RENO, Nev., Feb. 13, 2018 (GLOBE NEWSWIRE) -- NuLegacy (NUG.V) (NULGF) completed a very successful 2017 exploration program on its flagship Red Hill property in the Cortez gold trend of North-Central Nevada.
The 2017 exploration program resulted in the:
- discovery and significant expansion of Carlin-style gold mineralization in the new Serena zone,
- identification, drilling and discovery of a brand new epithermal-type gold mineralized zone (the VIO zone) on the western end of the Red Hill property,
- advancement of the understanding of Avocado zone which now indicates 120 meters of continuous lateral gold mineralization in the West Avocado.
- drilled 42,700 feet (13,000 meters) in 47 reverse circulation (RC) and core drill holes,
- completed 17.5-square kilometers land-based gravity survey, 35.4-line kilometers of CSAMT, and 8.5-line kilometers of IP geophysical surveys, and collected 1,367 soil samples,
- completed additional metallurgical testing on both the oxide and sulfide portion of the Iceberg deposits,
- advanced a Plan of Operations permit for the Avocado area near completion in addition to the Plan of Operations permits already in place over the Iceberg and Serena areas, and
- commissioned a maiden NI 43-101 compliant resource estimate (by Mine Development Associates of Reno, Nevada) covering the approximately 35% of the 3-kilometer strike length of the Iceberg deposits that has sufficient drill density/delineation to support a calculation; results to be released shortly.
Alex Davidson, NuLegacy Director and former head of global exploration for Barrick Gold, commented, “Our drilling successes at Serena, VIO, and Avocado are examples of the effectiveness of NuLegacy’s exploration team and we anticipate building on that success in 2018.”
NuLegacy plans to begin a ~ 40,000-foot (12,000 meter) drilling and field exploration program in March (budgeted at C$5.0 million) with continued emphasis on the discovery of new, additional gold zones on our 98 square kilometer (38 square mile) Red Hill property.
2017 exploration wrap up:
Metallurgical tests: Additional metallurgical samples were submitted to American Assay Labs for one-hour tumble leach in cyanide tests, and to McClelland Laboratories Inc. for 96-hour bottle roll tests.
These tests confirmed the favorable leachability of the oxidized and mixed oxide/sulfide gold mineralization in the Iceberg deposits. As illustrated in the table below the longer duration bottle roll tests determined that most of the gold was quickly leached from the material and extracted within the initial 12-hour period.
|Type of test||Mineralization Classification||Average Extraction|
|One-hour tumble leach||Oxide||73.9%|
|12-hour bottle roll||Oxide||78.9%|
VIO zone: Results suggest proximity to a large epithermal gold system and warrant additional drilling in 2018.
As reported on September 13, 2017 NuLegacy discovered a new zone of epithermal mineralization on the western edge of the Red Hill property in an area called VIO. Encountering 9.1 meters of 1.8 grams/t gold and 17.6 grams/t silver, this high-silver content and the associated trace element suite clearly indicates this mineralization is distinctly different from the gold-only mineralization found in the Iceberg, Serena, and Avocado zones. The mineralization is interpreted to be associated with the basalt flows of the Northern Nevada rift, and is likely 20 million years younger than the Carlin-type gold mineralization found elsewhere on the property.
Two follow up holes were drilled late fall 2017 from a single drill pad set up to the east of the discovery hole:
- Hole VIO-04c was angled to the south of both VIO-01 and VIO-03c and tested the VIO fault; it intercepted multiple thin zones of gold mineralization up to 0.75 grams/t gold and 3.4 grams/t silver.
- Hole VIO17-03c encountered an interval of 4 feet of 0.46 grams/t gold and strongly anomalous silver. The more interesting interval in this drill hole is the entire volcanic section above the fault from 0-450 feet (138 meters) which returned over 1.0 gram/ton silver – indicating proximity to a very large epithermal system.
- Results indicate the suitability of the volcanic stratigraphic package to hosting both structurally-controlled and disseminated epithermal mineralization like that found at the nearby Fire Creek and Mule Canyon deposits.
Western Slope: Identification of favourable up-lifted horizons warrant further drilling in 2018.
Summer 2017 CSAMT and Gravity geophysical surveys identified two splays of a major north-north-west structural lineament parallel to and west of the Iceberg fault/Serena zone coincident with gold in soil anomalies. An accelerated permitting and road building program was successfully completed, and we were able to drill two stratigraphic holes, before the winter shut down.
The two holes were drilled one on each side of the eastern splay, and while they contained only anomalous gold values they confirmed the Western Slope has the same favourable stratigraphy as the North Iceberg deposit, and most importantly that the favourable carbonate stratigraphy is up-thrown to the west, such that drilling in the most westerly hole encountered Horse Canyon and Wenban limestones (the best horizon for gold emplacement) beginning at just 300-foot (90 meter) in depth. Additional drilling within the Western Slope’s 5-kilometer strike is being planned for 2018.
NuLegacy has contracted National Investor Publishing of Saint Augustine, Florida to provide media placement services for a period of six months commencing February 15, 2018 for total consideration of US$8,500 for the six-month term. National Investor Publishing will make available a stand-alone report on NuLegacy and related information under the auspices of its The National Investor newsletter. This arrangement is at arm's length to NuLegacy and its purpose is raising awareness of the company to potential shareholders and the broader public. National Investor Publishing will neither own nor trade in securities of NuLegacy during this contract.
About NuLegacy: NuLegacy’s Red Hill Project is located on trend and adjacenti to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold assetsii.
NuLegacy is focused on discovering district scale Carlin-style gold deposits on its premier 98-sq. km (38 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada. To date we have discovered the Icebergiii, Serena, and Avocado Carlin-style gold deposits and have identified several additional highly prospective exploration targets, including the VIO, Deep Iceberg, Western Slope, and Idaho IP targets to be drilled this year.
i. The similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Project.
ii. As extracted from Barrick’s Q4-2013 and Q1-2014 reports.
iii. The Iceberg, with its 3-kilometer strike length, is an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne. These figures are conceptual in nature and derived from a compilation of 149 historic and 111 NuLegacy drill holes. 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
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
For further information, please phone 604-639-3640 or contact James Anderson (CEO) at firstname.lastname@example.org, Albert Matter (Chairman) at email@example.com or Roger Steininger, (CGO) at firstname.lastname@example.org, or Frank Lagiglia (ICM) at email@example.com or visit www.nulegacygold.com.
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 including, but not limited to, actual results of exploration activities, environmental risks, future prices of gold, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, availability of financing and other risks in the mining industry. There are no known resources or reserves in the Red Hill Project and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or near the Red Hill Project is not necessarily indicative of the gold mineralization on the Red Hill Project. All 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 25, 2017 for the year ended March 31, 2017. 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.