Unigold Intersects 95.5 meters averaging 1.23 g/t Au at Candelones Extension Deposit in the Dominican Republic

TORONTO, March 20, 2020 (GLOBE NEWSWIRE) — Unigold Inc. (“Unigold” or the “Company”) (TSX-V:UGD) is pleased to announce results from its ongoing drill program at the Candelones Extension deposit, part of the Company’s 100% owned Neita Concession in the Dominican Republic.

Drill hole LP20-144 was positioned to target an undrilled area of low interpolated gold values in the historical mineral resource estimate. LP20-144 intersected a broad zone of disseminated mineralization that, like other areas within the pit-constrained resource, is consistent in both grade and continuity. A total of 95.5 meters averaging 1.23 g/t Au, 2.1 g/t Ag, 0.10% Cu and 0.34% Zn was returned. LP20-144 targeted the area 75 meters below holes LP19-140 (38.0 meters averaging 2.43 g/t Au, 48.2 g/t Ag, 0.15% Cu and 1.66% Zn) and LP19-142 (60.4 meters averaging 1.51 g/t Au, 5.1 g/t Ag, 0.07% Cu and 0.77% Zn)(Ref. Figure 1.0).

Joe Hamilton, Chairman and CEO of Unigold notes: “LP20-144 is the third consecutive hole to intersect broad, mineralization at the andesite – dacite contact that was not intersected in the historical, wide-spaced drill pattern. These new intersections lie within 150 meters of surface. Reported grades are elevated relative to our 2013 inferred mineral resource estimate. These holes tested a 100 meter gap in the historical drill coverage and the results exceeded our expectations. We believe there are similar opportunities to drill gaps in the pit-constrained resources that may help to convert the inferred mineral resources to the indicated classification, one of the stated objectives of the current drill campaign. In addition, finding this thickness of mineralization at the eastern end of the pit may allow for a reduction in the historic stripping ratio by converting areas that were previously classified as ‘in-pit waste’ to mineralized blocks. Once again, the flexibility of this deposit is demonstrated with broad swaths of gold-bearing material surrounding high-grade gold and silver feeder zones. The distribution of grade within the deposit allows both selective and bulk mining methods to be considered in any development scenario.”

Further to the east, drillhole LP20-145B was positioned at the eastern edge of drilling, 50 metres below a previous gold-copper massive sulphide intersection at Target A. LP20-145B intersected 4.0 meters averaging 2.00 g/t Au, 1.9 g/t Ag, 0.64% Cu and 0.01% Zn in scattered, stringer sulphide mineralization. The base of the massive sulphide lens is interpreted to lie above LP20-145B (Ref. Figure 2.0). This result continues to suggest that the massive sulphide is relatively flat lying, discordant to the andesite-dacite contact and extends to the east. Additional drilling will be planned in our Phase 2 program to test the area above and further to the east of LP50 (18.5m averaging 2.49 g/t Au, 4.9 g/t Ag, 1.05% Cu, 0.02% Zn).

Figure 1.0 – Au Grade x Thickness Contours – Longitudinal Section Looking North at 015 Azimuth is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a5be9d8-7eaf-468a-a8bd-37d8df8f3ca4