NuLegacy Reports Assays from Red Hill Project
Intersects 33.5 meters of 0.53 grams gold/t west of Central zone
(firmenpresse) - RENO, NEVADA -- (Marketwired) -- 11/03/16 -- NuLegacy Gold Corporation (TSX VENTURE: NUG)(OTCQX: NULGF) reports assays from recently drilled reverse circulation holes in the Iceberg gold deposit within the Red Hill project.
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.
"The gold mineralization in the Iceberg deposit has been encouraging through most of the drilling since 2012, and the newly discovered Avocado deposit looks to become a game changing addition to the project," commented Chairman Albert Matter.
Highlights from the Iceberg deposit infill and step-out drilling include:
Central zone of the Iceberg:
North zone of the Iceberg:
The Avocado discovery: Drilling of the next hole in the Avocado deposit (core hole AV-4) is underway. Based on the results from the two wildcat holes drilled into the Avocado (reported Sept. 13, and 20, 2016 - 199.7m of 0.26 grams/t in AV-2 and 25.9m of 1.05 grams/t in AV-3) and a review of the geo-physical data, the initial target depth is approx. 2,500-foot/760-meter. This will provide important stratigraphic information to help guide the vectoring of the next set of holes designed to test for the origination of the massive 655 foot/200 meter 'bloom of 1/4 gram gold' reported in AV-2. Boart Longyear was contracted to drill this hole and expects to complete it early December; thus, we expect the assay results early in the New Year in time to utilize them to select sites and commence a three to five-hole Avocado exploration program in the spring of 2017.
Table of current assays: Note that RHB drill holes 87, 89, 100, and 103 did not reach their intended target depth due to difficult drilling conditions or sample recovery was inadequate to assay the gold bearing horizons. Drilling continues in the Iceberg, more assays pending.
Please follow this link to the plan map.
About NuLegacy: NuLegacy Gold Corporation is an advanced stage Nevada exploration company focused on expanding its 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 tonne(i), 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 (ii) to Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick's lowest cost and politically safest gold assets(iii).
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: Reverse circulation drilling was conducted by AK Drilling of Butte, Montana under the supervision of Thomas Roman, Exploration Manager, and Dr. Roger Steininger, CGO (CPG 7417) and the chain of custody from the project to the sample preparation facility was continuously monitored. The samples were analyzed by American Assay Labs of Sparks, NV and sufficient commercially prepared standards, blanks, and duplicates were inserted to assure quality analytical results. Data verification of the analytical results included a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. The reported gold intervals may or may not represent true thicknesses and/or widths as there is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.
Dr. Roger Steininger, NuLegacy's Chief Geoscience Officer is a Certified Professional Geologist (CPG 7417) and the qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects responsible for preparing and reviewing the scientific and technical information contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. There are no known resources or reserves in the Iceberg deposit and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or in close proximity to the Iceberg Deposit is not necessarily indicative of the gold mineralization on the Iceberg Deposit. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at including our annual management's discussion and analysis dated July 28, 2016 for the year ended March 31, 2016. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
Contacts:
NuLegacy Gold Corporation
James Anderson
CEO
604-639-3640
NuLegacy Gold Corporation
Albert Matter
Chairman
604-639-3640
NuLegacy Gold Corporation
Roger Steininger
CGO
604-639-3640
NuLegacy Gold Corporation
Frank Lagiglia
Investor Com Mgr
604-639-3640
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Unternehmensinformation / Kurzprofil:
Datum: 03.11.2016 - 10:00 Uhr
Sprache: Deutsch
News-ID 504664
Anzahl Zeichen: 0
contact information:
Town:
RENO, NEVADA
Kategorie:
Mining & Metals
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