Sep 21 2016
NuLegacy Gold Corporation is pleased to report the assay results from hole AV-03, the second of two exploration holes drilled into the Avocado deposit so far in 2016. The newly discovered Avocado gold deposit, so named after the shape of the IP/Resistivity survey-anomaly that initially identified it, is the second Carlin-type gold deposit (Iceberg being the first) discovered within NuLegacy's 100% owned 38 sq. mile Cortez-trend property (the Red Hill project) in Nevada.
Hole AV-03 drilled 2/3 of a kilometer (650 meters/2,130 ft.) east of AV-02 returned an assay of 1.04 grams of gold/t over 25.9 meters (from 312.6 to 347.5 meters). This is an important improvement on the grade of the discovery hole AV-02 which reported (Sept. 13, 2016) 0.26 g/t over 199.7 meters (655 feet) including 24 and 35 meter intervals of 0.5-gram material, and 10 and 13 meter intervals of better than 1.0-gram material. Plan map link-http://nulegacygold.com/i/pdf/ppt/2016-09-06/2016-09-NUGPPT-page-30.pdf
Notably the mineralized interval in AV-03 is in a brecciated Jasperoid (strongly silicified) that contains minor disseminated pyrite. This is more like the Iceberg gold deposit mineralization than the mineralization in AV-02 which is the black carbonaceous pyritic limestone material that hosts much of the gold mineralization in the deeper parts of Nevada's major Carlin-type gold deposits. With AV-03 drilled on the eastern margin of the Avocado IP anomaly this could represent a northern extension to the Iceberg gold deposit.
"It's very encouraging to have both of our widely spaced (650 meters) initial 2016 exploration holes in the Avocado return useful intercepts of gold", commented Dr. Roger Steininger NuLegacy's CGO, "We are busy compiling and reinterpreting all the data from the two drill holes and the just completed additional IP geophysical lines surveyed in order to determine where the follow-up holes will be drilled."
The results of these two holes improves the possibility of the Avocado being another substantial Carlin-style gold deposit within the 2.5 km long and 1 km wide geophysical anomaly. Assays for several Iceberg expansion holes are in process; drilling continues.
Source: http://nulegacygold.com/