RENO, NEVADA--(Marketwired - Apr 25, 2017) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(NULGF) reports its initial 40 hole (35,000 ft.) 2017 drilling program (to be expanded as warranted) has commenced with the arrival of the first of two drill rigs; the second rig is scheduled to arrive mid-May.
The initial 2017 exploration program will focus on:
- Expanding the extent of the gold mineralization in the Avocado deposit,
- Drilling the Deep Iceberg IP anomaly to confirm it as the third gold deposit identified to date,
- Exploring the VIO and Jasperoid Basin anomalies to establish their prospectivity as deposits, as well as,
- Expanding the gold content of the established near-surface oxide Iceberg gold deposit, an exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne (conceptual numbers.)(i)
Of the initial 35,000 ft. planned, 65% will consist of deeper drilling to explore for additional deposits and 35% will concentrate on expanding the gold footprint of the near-surface Iceberg deposit. Further geophysical and geochemical surveys are contracted for follow up on the success of last year's surveys in generating additional drill targets outside of the five currently confirmed mineralized areas.
We are fortunate to enroll three integral personnel to round out the geo-technical/deposit discovery team; Mr. John Katseanes, Ms. Denise Dowell and Mr. William (Bill) Mounts, all former consultants to Barrick Gold Exploration who have opted to work in the entrepreneurial junior exploration industry.
John Katseanes is a renowned geo-technical database architect; his mission is to ongoingly upgrade our data base architecture and accelerate our ability to analyze, interpret, and visualize (present in 3D models) the Red Hill Project geological environment to improve the targeting of the most prospective areas of gold mineralization in which to drill for high grade gold intercepts.
John will be ably assisted by Denise Dowell as our Geo-Technical Database Administer, who is responsible for the compilation, assimilation and maintenance of all databases relevant to the exploration of our Red Hill Project.
Bill Mounts is our new Drilling Supervisor responsible for overseeing all drilling and drilling contractors' relationships in Nevada. Bill has over 50 years of experience working with Newmont Exploration, Barrick Gold and numerous other major gold miners and is credited with saving these companies millions in their drilling expenses.
About NuLegacy: NuLegacy Gold Corporation is an advanced stage Nevada exploration company focusing on the discovery of district scale Carlin-style gold deposits on its premier 98-sq. km (35 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date we have discovered the Iceberg(i) and the Avocado Carlin-style gold deposits and have identified three more highly prospective exploration targets (The Deep Iceberg, VIO and Jasperoid Basin geo-physical anomalies) to be drilled this year.
NuLegacy's Red Hill property is located on trend and adjacent(ii) 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 assets(iii).
|(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 34 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 Cortez Trend 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 Cortex Trend Project is not necessarily indicative of the gold mineralization on the Cortex Trend 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.