Highlights include 3.16 grams/tonne gold over 12.1 meters
RENO, NEVADA--(Marketwired - Nov. 25, 2014) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) reports gold assays from the first three of seven core holes drilled as part of its Fall 2014 exploration program on the Iceberg gold deposit located in the Cortez gold-trend of Nevada, USA. In addition to the core holes, four reverse circulation holes are currently being drilled.
Highlights of these three core-hole assays include:
"Our understanding of the stratigraphy and of the controls of mineralization in the Iceberg deposit has been significantly enhanced by our drilling of a limited number of core holes," commented Roger Steininger, COO of NuLegacy. "Data will continue to flow in from the assay lab to be incorporated into our detailed logging of drill core over the winter months, which will undoubtedly improve our understanding of this large, Carlin-type gold deposit and guide our spring 2015 drilling program."
Important aspects of these results include establishing the presence of substantial gold in the two zones tested, the Central and newly discovered South Zone, and the identification of gold in two unique stratigraphic horizons; the overlying older volcanics and the contact zone between the Horse Canyon and upper Wenban-8 limestone formations.
Assays for the remaining eight holes (four completed core holes and four reverse circulation holes in progress) are anticipated over the next two months. The assays will be integrated into the Iceberg gold deposit's exploration model (90 to 110 million tonnes grading between 0.7 g/t and 1.0 g/t of goldi), and together with the results of a gravity survey just completed over the entire Iceberg deposit will help to establish drill targets for the spring 2015 reverse circulation drilling program.
Core drilling has been conducted by RedCor Drilling Inc., of Winnemucca NV, and drilling of reverse circulation holes is being conducted by Boart Longyear Company of Elko, NV under the direction and supervision of David Mallo, Exploration Manager and Dr. Roger Steininger, (CPG 7417). All of the drill-hole samples are being analyzed by American Assay Labs of Sparks, NV. Sufficient commercially prepared standards, blanks, and duplicates are inserted to assure quality analytical results. Data verification of the analytical results includes a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.
About NuLegacy: NuLegacy Gold has discovered a classic Carlin-type oxidized gold deposit (the Iceberg) with an exploration target(i) of 90 to 110 million tonnes grading between 0.70 gram and 1.00 gram of gold/tonne in the famed Cortez gold-trend of Nevada. The Iceberg is on a 60 sq. km portion of the Cortez optioned from Barrick Gold Corporation, and on trend with Barrick's three multi-million ounce Carlin-type systems that are its largest, lowest cost and politically safest gold deposits(ii) in the world. The Iceberg is adjacent(iii) to the third of these, the Goldrush deposit,(iv) which is the most significant green-field discovery by a major gold producer in the past five years.
On Behalf 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 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 is not necessarily indicative of the gold mineralization on the Iceberg Deposit. 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 25, 2014 for the year ended March 31, 2014. 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) 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.
(ii) As extracted from Barrick's Q4-2013 and Q1-2014 reports.
(iii) The close proximity of the Goldrush deposit to the Iceberg deposit is not necessarily indicative of the gold mineralization in the Iceberg deposit.
(iv) As reported by Barrick as of December 31, 2013, the Goldrush deposit contained a resource of 423,000 ounce of gold (3.1 million tons grading 0.137 oz./ton - measured), 9,537,000 ounces (72.5 million tons grading 0.132 oz./ton - indicated) and 5,555,000 ounce (39.5 million tons grading 0.141 - inferred).