RENO, NEVADA--(Marketwired - Jul 18, 2017) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(NULGF) is pleased to report that it has discovered a new structural exploration target with the same geological characteristics as the Icebergi gold deposit.
This target, referred to as the Western Slope anomaly, lies approximately one kilometer west of the Iceberg gold deposit; it was initially identified using this year's extensive CSAMT (Controlled Source Audio-frequency Magneto-telluric) geophysical surveys*. It is interpreted to be similar in length and parallel to the Iceberg fault, the major northwest striking fault that controls the gold mineralization for the Iceberg gold deposit. Northwest striking faults are a key structural component of most major gold deposits in the Cortez-trend including the Goldrush, Cortez Hills, and Pipeline deposits. The Iceberg fault has gold mineralization identified over 3,000 meters of strike length and the Western Slope anomaly is interpreted to have similar size potential.
The Western Slope fault, which is clearly defined by the CSAMT geophysics, is also coincident with subsequently identified Au-As-Sb (Gold, arsenic and antimony) soil geochemical anomalies. The combination of Carlin-type soil geochemical anomalies, northwest striking faulting, and large size potential makes the Western Slope anomaly a favorable target for exploration drilling.
"Carlin-type gold deposits occur in clusters and stacks…the Western Slope anomaly provides the very real possibility for another Iceberg gold deposit", commented Dr. Roger Steininger, NuLegacy's Chief Geoscience Officer.
The Western Slope is completely covered by post-mineral volcanic rocks and thus was blind to the surface. The buried nature of Western Slope anomaly means that a thicker section of the favorable host-rocks for gold mineralization are likely to be intact, whereas at Iceberg a portion of the favorable host-rocks were eroded from the footwall of the Iceberg fault.
The Western Slope anomaly has never been drilled; the closest drilling is in the western portion of the Iceberg gold deposit approximately 800 meters to the east, where drill hole RHB-110 intercepted 12.2m of 0.41 grams per tonne gold (news release dated November 30, 2016). Drilling of the Western Slope target is planned to follow further analysis of the geophysical and geochemical data, development of a 3D model and appropriate drill permits being obtained.
Wildcat drilling of numerous geophysical and/or geochemically generated targets throughout NuLegacy's 98-square km. Red Hill property continues. The company will release significant assay data as they are received. Drilling to further define and expand the gold content of the four zones of the Iceberg gold deposit will resume in the fall.
About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98-sq. km (35 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Icebergiand the Avocado Carlin-style gold deposits and has identified four more highly prospective exploration targets to be drilled this year.
NuLegacy's Red Hill Project islocated on trend and adjacentiito three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold's largest, lowest cost and politically safest gold minesiii.
i
An established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne. These figures are conceptual in nature and derived from a compilation of 149 historic and 111 NuLegacy drill holes. 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 NuLegacy's Red Hill Project.
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.
*
A total of 16 kilometers of controlled-source audio-frequency magneto -telluric (CSAMT) lines were completed in this area 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.
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 including, but not limited to, actual results of exploration activities, environmental risks, future prices of gold, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, availability of financing and other risks in the mining industry. There are no known resources or reserves in the Red Hill Project 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 Red Hill Project is not necessarily indicative of the gold mineralization on the Red Hill Project. 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 www.sedar.com 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.
