Message #8 From:
NewsBot Date: October 11, 2005 04:23:00 AM
UNCN News Unico Completes Phase II Diamond Core Drilling Program at the Deer Trail Mine; Reports on Preliminary Mineralization Zones
MAGALIA, Calif.--(BUSINESS WIRE)--Oct. 11, 2005--Unico Incorporated (Arizona) (OTCBB:UNCN) today announced that the second phase of drilling at the Deer Trail Mine in Marysvale, Utah has successfully been completed under the combined efforts of its wholly-owned subsidiary, Deer Trail Mining Company, LLC, and Connors Drilling, LLC. The Phase II underground diamond core drilling program was primarily designed to target known horizons of mineralization and identify new mineralized horizons throughout the main ore channel of the Deer Trail Mine.
The Deer Trail Mining Company, LLC reported that it has completed 7,235 feet of diamond core drilling and finished 13 underground drill holes. All of the holes drilled have reported to intersect mineralization within their designated targets. In a preliminary report by geologists, a total of approximately 514 feet of mineralization was intersected and consisted mostly of sulfide minerals (e.g. tetrahedrite, galena, pyrite, chalcopyrite and sphalerite). Other intercepts were encountered through oxidized mineral not reported in this total, as well as zones of subtly altered rock that may contain high mineral values and offer significant potential.
The company is now working on final independent core logging and splitting verification. Once complete, it plans to ship its core samples to an independent lab for analysis. The final results of this phase of underground drilling will be released after all samples are properly certified by an independent lab.
"Since the second phase began, Unico has been very excited with the progress made at the Deer Trail Mine. We are extremely pleased with the initial reports made by Deer Trail Mining Company, LLC on its drill program and are encouraged by the additional developments made toward identifying and establishing mineral resources at the Deer Trail Mine," commented Mark A. Lopez, CEO of Unico, Inc.
"This underground drill project has gone extremely well, and we are now looking forward with great optimism to confirm their drilling results and see the project move forward to the next stage of development at the Deer Trail Mine. The company would like to further aid in the expansion of the project and provide future investment into the project for the benefit of its shareholders," Mr. Lopez added.
About the Company
Unico Inc. filed an N-54 election with the SEC on July 12, 2004 to become a Business Development Company, pursuant to Section 54 of the Investment Company Act of 1940. The Company's investment portfolio currently consists of three subsidiaries, the Silver Bell Mining Company, Inc., the Deer Trail Mining Company, LLC and the Bromide Basin Mining Company, LLC. The core focus of Unico is to provide the capital and management assistance necessary for its subsidiaries to return value to Unico shareholders.
Forward Looking Statements
The news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the company and its operations are included on certain forms the company files with the Securities and Exchange Commission.
