RENO, NEVADA--(Marketwired - Aug 8, 2017) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(NULGF) has commenced follow-up drilling to extend the gold mineralization discovered in the wildcat drill hole SR17-01 (previously reported as NI [North Iceberg] 17-03 on July 27th).
This prospective new area, 375 meters (1,200 ft.) west of the North Iceberg gold deposit, has been named the Serena zone. Location link: http://nulegacygold.com/i/pdf/newsreleases/Drilling_Serena_zone.pdf
Initially three offset holes are permitted and being drilled west, east, and north of the discovery hole to establish continuity and gain a better understanding of the stratigraphy and structural controls of the gold mineralisation.
"The first few holes drilled into a newly discovered area are always exciting; this is what makes exploration in Nevada so thrilling. We hope to replicate the important gold discoveries in the Cortez trend that Barrick and others have made over the years," said Ed Cope, NuLegacy director, and past head of North American exploration for Barrick Gold Corporation.
The discovery hole SR17-01 encountered 123 meters (405 feet) of strongly brecciated jasperoid hosted in the Devonian Horse Canyon formation (an important host for gold in Carlin-type deposits in the Cortez gold-trend) starting at a depth of 133 meters and extending to 256 meters. Within this formation an interval of:
- 85.4 meters (280 feet) returned assays of 0.64 grams/tonne of gold,
- including 50.3 meters (165 feet) of 1.00 grams/tonne gold,
- including 13.7 meters (45 feet) of 2.27 grams/tonne goldi.
"This discovery is hosted in a strongly silicified and brecciated Devonian Horse Canyon formation at the intersection of interpreted northwest and east-west striking district scale structures. Link: http://nulegacygold.com/i/pdf/newsreleases/Serena_zone_plan_map.pdf. The combination of intense Carlin-type alteration and the accompanying trace elements suite indicates that the gold mineralizing fluids that formed the Serena zone are similar to those that formed the Iceberg and Avocado deposits," commented Derick Unger, NuLegacy's Chief Geologist.
We have completed this summer's program of wildcat drilling of geophysical and/or geochemical targets throughout the 98-square km. Red Hill property; additional significant results will be released as they are received and evaluated by our geological team. Drilling to further define and expand the gold content of the Iceberg gold deposits will resume this fall.
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 analyzed 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.
About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering 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 Iceberg (an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonneii) and the Avocado Carlin-style gold deposits and identified several 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 mineiv.
|i 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.|
|ii 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.|
|iii 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.|
|iv As 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 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.