RENO, NEVADA--(Marketwired - Nov. 30, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG) (OTCQX:NULGF) reports assays from the last eight holes of infill and step-out drilling in the 2016 exploration program on its 100% owned Iceberg oxide gold deposit.
The primary target of this set of holes is the near-surface Carlin-style oxidized gold mineralization within the 3 km long and 0.5 km wide Iceberg gold deposit in the Cortez gold-trend of north-central Nevada.
- 2.11 grams gold/t over 14.8 meters (48.6 ft.) in hole RHB-96c. This core hole, drilled as a moderate step out to the northwest, confirms the continuity of the north trending corridor of higher grade gold mineralization in the Iceberg.
- RHB-107 and RHB-108 (together with hole RHB-98 as reported in Nov. 03) continue to expand the North zone southward towards connecting it with the Central zone with these holes reporting:
- 1.06 grams of gold/t over 16.8 meters (55 ft.),
- 0.65 grams of gold/t over 12.2 meters (40 ft.) and
- 0.99 grams of gold/t over 21.3 meters (70 ft.) respectively.
- Hole RHB-109 has several intervals of good grade gold mineralization with the best being 1.29 grams of gold/t over 22.9 meters (75 ft.).
West zone: Exploration of the newly discovered West zone (150-300 meters west of the Central zone) has encountered two horizons of encouraging gold mineralization with:
- Very near surface (within 75 ft.) intervals of moderate grade mineralization of 0.41grams of gold/t over 12.2 meters (40 ft.) and 0.59 grams/t of gold over 9.1 meters (30 ft.) in holes RHB-110 and RHB-111 respectively.
- And thick intervals of lower grade deeper mineralization i.e. 0.19 grams/t of gold over 42.7 meters (140 feet) in RHB-111.
"Our 2016 drilling campaign continued the expansion of the Iceberg gold deposit, which is open in most directions," comments Dr. Steininger, NuLegacy's CGO, "The successful drilling in the West zone of the Iceberg, the discovery of the Avocado gold deposit and the identification of the Deep Iceberg anomaly (as reported Nov 17th. 2016) which is to be drilled in the spring of 2017 has confirmed that our geophysical targeting is a productive tool in the location of gold mineralization on the property. During 2016 we greatly increased our understanding of the Iceberg gold deposit and identified new targets on the property, and are looking forward to a successful 2017 exploration program."
Drilling of our newly discovered Avocado deposit is continuing with hole AV-4c, a deep, ~ 2,100-foot (650 meter) core hole designed to twin AV-2, the reverse circulation discovery hole. This will provide important stratigraphic and structural information to help guide the vectoring of the next set of holes designed to test for the origination of the massive 655 foot/200 meter 'bloom of 1/4 gram gold' reported in AV-2. The hole is expected to be completed by mid-December; we expect the assay results early in the New Year in time to utilize them to select sites and commence a three to five-hole Avocado exploration program in the spring of 2017.
|Assay details - Nov 30, 2016
|These intercepts are not necessarily true widths as there is insufficient data at this time with respect to the shape of the mineralization to calculate its true orientation.
Please follow this link http://nulegacygold.com/s/Iceberg-DH-Maps.asp to the plan maps.
About NuLegacy: NuLegacy Gold Corporation is an advanced stage Nevada exploration company focused on expanding its Carlin-style near-surface Iceberg oxide gold deposit with an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonnei, and exploring for additional gold deposits on the 38 sq. mile (98 sq. km) Red Hill property located in the Cortez gold trend of Nevada.
The Iceberg gold deposit has similar geology to that of Barrick Gold's multi-million-ounce Pipeline deposit the discovery of which is credited to NuLegacy's Chief Geoscience Officer, Dr. Roger Steininger. The Iceberg is located on trend and adjacentii to three of Barrick Gold`s multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick's lowest cost and politically safest gold assetsiii.
|i These figures are conceptual in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes in and around the Iceberg deposit. To date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
|ii The similarity and close proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in the Iceberg deposit.
|iii As extracted from Barrick's Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold Corporation
- James E Anderson, Chief Executive Officer
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: Reverse circulation drilling was conducted by AK Drilling of Butte, Montana under the supervision of Thomas Roman, Exploration Manager, and Dr. Roger Steininger, CGO (CPG 7417) and the chain of custody from the project to the sample preparation facility was continuously monitored. The samples were analyzed by American Assay Labs of Sparks, NV and sufficient commercially prepared standards, blanks, and duplicates were inserted to assure quality analytical results. Data verification of the analytical results included a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. The reported gold intervals may or may not represent true thicknesses and/or widths as there is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.
Dr. Roger Steininger, NuLegacy's Chief Geoscience Officer is a Certified Professional Geologist (CPG 7417) and the qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects responsible for preparing and reviewing the scientific and technical information contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. There are no known resources or reserves in the Iceberg deposit and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or in close proximity to the Iceberg Deposit is not necessarily indicative of the gold mineralization on the Iceberg Deposit. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including our annual management's discussion and analysis dated July 28, 2016 for the year ended March 31, 2016. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.