-154
0,0
20,0
20,0
4,07
DC19-157
0,0
17,4
17,4
0,41
(2) Intervals are indicated as perforated duration and true width. Currently, there is no adequate knowledge to estimate the actual width.
The Company is dedicated to resuming active exploration as temporally as possible. To this end, unigold’s Board of Directors approved a budget of $4,975,000 for the period from July to December 2020. The budget includes an initial drilling program of 15,000 to 20,000 meters with an estimated cost of C$1,800,000. Drilling in the expansion of Goals B and C. By the fourth quarter of 2020, the company plans to start drilling Candelones Gap, an 800-to-1000-meter hole between Candelones Main and the extension depot to the east. The historical drilling deck is scarce with fewer than twenty historical perforations. The interpretation of the most recent drilling effects suggests that the known structural trends in the candelon extension may also continue through the extent and that the old drilling would possibly have surpassed the mineralized system.
The budget also includes approximately C$1,250,000 for more metallurgical testing and organizational chart design, on-site geotechnical paints and initial engineering paints for an initial feasibility examination of the surface oxide resource. The final touch of the initial feasibility exam will be the company’s long-term request for an operating permit for the Candelones project.
Approximately $700,000 was budgeted for network relationships, stakeholder communications, advertising campaigns and AM. These efforts will increase the company’s visibility in the Dominican Republic and abroad. The community for our assignment is a vital detail to obtain an operating permit.
Finally, the budget includes approximately C$825,000 for capital investments to the company’s existing drilling rigs and support for mechanical availability and reduce downtime due to mechanical failures.
The location and alignment of the polling wells will be designed in Canada under the supervision of Unigold’s geological staff and consultants. This data will be shared with our site control team, who has been trained in the location and alignment of polling wells. The alignment of the gap shall be checked in a modern rear inspection apparatus to ensure that the gap is properly aligned.
The core will be photographed daily and photographs will be transmitted to Canada using a secure server. The images will be used to generate a diary of paintings of the main lythologies and structures and identify the sampling intervals. The sampling log, which indicates the start and end problems of all intervals, will be sent to the site control team, which will then ensure that the core has the pattern according to the Canadian pattern record.
Drilling will be supervised through our Dominican control team, digitally supervised through our Canadian control and consultants. The remote control will continue until restrictions are lifted that authorize foreigners, allowing the company’s technical staff to return to the Dominican Republic.
Correction PR202-14 “Unigold announces the closure of a private placement of 33,333,334 units for gross revenue of approximately $6 million” On June 24, 2020, the Company announced the completion of a personal placement of sets comprising a non-unusual percentage and part of an unusual percentage order. Each order allows the holder to acquire a non-unusual percentage in a fiscal year worth $0.30 at any time prior to June 23, 2022. An expiration date was published in the press release of 24 June 2020.
AQ/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 mining exploration company indexed on the TSX Venture Exchange with the symbol UGD, which focuses primarily on the exploration and progression of its gold assets in the Dominican Republic.
For more information, visit www.unigoldinc.com or contact:
Mr. Joseph Hamilton
President and CEO
Forward-looking statements
Certain statements contained herein, adding statements related to monetary occasions and trends that would possibly be our long-term effects of trading, monetary position, and money flow, would possibly constitute forward-looking statements within the meaning of federal securities laws. These statements are based on our assumptions and estimates and are the subject of dangers and uncertainties. You can identify such forward-looking statements that use words such as “strategy,” “expects,” “plans,” “believes,” “will,” “estimates,” “attempts,” “projects,” “objectives,” “objectives,” “and other words of similar meaning. You can also identify them by the fact that they are not strictly related to ancient or existing facts. We would like to warn you that these statements contained are only predictions or revisions and that actual occasions or effects may differ materially. The forward-looking statements contained herein are made as of the date here and we assume no legal responsibility to update any forward-looking statements or to update the reasons why the actual effects may differ materially from those projected in the forward-looking statements. . If applicable, we claim Safe Harbor coverage for forward-looking statements under the Private Securities Litigation Reform Act (U.S.) 1995.
Neither the TSX Venture Exchange nor its regulatory service provider (as explained in the TSX Venture Exchange policies) assumes responsibility for the relevance or accuracy of this release.