RENO, NEVADA--(Marketwired - Sept. 20, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) is pleased to report the assay results from hole AV-03, the second of two exploration holes drilled into the Avocado deposit so far in 2016. The newly discovered Avocado gold deposit, so named after the shape of the IP/Resistivity survey-anomaly that initially identified it, is the second Carlin-type gold deposit (Iceberg being the first) discovered within NuLegacy's 100% owned 38 sq. mile Cortez-trend property (the Red Hill project) in Nevada.
Hole AV-03 drilled 2/3 of a kilometer (650 meters/2,130 ft.) east of AV-02 returned an assay of 1.04 grams of gold/t over 25.9 meters (from 312.6 to 347.5 meters). This is an important improvement on the grade of the discovery hole AV-02 which reported (Sept. 13, 2016) 0.26 g/t over 199.7 meters (655 feet) including 24 and 35 meter intervals of 0.5-gram material, and 10 and 13 meter intervals of better than 1.0-gram material. Plan map link.
Notably the mineralized interval in AV-03 is in a brecciated Jasperoid (strongly silicified) that contains minor disseminated pyrite. This is more like the Iceberg gold deposit mineralization than the mineralization in AV-02 which is the black carbonaceous pyritic limestone material that hosts much of the gold mineralization in the deeper parts of Nevada's major Carlin-type gold deposits. With AV-03 drilled on the eastern margin of the Avocado IP anomaly this could represent a northern extension to the Iceberg gold deposit.
"It's very encouraging to have both of our widely spaced (650 meters) initial 2016 exploration holes in the Avocado return useful intercepts of gold," commented Dr. Roger Steininger NuLegacy's CGO, "We are busy compiling and reinterpreting all the data from the two drill holes and the just completed additional IP geophysical lines surveyed in order to determine where the follow-up holes will be drilled."
The results of these two holes improves the possibility of the Avocado being another substantial Carlin-style gold deposit within the 2.5 km long and 1 km wide geophysical anomaly. Assays for several Iceberg expansion holes are in process; drilling continues.
About NuLegacy: NuLegacy Gold Corporation is a Nevada based 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 its 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 and Avocado deposits 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 and Avocado deposits is not necessarily indicative of the gold mineralization on the Iceberg and Avocado deposits. 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.