Posted in | Gold | Mining Business

NuLegacy Gold Provides Avocado Deposit Discovery Update

NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF): Further to our news release of February 7, 2017 we have posted to our website a more detailed analysis of our current understanding and interpretation of the geology, stratigraphic units and mineralization associated with the recently discovered Avocado gold deposit located on NuLegacy's 98 square kilometer land package in the heart of the famed Cortez gold trend of Nevada. Please follow this link to view the analysis.

Drilling (of just 4 holes) to date has confirmed the Avocado as a Carlin-type gold system out on the pediment approximately two kilometers to the north-northwest of NuLegacy's established Iceberg gold deposit, with the possibility there are two distinct gold systems referred to as the West and East Avocado.

Link to drilling map:

The drilling together with geophysical and chemical surveys completed to date indicates that the gold mineralization identified in RC hole AV-02 and core hole AV-04C (West Avocado) is open to the west and northwest, into an area with no previous drilling. Long intervals of mineralization i.e. 200 meters of 0.25 grams/ton gold in AV-02 and assay spikes over 8 grams/ton gold (~1/4 oz.) in AV-04C suggest the potential for a very strong mineralized system. The initial 2017 program will drill three ~2,000 ft. reverse circulation (RC) holes as step outs to the west and northwest.

The West and East Avocado zones are separated by over 600 meters with no drilling in-between. Two RC holes are planned to the west and north of RC hole AV-03 (AV-03 returned 1.04 grams of gold/t over 25.9 meters - East Avocado) to continue the expansion of this mineralized area. Once the results of this initial 2017 drilling are available and understood, additional drilling will be planned as warranted.

These holes are part of the initial 40 hole 2017 exploration program totalling approximately 10,500 meters (~35,000 ft.). Of the initial footage planned, 65% will consist of deeper drilling to explore for additional deposits and 35% will concentrate on expanding the gold footprint of the Iceberg's near-surface deposits. Further geophysical and geochemical surveys will be completed in areas identified prospective for mineralization by the 2016 geologic mapping and survey programs with the goal of generating additional drill targets outside of the currently confirmed mineralized areas.


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