Aug 24 2015
NuLegacy Gold Corporation reports it has begun exploring its 100% controlled Idaho Resources Corporation (IRC) claims that lie immediately to the east of its Iceberg gold deposit and along the trend of the Barrick's gold mines in the Cortez, Nevada.
An initial gravity survey was completed on the IRC claims in parallel with the ongoing exploration of the Iceberg deposit. Five drill holes from the Iceberg are in for assay and expected to be ready for reporting by month's end, and a further 8-10 hole drilling program on the Iceberg is scheduled to commence the week of Aug. 24th.
"As we near the completion of the earn-in to the 70% working interest (anticipated in October) in the Iceberg gold deposit that we discovered in 2012, we will begin our efforts to establish gold resources on our adjacent 100% controlled 39 sq. km IRC claims", said Albert Matter, Chairman of NuLegacy Gold.
"To meet the deadline to earn-in (December 31, 2015) to the 70% interest in the Iceberg deposit we focused all our efforts on the Iceberg this past three years, and in the process we established a near-surface NI43-101 compliant 90 to 100 million tonne exploration targeti with oxidized gold mineralization grading between 0.9 and 1.1 grams/tonne of gold. Discovery of a second gold deposit in close proximity to the Iceberg would further enhance the value of NuLegacy Gold."
The IRC program will follow the exploration template that successfully delineated the Iceberg gold deposit; initial gravity surveys correlated with geochemical surveys and then drilling.
The gravity survey, performed by Zonge Geophysical of Reno Nevada was completed on 200 meter centers. It identified a significant gravity low with associated north-northwest trending structural zones that are interpreted as reflecting strongly altered and fractured Devonian carbonates similar to those that are the principal hosts for gold mineralization in the Iceberg deposit. A review of the historical geochemical surveys and their correlation with the gravity surveys is in progress to generate priority drill targets.
COO, Dr. Roger Steininger states: "This survey validates our view that the IRC claims hold considerable potential for gold mineralization. Additional mapping as well as further analysis of the correlation between this data and previous geochemical data will be completed to determine the priority targets for an initial phase of drilling".
Source: http://www.nulegacygold.com/