Sorry for all the posts. Just new to this play and doing some DD. Most of you have probably already seen this but there are some really interesting sections provided in the last quarter report. Just thought I would share for any new investors or for anyone interested in revisiting.
The Q1/2013 program has continued to extend mineralization at all zones at Candelones and regional mapping continues to refine and define regional targets for drilling in 2013. Drilling productivity was notably improved. No serious accident or environmental incidents are reported. Since acquiring the Neita property, Unigold has built an extensive and detailed geological database with information gathered from more than 8,800 grab samples, 28,900 m of trenching, 32,700 soil samples, hundreds of line kilometres of airborne and ground geophysics, extensive stream sediment sampling and more than 78,000 m of drilling, mainly on the Los Candelones deposit, and other targets on the property.
NI 43-101 preparations continued and the company is well positioned to complete its maiden mineral resource this year. To this end, notable progress was made on confirmatory (twinning section) drilling at Candelones Main Zone and defining at and near surface mineralization at the Connector Zone. This work is in addition to the continued drilling at Candelones Extension. Toronto based independent consultants Micon International have been retained to complete the NI 43-101 mineral resource estimate and report.
Based on increasing geological knowledge of its Neita property, Unigold interprets mineralization at Candelones as the result of initial emplacement as a large, volcanogenic massive sulphide deposit with a later stage epithermal being near the stratabound contact between lower Cretaceous andesite and dacite volcanics. The mineralized zones have been tilted due to post-mineral tectonic activity. Unigold has mapped the volcanic package as being part of the favourable Upper Cretaceous Tireo volcanic sequence, that is believed to host the La Escandalosa (GoldQuest) and La Miel – Haiti (Eurasian Minerals / Newmont) deposits. This prospective formation and belt of mineralization is over 150 km long, oriented NW-SE. The Pueblo Viejo deposit (Barrick 60%/Goldcorp 40%) is along the same trend, with proven and probable reserves of 314.5-million tonnes grading 2.48 g/t gold. These favourable volcanic packages are interpreted as deposited in rifted shallow basins (back arc) behind the extensive Greater Antilles island arc that developed during the Cretaceous period near the subduction zone of the North American Plate colliding with the Caribbean Plate. Unigold believes Neita / Candelones has the potential for containing a world class economic gold deposit, with significant credits for silver, copper and zinc.
Neita is ‘target rich’ and has many additional exploration targets to be drilled. Coincidental gold in soil – IP Chargeability anomalies over 4 km of strike length have been identified at MGM located along strike from Candelones. This area is being actively mapped prior to exploration drilling later in 2013. On the property there are over 20 separate gold-in-soil anomalies and copper-in-soil anomalies that are being mapped and evaluated during 2013.
Unigold Inc. – Management Discussion and Analysis March 31, 2013 – Page 6Interest in investing in resource stocks is at a historic low. The price of gold declined significantly in the first quarter. Globally, resource nationalism has made investors wary. Many major projects have been deferred or cancelled outright. Unigold will continue to drill its Candelones project and complete a NI 43-101 maiden resource estimate. Given the present market conditions the Company is considering methods to conserve its cash and will likely slow its exploration program in the latter half of the year.