RENO, NEVADA--(Marketwired - May 19, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) reports that drilling has commenced on its multiphase 2016 exploration program. The program includes approximately 33.0 thousand feet (10,000 meters) of drilling in phases of eight to ten holes each through to the end of September.
The drilling is concentrated in and between the North, Central, and South zones of the Iceberg gold deposit with the objective of extending these three gold-bearing zones, confirming the continuity of the gold mineralization between them, and extending the high-grade discovered in the North zone in the 2015 exploration program; i.e. hole RHB-40 returned 10.9 grams/t. over 12.2 meters within an interval of 3.9 grams/t. over 41.2 meters.
A sizable portion of the holes will also be directed towards exploring the other Carlin-type gold systems on the property, principally the Avocado, VIO and Jasperoid Basin gold anomalies, as well as several targets on the as yet minimally-explored Idaho portion (east of the Iceberg deposit) of the extensive 38 sq. mile claim block.
As has been our practice, we will drill eight to ten holes and then use the assays from these to confirm our selection of the next eight to ten holes. We are scheduling completion of the 10,000 meters (approximately 40 holes) in five phases by late September.
Our 2015 exploration programs were very successful, resulting in the expansion of the size and enhancement of the grade of the Iceberg exploration target now considered to be 90 to 110 million tons of 0.9 to 1.1 grams per tonnei. Most of the gold mineralization outlined to date is oxidized and at shallow depths within 500 feet of surface.
To date 2016 has been a transformative period for NuLegacy Gold, starting as a junior exploration company earning into 70% of the Iceberg project and ending with 100% ownership of the Iceberg and several of the world's premier gold miners and gold funds as shareholders.
About NuLegacy: The Iceberg gold deposit is located in the Cortez gold trend of Nevada, adjacentii to three of Barrick's multi-million ounce Carlin-type gold deposits that are amongst its largest, lowest cost and politically safest gold assets.iii
| i | These figures are conceptual in nature and derived from a compilation of 149 historic and 70 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 to the Iceberg deposit is not necessarily indicative of the gold mineralization in the Iceberg deposit. |
| iii | Extracted from Barrick's Q4-2013 and Q1-2014 reports. |
ON BEHALF OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
For further information, please visit www.nulegacygold.com.
Dr. Roger Steininger, NuLegacy's chief operating 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, 2015 for the year ended March 31, 2015. 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.
Contact Information:
James Anderson: james@nuggold.com
Albert Matter: albert@nuggold.com
Roger Steininger, COO: roger@nuggold.com
604-639-3640
www.nulegacygold.com