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TORONTO, Sept. 27 /CNW/ - Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce results from the first two trenches, out of six trenches completed or planified, on the latest discovery from June 2007. Trench JB-07-01 is showing barite stockwork zone underlying a baritic silicified brick-red zone (jasperoid) grading more a 5 g/t of gold over 5 meters. Trench JB-07-02 is showing a very-hard brick-red highly siliceous rock capping a barite veinlets stockwork zone grading above 1 g/t of gold for 22 meters. This new gold zone discovery is located on the eastern flank of the Montazo-Guano large alteration zone, nine kilometres northeast of the Los Candelones high-sulfidation epithermal gold deposit. This zone, named Juan del Bosque after the geologist who discovered it, has been traced over a 900 metre strike length. Grab samples taken randomly over half a kilometre in length from outcropping barite-bearing advanced argillic altered rocks graded locally above 10 grams per tonne (g/t) gold (see results from previous press release). Recently, new grabs have been taken outside the known area in order to extend the zone. Sample came from jasperoid unit widely exposed in this outcropping area and the results returned 22.2 g/t of gold, Furthermore, several angular barite-bearing silicified and argillized blocks have been discovered up to 300 metres east from the outcropping zone, thus extending the gold-zone possible strike length in the north east direction. A broad gold in soil anomaly overlaps the whole Juan del Bosque zone. Soil samples grading up to 0.6 g/t gold have been encountered.
--------------------------- Sample number Gold g/t --------------------------- --------------------------- 116858 1.32 --------------------------- 116859 8.94 --------------------------- 116860 1.85 --------------------------- 116863 2.2 --------------------------- 116865 1.33 --------------------------- 116866 22.2 --------------------------- 116812 1.14 --------------------------- 116815 1.33 --------------------------- 116816 1.59 ---------------------------
Discovery of the Juan del Bosque zone by Unigold geologists was possible by a follow-up of an exploration model recently published for the giant Pueblo-Viejo deposit (Sillitoe et al., 2007, Economic Geology, vol. 101, pp. 1427-1435). Pueblo Viejo is a Dominican Republic high-sulfidation epithermal gold (19 million ounces) silver-zinc deposit occurring in volcano-sedimentary breccia and conglomerate as well as lacustrine carbonaceous siltstone and sandstone. Sillitoe et al. (2007)'s model suggests that Pueblo Viejo as of blind high-sulfidation gold deposit occurring beneath barren limestone cover, which is what the Juan del Bosque zone seems to be.
Trenching on the Juan del Bosque zone and will be followed by diamond drilling and induced polarization survey to trace the gold-bearing zone under the southeast-dipping limestone sequence.
The Juan del Bosque zone occurs at the base of a shallow-water sedimentary sequence which conformably overlies a dacitic tuff sequence. Alteration grades from slightly propylitic to advance argillic in the dacitic tuffs. Gold mineralization occurs on the fringe of a low-magnetic pyrite-bearing advanced argillic zone which is bordered by propylitized magnetite-bearing dacitic tuffs exhibiting positive aeromagnetic features. The overlying sedimentary sequence includes limestone, and non-calcareous sandstone and siltstone. A black thinly-laminated cherty carbonaceous mudstone has also been observed in this sedimentary pile. Silicified bedded green limestones have been observed resting directly on the southern Juan del Bosque gold-barite showings.
Assays were done at the SGS laboratory in Toronto by fire assay procedure and gravimetric finish and the reported length represents true width section.
The foregoing scientific and technical information has been prepared or reviewed by Daniel Danis, M.Sc., the Vice-President and Chief Operating Officer of Unigold. Mr. Danis is a "qualified person" within the meaning of National Instrument 43-101.
About Unigold Inc.
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Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km(2) 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.
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responsibility for the adequacy or accuracy of this press release.
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.
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