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NuLegacy Announces Initial Analysis of Geophysical Survey Programs Conducted at Iceberg Gold Deposit

NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) is pleased to report the initial analysis of the geophysical survey programs conducted over the Iceberg gold deposit during August-September 2016.

Key Highlights of Geophysical Program at Iceberg:

  • An IP (induced polarization) survey identified a chargeability anomaly just west of the Iceberg fault at a depth of approximately 1200 ft./366m. This as yet untested anomaly lies between the established near-surface horizon of oxidized gold mineralization in the North and Central zones of the Iceberg gold deposit; it could represent a deeper (likely sulfide) higher-grade gold-bearing horizon in the Iceberg.
  • A CSAMT (controlled-source audio-frequency magnetotellurics) survey clearly defined the northwest trending Iceberg fault as well as numerous sub-parallel faults to the west under post-mineral cover. The newly identified faults have excellent potential to have allowed emplacement of disseminated gold mineralization and are essentially untested by drilling.
  • The CSAMT survey also defined numerous northeast trending faults that transect the Iceberg deposit. These cross-cutting faults may have functioned as important fluid conduits and require additional drill testing for gold mineralization.

The near-surface oxide potential at Iceberg is well established. However, the possibility of feeder zones of high-grade gold bearing disseminated sulfide mineralization typically found deeper in Carlin-type systems has yet to be explored. The IP survey successfully identified targets for potential deeper gold-bearing sulfide mineralization, while the CSAMT survey identified the Iceberg fault along with numerous additional structural defined drill targets, and surveyed the thickness of post-mineral cover.

The use of IP at Avocado was critical to the discovery of gold-bearing sulfide mineralization beneath post-mineral cover (Avocado Discovery Confirmed) and established the technique as a valuable exploration tool on NuLegacy's property. The application to the Iceberg has successfully identified highly prospective targets.

Overview: A total of 22.4 line kilometers of controlled-source audio-frequency magnetotellurics (CSAMT) and induced polarization (IP) lines were completed at the Iceberg deposit by Zonge International Inc. under the supervision of NuLegacy's Chief Geologist, Mr. Derick Unger. Data interpretation was completed by the NuLegacy exploration team in collaboration with Zonge's senior geophysicists.

The 2016 IP survey located a chargeability anomaly just west of the Iceberg fault. Chargeability anomalies represent an accumulation of minerals, such as gold-bearing sulfides, that are able to absorb and then slowly release an electric charge. The newly discovered IP anomaly at Iceberg is approximately 1200 ft./366 m deep, deeper than any nearby drilling. Of greater significance, the anomaly lies between the North and Central mineralized zones in an area with just a few shallow drill holes. See illustration at http://nulegacygold.com/i/pdf/thumbs/Geophysics-Report-2-lg.jpg. Drill testing this target will be part of the 2017 exploration program.

The CSAMT lines surveyed over the Iceberg deposit clearly outlined the northwest trending Iceberg fault and a series of sub-parallel faults to the west beneath post-mineral cover. The newly defined faults have excellent gold mineralization potential and have not previously been explored as they were 'blind' to the surface.

Additionally, the CSAMT lines helped define a series of northeast trending faults that transect the Iceberg deposit. The convergence of northwest and northeast trending fault systems likely served as important mineralized fluid conduits. See illustration at http://nulegacygold.com/i/pdf/thumbs/Geophysics-Report-4-lg.jpg.

"The highest grades in the North, Central, and possibly South mineralized zones occur where the northwest trending Iceberg fault is transected by northeast trending faults. Thus the improved understanding of the relationships between the two fault systems and the offsets they create will allow us to target additional high-grade gold zones within the Iceberg deposit," said Mr. Unger.

At this time, all interpretations are preliminary. Upon completion of the 2016 drill campaign and geologic mapping programs, a more definitive interpretation of all geophysical datasets will be completed followed by a prioritization of 2017 drill targets.

NuLegacy's flagship project, the 38-sq. mile/98-sq. kilometer Red Hill property in Nevada's famed Cortez trend, hosts multiple Carlin-type gold systems with multiple gold-bearing horizons in one of the world's premier gold mining jurisdictions. NuLegacy's present focus is delineating the shallow Carlin-style oxidized gold mineralization within the Iceberg gold deposit, exploring the newly discovered Avocado deposit and testing the VIO and Jasperoid Basin prospects.

Please follow this links to plan maps of IP and CSAMT line locations and examples of interruptions: http://nulegacygold.com/s/Iceberg-Geophysics.asp

Source: http://nulegacygold.com/

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