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Unigold Extends Near Surface Oxide Mineralization at Candelones Connector Deposit Intersecting 0.7 g/t Au over 14.0 metres and 0.8 g/t Au over 8.6 metres
TORONTO, ONTARIO--(Marketwired - Feb. 1, 2017) - Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) is pleased to announce results from exploration dri
About this update from Unigold Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - Feb. 1, 2017) - Unigold Inc. (\"Unigold\" or the \"Company\") (TSX VENTURE:UGD) is pleased to announce results from exploration drilling at the Candelones Connector deposit, within the Company's 100% owned Neita Concession in the Dominican Republic. The Company has received results from eight holes evaluating the potential to expand the footprint of near surface oxide mineralization discovered at the Candelones Connector deposit in 2013. (Ref. Figure 1.0). The Company's initial mineral resource estimate (UGD PR# 2013-22); summarized in Table 1.0; included an inferred oxide resource of: 3.5 M tonnes averaging 1.0 g/t Au containing 110,000 Au ounces at a 1.3:1.0 strip ratio. Metallurgical testing (SGS Lakefield, 2007), indicates that the oxide mineralization is amenable to direct cyanidation, with gold recoveries in excess of 96% reported. The latest drilling was designed to evaluate the depth and extent of sub-cropping oxide mineralization. Two fences of vertical holes, spaced 50 metres apart, tested a 150 metre long by 100 metre wide gap between the Candelones Main and Candelones Connector deposits where previous drilling identified the oxide resource. Significant results from the eight hole program include DCZ16-49: 17.0 metres averaging 0.5 g/t Au, 1.8 g/t Ag; DCZ16-50: 14.0 metres averaging 0.7 g/t Au, 1.1 g/t Ag and DCZ16-52: 8.6m averaging 0.8 g/t Au, 6.8 g/t Ag. Table 2.0 summarizes the results of all eight holes testing the Candelones Connector deposit. Joseph Del Campo, Interim President and CEO of Unigold notes: \"We are very pleased to have had an opportunity to drill the near surface oxide mineralization at the Candelones Connector during this exploration drill campaign. Our drilling at the Candelones Extension, which successfully expanded the high grade mineralization identified earlier in 2016, was completed ahead of schedule, providing us with an opportunity to test the near surface resource potential of the oxide mineralization identified in 2013. We believe that the robust metallurgical recoveries and sub-cropping oxide mineralization present an opportunity for low cost, low strip starter pit(s) that could improve the overall economics of the Candelones Project. The first step to capture this upside potential was wide spaced drilling to confirm the oxide mineralization extended be...