NuLegacy Gold Corporation reports on the winter 2019 exploration
program on its flagship 108 sq. km Red Hill gold property in the
Cortez gold trend of Nevada.
The winter program consisted of five core holes
totalling 2,230 meters (~7,300 ft) on both flanks of the Rift
Anticline target and a CSAMT survey over the Rift Anticline. Four
holes were drilled on the eastern flank of the Rift Anticline,
including two at Western Slope and two at the Serena Offset
targets, with one incompletion on the western flank in the 4Mile
Look-a-like target.
Hole WS19-02, drilled on the eastern flank of
the Rift Anticline1, returned a high-grade interval grading
9.6 grams/ton gold over 5.2 meters starting at 353
meters (with an internal spike to 25 grams/ton
gold) within 27.1 meters of the strongly altered
(silicification, decarbonatization and brecciation) favourable
Wenban5 horizon and contained elevated gold values
(greater than 200 ppb) throughout.
This is another in the series of the significant
high-grade albeit only moderately thick intercepts that have been
encountered across a span of ~1,400 meters from the North Iceberg
(11.0 grams/ton gold within 12.2 meters) through
the Serena zone (16.9 grams/ton gold within 8.7
meters)2, and now the Western Slope (9.6 grams/ton
gold within 5.2 meters) vectoring towards
the northeast-southwest trending Rift Anticline. Rift
Anticline Goldrush Analogue Slide #4
“These are significant results”, commented Ed
Cope, NuLegacy’s Director of Exploration3, “as the intense
alteration accompanied by high-grade (greater than 10 gram/tonne)
gold values intersected in these holes indicate the presence of a
robust Carlin-type mineralizing system capable of producing a
significant gold deposit in the Rift Anticline target abutting to
the west.”
Thick intervals of high-grade gold within a
distinctive anticlinal structure and highly fractured geochemically
favourable gold bearing Wenban5 stratigraphic horizon are
characteristic of what make Barrick Gold’s three
multi-million-ounce gold deposits (the Pipeline, Cortez Hills and
Goldrush deposits4) on trend immediately to the north so valuable5.
The high-grades commonly occur at the intersection of northeast
trending high-angle faults and low-angle thrust faults when these
intersections occur within the favourable Wenban5
stratigraphic horizon. The Wenban5’s elevated iron content acts to
enhance the precipitation of the gold from the gold-bearing
hydrothermal fluids as they pass through that horizon.
Importantly the analysis of the CSAMT survey
conducted across the Rift Anticline indicates that the favorable
Wenban5 horizon hosting the high-grade ‘sniffs’ that NuLegacy has
encountered to date extends to as much as 1,500
meters across the Rift, and, that it is as much as
90+/- meters thick as affirmed by the proximal
hole WS18-01. Rift Anticline Goldrush Analogue Slide #6
The survey analysis also shows the thicker
Wenban5 horizon is significantly more fractured
with multiple high-angle faults intersected by a swarm of
low-angle thrust faults starting ~ 150 meters to the west
of WS18-01, creating multiple conduits for gold-bearing fluids.
CSAMT geophysical surveys (Controlled-source
Audio-frequency Magnetotellurics6) have proven particularly
effective in identifying the intersections of the high-angle
northwest crosscutting faults and the low-angle thrusts faults that
function as important conduits for the gold-bearing fluids.
As well the suite of six CSAMT lines surveyed
across the Rift indicate that the geochemically favourable Wenban5
formation in the Rift Anticline is ~4.5 kilometres long on its
northwest-southeast trending strike and open on both
ends. Rift Anticline Goldrush Analogue Slide #5
Additional CSAMT surveys will be conducted this
spring, as soon as weather conditions permit, to determine the full
length of the Rift Anticline, as it parallels the western boundary
of NuLegacy’s property, to facilitate road access and drill site
planning.
All the assay data, core logging, COLOG acoustic
tele-viewer information, and CSAMT data is currently being
incorporated into an updated geologic model for additional
analysis. Once the analysis is completed, a determination will be
made as to whether follow up drilling is warranted on the flanks or
should be focused entirely on testing the Rift Anticline
target.
Of the remaining three holes drilled on the east
flank WS19-01C encountered weak gold and trace element values
through most of its length and terminated in unit Wenban4 with the
last 1.5 meters of the hole returning 2.63 g/t gold, suggesting
that mineralization may occur deeper in the section. Holes SO19-01C
and SO19-02C, drilled in the Serena Offset target just west of the
Serena deposit intersected strong alteration and trace-element
geochemistry without significant gold values, indicating that the
main part of that gold system is likely northwest of the Serena
Offset. Core hole 4M19-01, drilled to test the Four Mile Lookalike
target on the west flank of the Rift Anticline, was lost before
reaching target depth due to technical drilling difficulties, so it
was unable to fully evaluate the lower target.
A US$400,000 permitting program is underway to
fulfil our environmental permitting responsibilities for the Rift
Anticline. This permit will incorporate the three NOI’s (Notices of
Intent) on the flanks of the Rift (which allowed 5 acres of
permissible disturbance per NOI that are largely exhausted by the
drilling to date) into one much larger 8,500-acre Plan of
Operations with an initial 100 acres of permissible disturbance.
The substantially larger disturbance allowance will provide
NuLegacy flexibility in planning and permitting drill sites for the
follow up drilling.
Mark Bradley, NuLegacy’s newly enrolled
Exploration Manager7, says: “Our conversations with the U.S.
Bureau of Land Management indicate we should complete the
permitting of this expansion in time for a winter 2020 drilling
program on the Rift Anticline.”
Roger Steininger8, a Director of NuLegacy, is a
Certified Professional Geologist (CPG 7417) and NuLegacy’s
qualified person as defined by NI 43-101, Standards of Disclosure
for Mineral Projects, responsible for approving the scientific and
technical information contained in this news release.
About NuLegacy Gold
Corporation: Focused on confirming high-grade Carlin-style
gold deposits on its premier 108 sq. km (42 sq. mile) district
scale Red Hill Property in the Cortez gold trend of Nevada. The Red
Hill Property is located on trend and adjacenti to the 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 minesii.
i The similarity and proximity of these deposits
in the Cortez Trend is not necessarily indicative of the gold
mineralization in NuLegacy’s Red Hill Property.ii As extracted from
Barrick’s Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold CorporationAlbert J.
Matter, Chief Executive Officer & DirectorTel: +1 (604)
639-3640, Email: albert@nuggold.com
For more information about NuLegacy Gold
Corporation, visit: www.nulegacygold.com or www.sedar.com.Link to
investor presentation:
https://nulegacygold.com/investors/presentations/nug-investor-presentation/
Sampling Methodology, Chain of Custody,
Quality Control and Quality Assurance: All sampling
was conducted under the supervision of the Company’s project
geologists and the chain of custody from the project to the sample
preparation facility were continuously monitored. A blank or
certified reference material was inserted approximately every 10th
sample. The samples were delivered to American Assay Lab or ALS
laboratories’ preparation facility in Nevada. The samples were
crushed, pulverized and sample pulps were analysed using industry
standard fire assay methods. Data verification of the analytical
results included a statistical analysis of the standards and blanks
that must pass certain parameters for acceptance to ensure accurate
and verifiable results. The reported intercepts are not necessarily
true widths as there is insufficient data currently with respect to
the shape of the mineralization to calculate its true
orientation.
Cautionary Statement on Forward-Looking
Information: This news release contains forward-looking
information and statements under applicable securities laws, which
information and/or statements relate to future events or future
performance (including, but not limited to, the prospective nature
of identified targets and stratigraphic horizons including the Rift
Anticline target, the timing, cost and likelihood of securing the
Company’s expanded plan of operations, anticipated results from
future exploration and drilling programs, the number and location
of drill targets and estimated cost and timing thereof) and reflect
management’s current expectations and assumptions. Such
forward-looking information and statements reflect management’s
current beliefs and are based on assumptions made by and
information currently available to the Company. Readers are
cautioned that such forward-looking information and 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, operating risks,
accidents, labor issues, delays in obtaining governmental approvals
and permits, the availability of financing, market conditions,
future prices for gold, changes in personnel and other risks in the
mining industry. There are no known resources or reserves in the
Red Hill Property and any proposed exploration programs are
exploratory searches for commercial bodies of ore. In addition, the
presence of gold resources on properties adjacent or near the Red
Hill Property including Goldrush is not necessarily indicative of
the gold mineralization on the Red Hill Property. All the
forward-looking information and 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. The forward-looking information and statements in
this news release 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.
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 release.
1 Azimuth and inclination of 054 at -76 degrees and terminal
depth of 425 meters2 Holes RHB15-40 (news release May 7, 2015) and
SR18-02C (news release August 27, 2018) respectively.3 Before
joining NuLegacy in 2017 Ed was VP North American Exploration for
Barrick Gold for 10 years during which time he was a co-recipient
of the prestigious Thayer Lindsley Award for the discovery of the
Goldrush deposit.4 During their tenure at Barrick Gold and Royal
Gold, six senior members of NuLegacy’s corporate and exploration
team made substantial contributions to the discovery and
development of these three gold mines. Genesis of NuLegacy’s Highly
Successful Exploration Team.5 Required disclaimer: The similarity
and proximity of these deposits in the Cortez Trend including
Goldrush is not necessarily indicative of the gold mineralization
in NuLegacy’s Red Hill Property.6 NuLegacy’s CSAMT surveys are
conducted by Zonge International of Reno NV who originally
introduced the technology to the mining industry in 1978.
http://zonge.com/geophysical-methods/electrical-em/csamt/7 Before
joining NuLegacy in January 2020 Mark was Cortez Project Team
Leader during the initial discovery of Barrick Gold’s
multi-million-ounce Goldrush deposit for which he was a
co-recipient of the prestigious Thayer Lindsley Award.8 Dr.
Steininger is credited with the discovery of the
multi-million-ounce Pipeline gold deposit which was foundational to
Royal Gold’s dramatic growth when Placer Dome, the initial
operator, brought it into production as a very profitable million
ounce per year gold mine in 1992.
Nulegacy Gold (TSXV:NUG)
Historical Stock Chart
From Apr 2024 to May 2024
Nulegacy Gold (TSXV:NUG)
Historical Stock Chart
From May 2023 to May 2024