RENO, NEVADA--(Marketwired - Jul 25, 2017) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(NULGF) reports that it has discovered a material new gold zone in a 'wildcat' step-out hole 375-meters (1,200 feet) west of the North zone of the Iceberg gold deposit. Location link: http://nulegacygold.com/i/pdf/GT072117.pdf
Drill hole IN17-03 encountered 125 meters (405 feet) of strongly brecciated jasperoid hosted in the Devonian Horse Canyon formation (an important host for gold in Carlin-type deposits) starting at a depth of 435 feet and extending to 840 feet. Within this formation an interval of:
- 85.4 meters (280 feet) returned assays of 0.64 grams/tonne of gold,
- including 50.5 meters (165 feet) of 1.00 grams/tonne gold, and,
- including 13.7 meters (45 feet) of 2.27 grams/tonne gold.
"This new discovery is hosted in a long interval of the very favorable Horse Canyon formation located in a northwest striking cross-faulted structure (Location link), both of which are classic characteristics of the major gold deposits of the Cortez-trend, such as the neighboring Goldrush, Cortez Hills, and Pipeline deposits," said Derick Unger, Chief Geologist for NuLegacy Gold.
The target drilled in IN17-03 is at the structural intersection of the east-west striking Long fault and the recently located northwest striking "West Iceberg" fault located 500 meters west of and parallel to the Iceberg fault. The West Iceberg fault (not the be confused with the recently discovered Western Slope fault/anomaly some 500 meters further west - reported July 18, 2017) was identified in gravimetric and magnetic geophysics surveys and confirmed by recent CSAMT geophysics surveys. NuLegacy will promptly locate and drill several follow-up holes to better assess the magnitude of this discovery.
As stated in our NR of Feb 28, 2017 NuLegacy's objectives for the spring/summer exploration program has been drilling 'wildcat' holes into several remote possibly high impact targets, as well as conducting extensive geophysical and geochemical surveys throughout the 98-sq. km (38-sq. mile) Red Hill property to find additional gold deposits (beyond the Iceberg); this new discovery is one of the results of that ongoing effort.
Wildcat drilling of geophysical and/or geochemically generated targets throughout our 98-square km. property continues; additional significant results will be released as they are received. Drilling to further define and expand the gold content of the Iceberg gold deposit will resume in the fall.
About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98-sq. km (38 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Icebergi and the Avocado Carlin-style gold deposits and has identified four more highly prospective exploration targets that are being drilled this year.
NuLegacy's Red Hill Project is located on trend and adjacentiii to 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 minesiii.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company's project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every 20th sample. The samples were delivered to American Assay Labs' preparation facility in Sparks, NV. The samples were crushed, pulverized and sample pulps were analysed by American Assay Labs' certified laboratory in Sparks, NV. Pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30 gram split. All other elements were determined by ICP analysis. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. The reported 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.
i 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.
ii 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.
iii As extracted from Barrick's Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
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 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.