With markets in general finding their feet again Wednesday, it was time to focus on one of those main areas in which Canadian companies know success as a way of life, namely, digging valuable metals out of the earth.
Toronto-based Unigold Inc. (TSX-Venture:UGD) revealed results from its ongoing drill program at the Candelones Extension deposit, part of the Company's 100%-owned Neita Concession in the Dominican Republic.
One deposit intersected 50.0 metres averaging 4.19 grams per ton gold (g/t Au), 15.6 g/t silver (Ag), 0.26% copper (Cu) and 1.5% zinc (Zn) including 9.5 metres averaging 14.14 g/t Au, 46.6 g/t Ag, 0.26% Cu and 3.2% Zn.
This hole targeted the near surface, high grade mineralization initially intersected in another hole (15.8 metres averaging 11.36 g/t Au, 38.3 g/t Ag, 0.36% Cu and 5.11% Zn).
To quote CEO Joe Hamilton, "This hole delivers the first results from Target C for this drill campaign and follows from the high-grade results intersected at both Targets A and B. Target C is the third zone within the Candelones Extension resource footprint. LP20-146, intersected the top of the zone at about 75 metres below surface. We estimate the true thickness of the mineralization to be 45 meters with an average gold equivalent grade of 5.38 g/t."
UGD shares bounced two cents, or 13.8%, to 16.5 cents, on 312,500 shares.
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