NuLegacy to Drill the Avocado IP Geophysical Anomaly
June 23 2014 - 4:30PM
Marketwired Canada
NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) reports on the
progress of its 2014 exploration program commenced May 7, 2014.
The first 9 reverse circulation holes were drilled as substantial step-outs from
the existing mineralized zones of the Iceberg gold deposit to test for the outer
limits of the gold mineralization. Assays for the first two holes have been
received and are reported in the table below. Assays for the remaining holes are
anticipated over the next two to three weeks. The assays will be integrated into
the Iceberg deposit's exploration model (90 to 110 million tonnes grading
between 0.7 g/t and 1.0 g/t of gold(1)) to determine where to drill the next set
of holes targeted to expand the deposit.
In the interim we will proceed drilling two separate highly prospective zones
outside of the Iceberg gold deposit as outlined in our May 8 news release on the
2014 exploration program.
The first of two holes planned near the center of the Avocado Anomaly, a very
large geophysical feature just to the north of the Iceberg (view at
nulegacygold.com/i/maps/PPT-gallery-15.jpg) is scheduled to commence drilling in
the second week of July. The Avocado zone, a 2,000 by 1,000 meter (6,600 by
3,300 feet) IP/Resistivity anomaly has evidence of a gold bearing pyrite zone in
a hole drilled on its margins. It is on trend with Barrick Gold Corporation's
multi-million ounce Goldrush deposit2 located 4 km across a rift valley.
(view at nulegacygold.com/i/maps/PPT-gallery-6.jpg)
Drilling of the first two of four holes planned for the Jasperiod Basin is
scheduled after completion of the Avocado hole. The Jasperoid Basin is a large
topographical depression; possibly a collapse breccia hosting a Carlin-type
system located approximately 1,200 metres/4,000 feet to the east of the North
Zone of the Iceberg deposit. Within it there are several areas of alteration in
association with anomalous gold values primarily in the jasperiod rocks. The
Basin is approximately 1,000 metres/3,300 feet in length and 500 metres/1,600
feet in width and has had minimal historical exploration.
The two assayed holes RHB-18 and 19 are large step-outs from the south-western
margin of the Central zone (which has current strike length of 750 meter/2,400
feet) of the Iceberg deposit; RHB-18 is located 150 meters (500 ft.) to the
southwest and RHB-19 is 125 meters (400 ft.) west of the Central zone. Both
holes encountered the Iceberg deposit's gold bearing volcanic sequence and the
contact zone between the Horse Canyon-upper Wenban-8 formations as well as the
lower Wenban-5 formation.
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Hole Zone From To Length From To Length Grade
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Number (ft.) (ft.) (ft.) (m) (m) (m) g/t gold
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RHB-18 Central 60 85 25 18.3 25.9 7.6 0.24
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190 220 30 57.9 67.1 9.2 0.13
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430 455 15 131.1 138.7 7.6 0.20
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RHB-19 Central 145 155 10 44.2 47.2 3.0 0.52
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260 290 30 79.2 88.4 9.2 0.17
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360 380 20 111.3 114.3 6.1 0.23
----------------------------------------------------------------------------
505 595 90 153.9 181.4 27.5 0.13
----------------------------------------------------------------------------
These intercepts are not necessarily true widths as there are insufficient
data at this time with respect to the shape of mineralization to calculate
its true orientation.
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These assays on the western margin of the Iceberg have numerous near-surface
intervals of anomalous gold over a wide area both in the volcanics and the
contact zones with associated anomalous Carlin-type gold deposit trace elements.
Importantly deeper in both holes there are additional intervals of highly
anomalous trace elements within Unit-5 of the Wenban formation that provide an
indication that this deeper horizon may be more favorably mineralized further to
the west.
Reverse circulation drilling on the Iceberg Project was conducted by Boart
Longyear Company of Elko, NV under the direction and supervision of NuLegacy
Gold's COO, Dr. Roger Steininger (CPG 7417). All of the drill hole samples will
be analyzed for gold by American Assay Labs. of Sparks, NV. 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.
NuLegacy Gold Corporation is a Nevada based company focused on creating
shareholder value by delineating gold resources in its Iceberg oxide gold
deposit. The Iceberg gold deposit, located on a 60 square km option of Barrick
Gold Corporation's prolific Cortez gold trend, has similar geology to that of
Barrick's immediately adjacent multi-million ounce Goldrush gold discovery.(2)
On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Dr. Roger Steininger, NuLegacy Gold's chief operating 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 on the Iceberg deposit or 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 in
close proximity to the Iceberg Deposit or Red Hill project is not necessarily
indicative of the gold mineralization on the Iceberg Deposit or Red Hill
project. 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 www.sedar.com including our annual management's
discussion and analysis dated July 26, 2013 for the year ended March 31, 2013.
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 reported on September 5, 2013, these figures are conceptual in nature and
derived from a compilation of 149 historic and 16 NuLegacy drill holes in and
around the Iceberg deposit. To date, there has been as 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.
(2) As reported by Barrick, as of December 31, 2013, the Goldrush deposit
contained a resource of 367,000 ozs gold (2,696,000 tons grading 0.136 oz/ton -
measured), 8,000,000 ozs gold (63,218,000 tons grading 0.127 oz/ton - indicated)
and 5,555,000 ozs gold (43,183,000 tons grading 0.132 - inferred). The close
proximity of the Goldrush deposit to the Iceberg project is not necessarily
indicative of the mineralization contained in the Iceberg project.
FOR FURTHER INFORMATION PLEASE CONTACT:
NuLegacy Gold Corporation
James Anderson
james@nuggold.com
NuLegacy Gold Corporation
Albert Matter
albert@nuggold.com
NuLegacy Gold Corporation
Roger Steininger
COO
604-638-4959
roger@nuggold.com
www.nulegacygold.com
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