NuLegacy Discovers New South Zone Near Iceberg Gold Deposit
July 22 2014 - 5:30AM
Marketwired Canada
NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) is pleased to
report that step-out drilling of its Iceberg gold deposit in the Cortez trend of
Nevada has discovered a new southern zone of gold mineralization and has
confirmed a further north-west extension to the Central zone of the deposit.
"These results, together with those reported June 23 and July 8, 2014 confirm
extensive and widespread gold mineralization in the Iceberg gold deposit. The
deposit now has an apparent strike length in excess of 3,000 meters (circa
10,000 feet) and is open in all directions," commented Dr. Roger Steininger,
NuLegacy's COO responsible for exploration programs. "This phase of the 2014
drilling program confirms significant quantities of gold are present in up to
three distinct gold horizons in the Iceberg deposit which greatly increases the
possibilities of delineating a threshold(i) gold resource."
New South zone: Hole RHB-27 was a wildcat exploration hole stepped out 970
meters/3,200 feet to the south along the strike of the Iceberg deposit's North
and Central gold zones and returned two intervals of gold within the Devonian
carbonates: 0.40 grams of gold/ton over 12.2 meters/40 feet and 1.11 grams of
gold/ton over 6.1 meters/20 feet within 0.50 grams of gold/ton over 18.3
meters/60 feet (see table below).
The presence of two mineralized intervals in silicified carbonates with
favorable oxide gold grades establishes the Iceberg deposit extends a full 970
meters south of the previously identified zones of gold mineralization. RHB-27
is at the southern end of a geochemical 'gold in soil' anomaly that indicates a
much larger exploration target than previously recognized. The three gold zones
(North, Central and South) of the Iceberg deposit now extend over 3 kilometers
and have all of the characteristics of a well-mineralized Carlin-type gold
deposit. Additional drilling will be planned to establish the dimensions of this
new South zone and determine its connection to the Central zone.
Expansion of Central Zone: Hole RHB-26, another large 200 meters/660 feet
step-out to the northwest of the Central zone returned 0.18 grams of gold/ton
over 47.3 meters/155 feet from 93.0 to 140.3 meters. This lengthy interval
effectively extends the mineralization in the Central Zone to 950 meters of
strike length, and leaves the Central zone open in all directions.
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Assay Highlights
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Hole Zone From To Length Grade
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Number (m) (m) (m) grams/t gold
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RHB-27 South 56.4 68.6 12.2 0.40
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and " 82.3 100.6 18.3 0.50
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including " 83.8 89.9 6.1 1.11
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RHB-26 Central 93.0 140.3 47.3 0.18
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NB. These intercepts are not necessarily the true width as there is
insufficient data at this time to calculate their true orientation.
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Holes RHB-21 and 22 contained intervals of anomalous gold with strong
Carlin-type gold deposit trace element signatures. The results of all the holes
from this phase of the 2014 drilling program (May 7 to July 9) will be
integrated into the current exploration model (90 to 110 million tonnes grading
between 0.7 g/t and 1.0 g/t of gold(ii)) to determine the selection of the next
set of drill holes targeted to expand the Iceberg deposit. Updated sections will
be posted on our website when the integration and analysis has been completed.
Reverse circulation drilling on the Iceberg Project was conducted by Boart
Longyear Company of Elko, NV under the direction and supervision of NuLegacy
Gold's COO, Dr. Roger Steininger (CPG 7417). All of the drill hole samples are
analyzed for gold and a trace element suite by American Assay Labs. of Sparks,
NV. 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.
NuLegacy Gold Corporation is a Nevada based company focused on creating
shareholder value by delineating gold resources in its Iceberg oxide gold
deposit. The Iceberg gold deposit, located on a 60 square km option of Barrick
Gold Corporation's prolific Cortez gold trend, has similar geology to that of
Barrick's immediately adjacent multi-million ounce Goldrush(ii) gold discovery.
On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Dr. Roger Steininger, NuLegacy's chief operating 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 on the Iceberg deposit or 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 in
close proximity to the Iceberg Deposit or Red Hill project is not necessarily
indicative of the gold mineralization on the Iceberg Deposit or Red Hill
project. 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 26, 2013 for the year ended March 31, 2013.
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.
(i) Based on recent acquisition history in Nevada, NuLegacy anticipates that a
'threshold' gold resource target of approximately 1.5 million NI 43-101
qualified ounces of near-surface oxide gold would support a Barrick Gold
decision to 'earn-back to a 70% working interest (by spending the next $15
million) which, under the terms of our option agreement, would result in
NuLegacy's 30% interest being 'carried to production'. This figure represents
NuLegacy's threshold target goal and does not constitute an estimate of
resources for the Iceberg deposit at this time.
(ii) As reported on September 5, 2013, these figures are conceptual in nature
and derived from a compilation of 149 historic and 16 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
NuLegacy Gold Corporation
James Anderson
Chief Executive Officer
604-638-4959
james@nuggold.com
NuLegacy Gold Corporation
Albert Matter
604-638-4959
albert@nuggold.com
NuLegacy Gold Corporation
Roger Steininger
COO
604-638-4959
roger@nuggold.com
www.nulegacygold.com
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