NuLegacy Reports Assays from the Avocado Deposit
(firmenpresse) - RENO, NEVADA -- (Marketwired) -- 02/07/17 -- NuLegacy Gold Corporation (TSX VENTURE: NUG)(OTCQX: NULGF) reports the assay results from the stratigraphic core hole drilled during the 2016 winter exploration program (AV-4C).
The Avocado Stratigraphic Twin: In preparation for the 2017 follow-up drilling program to the discovery of the Avocado gold deposit in the fall of 2016, the stratigraphic core hole AV-4C was drilled as a 'twin' to the reverse circulation (RC) discovery hole AV-2 (as reported Sept. 13, 2016). The 2,038-ft. core hole twin (AV-4C) was completed on Dec. 3, 2016 just 65 ft. east of the AV-2, which in itself is quite a feat (accomplished by Boart Longyear) as the ground was extremely fractured and presented difficult drilling conditions.
The assay results and the stratigraphic analysis of AV-4C (as outlined below) indicate the next set of holes should be drilled to the north and north-west of AV-2 and AV-4C (View plan map at ) in pursuit of the higher-grade source of the 655 ft. bloom of 1/4 gram gold encountered in AV-2. This will be the first target this spring with an initial 10,000 ft. (five (RC) holes) drilling program.
The Assay Analysis: The following table outlines the important gold intervals encountered in AV-4C. As noted above, drilling conditions were challenging, which is often the case in Carlin-type gold systems since the intense fracturing is a pre-condition to favourable gold emplacement.
This resulted in the loss of several 'internal' portions (please view link at ) of the higher-grade interval encountered in the contact zone between the Devonian Horse Canyon formation and the Devonian Wenban, one of the important gold hosts in the Cortez trend and in the Avocado and Iceberg deposits.
Despite the internal loss of core (thus reducing the extent of reportable assay intervals), the grades of the reported intervals are respectable and included several 'spikes' to as high as approx. 8 grams of gold/ton over narrow intervals. The assay results are impressive for:
Conclusions: With AV-4C being to the east of AV-2 (and missing some of the gold bloom), the indicated gradient direction to drill is to west, north-west, which is supported by the stratigraphic analysis provided below.
The Stratigraphic Analysis: Understanding the stratigraphy is vital to the vectoring decisions for the next exploration program because it identifies the rock types, their ages, structure and the sequence of their formation. There are specific units within the Devonian sequences in the Cortez trend (view the stratigraphic-column at ) that are the most favorable for hosting gold mineralization.
The core drilling, while considerably more expensive than a RC hole, was intended to provide fully intact rock units(1) (view at ), whereas RC drilling produces crushed-rock "chips" (view at ) that provide significantly less detail and are thus more difficult to interpret.
The core of AV-4C revealed a more comprehensive picture of the stratigraphy of the deposit, and provided a much better understanding of the rock units that were initially encountered in the RC holes drilled into the Avocado. The stratigraphic/geologic results are summarized in the following bullets, and to quote our partner Barrick Gold are "quite intriguing."
A more comprehensive report on all the Avocado drilling (four holes so far) with maps and cross sections is being prepared by the geological team under the guidance of NuLegacy's Chief Geoscience Officer, Dr. Roger Steininger. It should be available in early March on NuLegacy's website in the section titled "Chief Geoscience Officer Speaks." A review of all of the Company's 2016 exploration programs, along with a preview of the program planned for 2017, will be presented in late February.
In anticipation of a wet cold winter in north-central Nevada, we prepared our main access roads in the fall of 2016 with extra ballast. As a result, we expect to be able to commence drilling as planned in mid-April 2017.
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 38sq. 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 three of Barrick Gold's multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick's lowest cost and politically safest gold assets(iii).
(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 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
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 deposits and Avocado and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or near the Iceberg Deposit is not necessarily indicative of the gold mineralization on the Iceberg Deposit. All 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.
(1)As you will notice in the core box picture, a good deal of the core is not 'fully intact.' This is a mixed blessing, as the friability allows good gold emplacement - and often poor core recovery. While core holes provide a much better sample for interpretative purposes, on average they are 3 to 4 times more expensive to drill than RC holes, take twice as long to drill and three times as long to assay. RC holes drill better through the highly-fractured material that is favourable to gold emplacement; thus, RC holes are better suited (and cheaper) for initial exploration. Plus once they return some encouraging results, a core hole or two is necessary to determine the stratigraphy. Then RC holes can be used for the follow up exploration to scope out the size of the deposit. Once that has been done, core holes are preferable for determining a potential mining plan.
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
ICM
604-639-3640
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Datum: 07.02.2017 - 11:00 Uhr
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News-ID 522333
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