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Near Surface Oxide Mineralization Extended At Candelones Connector Deposit

TORONTO, ON - Unigold Inc. reported 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. The Company's initial mineral resource estimate (UGD PR# 2013-22); 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 beyond the current resource footprint, a fact these latest results successfully demonstrate. The results suggest that the oxide mineralization is relatively flat lying and is open along strike to the east and west where historical drill information is sparse. We look forward to further increasing the oxide resource footprint with targeted exploration as part of our 2017 program. Active drilling at the Candelones Project was suspended in December and we are currently collecting and evaluating the results and designing follow up programs to further advance the project."
Diamond drilling at the Candelones Project 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 metres and a maximum sample length of 1.5 metres are employed with most samples averaging 1.0 metres 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.