Aug 10 2016
NuLegacy Gold Corporation reports drilling of the next 20 holes of the 10,000 meter (33,000 ft.) 2016 exploration program on its 100% owned Iceberg oxide gold project is underway. The primary target is the shallow Carlin-style oxidized gold mineralization within NuLegacy's 3 km long and 0.5 km wide Iceberg gold deposit located in the Cortez gold-trend of north-central Nevada. Initial assays are anticipated last week in August.
Chief Geoscience Officer Dr. Roger Steininger comments, "The in-fill and step out drilling continues to expand the Iceberg gold deposit, a key objective of the 2016 program. We are expanding the exploration drilling to several targets outside of the Iceberg area that have the potential of hosting additional Carlin-style gold deposits."
Summer exploration program: NuLegacy is utilizing a reverse circulation track rig for drilling deposit expansion and scout holes in and around the Iceberg gold deposit, and will be utilizing a deeper capacity reverse circulation truck rig to drill exploration holes in untested prospective targets at a considerable distance from the Iceberg deposit.
Seven or eight of each set of ten holes will be drilled to in-fill or expand the footprint of the 90 -110 million tonnes of 0.9 to 1.1+ grams of gold/t exploration targetiii within the Iceberg gold deposit (deposit size figures are conceptual) while two or three holes will be true exploration or wildcat holes designed to identify new areas of mineralization.
These true exploration holes will initially be targeted on the other Carlin-type gold systems identified to date on the property, principally the Avocado, VIO and Jasperoid Basin gold anomalies, as well as several targets on the minimally explored Idaho portion (to far east of the Iceberg deposit). These targets are sufficiently remote from the Iceberg gold deposit that success will indicate an entirely new/additional gold deposit.
Three highly prospective targets: Previous drilling has demonstrated that the Avocado has gold bearing Carlin-style gold deposit alteration and mineralization associated with the large Induced Polarization geophysical anomaly. Both the VIO and Jasperoid Basin are large areas of surface alteration and gold in rock chip geochemical samples. The Jasperoid Basin is undrilled and VIO has two widely spaced holes that contain anomalous gold with associated Carlin-style gold deposit alteration and trace elements.
Starting later in August a core rig will drill three holes in the North zone to increase the knowledge of the Iceberg's geology to help locate the higher grade zones, better define the gold occurrences, and provide material for resource analyses including bulk density measurements and metallurgical samples.
About NuLegacy: NuLegacy Gold Corporation is a Nevada based exploration company financed and operated by a corporate governance and geological team that has successfully identified, discovered and developed numerous gold resources.
Our focus is on expanding the Carlin-style near-surface Iceberg oxide gold deposit with an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonnei, and exploring for additional gold deposits on the 38 sq. mile (98 sq. km) Red Hill property located in the Cortez gold trend of Nevada.
The Iceberg gold deposit has similar geology to that of Barrick Gold's multi-million-ounce Pipeline deposit the discovery of which is credited to NuLegacy's Chief Geoscience Officer, Dr. Roger Steininger. The Iceberg is located on trend and adjacentii to three of Barrick Gold`s multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick lowest cost and politically safest gold assetsiii.
NuLegacy's objective is the discovery and sale of significant multimillion-ounce gold deposits utilizing highly focused exploration programs employing sophisticated techniques for targeting discovery and delineation of gold deposits.
i These figures are conceptual in nature and derived from a compilation of 149 historic and 34 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.The similarity and close proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in the Iceberg deposit.
iii.As extracted from Barrick's Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Source: http://nulegacygold.com/