NuLegacy Gold Corporation is pleased to report that a very thick
package (~175 meters) of the favourable1 Wenban5 stratigraphic unit
has been confirmed by the first two drill holes targeting the ~6
sq. km Rift Anticline target on our Red Hill Carlin Gold project,
Nevada. It is the Wenban5 horizon that hosts 75% of the gold in
Nevada Gold Mines’ adjacent Goldrush deposit. To view this
news release with all graphics displayed please link
to: https://nulegacygold.com/news/news-releases/nulegacy-discovers-thick-package-of-favourable-wenban5/.
The 108 sq. km, 100% owned2 Red Hill property is
adjacent to and on trend with the three3 Nevada Gold Mines owned
high-grade Carlin-type gold deposits in Nevada’s Cortez gold-trend.
These deposits are ranked amongst the world’s thirty largest,
lowest cost and politically safest gold mines.
The presence of a thick section of Wenban5
underneath Miocene basalt cover was predicted by NuLegacy’s
geologic team. This discovery confirms the Rift Anticline target
has the potential to host a very large Carlin-type gold system. The
Wenban5 is similar to that of NuLegacy’s Serena and North Iceberg
deposits approximately 2,500 meters to the east where high-grade
gold (9.6 to 16.9 grams/tonne) in albeit thinner intercepts (5 to
12 meters) was encountered in prior drilling.
A comprehensive geologic review and geophysical
studies of the project over the past eighteen months resulted in
the hypothesis that a thicker package of possibly gold-bearing
Wenban5 underlay the covered Rift Anticline target 2,500 meters
west of the Serena and Iceberg deposits. Importantly, this
hypothesis is further supported by the fact that the high-grade
gold bearing Wenban5 at Nevada Gold Mines’ Goldrush deposit 11 km
to the northwest is at least 70 meters thick. Initial logging of
the core from the two just completed holes (detailed below) has
identified favourable hydrothermal alteration consistent with a
Carlin-type gold system being hosted in the Wenban5 of the Rift
Anticline target.
Geological model confirmed: The
first two holes completed into the Rift Anticline target validate
our exploration team’s expertise and geo-modeling capability in
having correctly projected and targeted the favourable Wenban5
horizon, and the presence of a Carlin-type gold system which was
intercepted at a depth of approximately 350 meters with a thickness
of ~175 meters.
RA20-01C (-72 degrees, azimuth
70 degrees) which commenced drilling on Oct 15th took 16 days to
complete to a depth of 585 meters (1918 ft) and intercepted 178
meters (580 ft) of Wenban5 starting at a depth of 324 meters; the
core was logged and then shipped for assaying on November 6th:
https://nulegacygold.com/site/assets/files/6789/slide25.jpg
RA20-02C (-84 degrees, azimuth
160 degrees) which commenced drilling on Nov 2nd, approximately 300
meters to the northeast of RA20-01, intercepted 169 meters (555 ft)
of Wenban5 starting at a depth of 340 meters and was terminated at
a depth of 630 meters (2068 ft); the hole has just been completed
and once initially logged the core will be shipped for assaying:
https://nulegacygold.com/site/assets/files/6789/slide26.jpg
As a result of the COVID-19 pandemic much of
Nevada’s 2020 spring and early summer drilling programs were
deferred to the late summer and fall and as such the assay labs are
reporting five to six weeks turn arounds for assay results; we
anticipate the analytical results for these two holes in late
December.
Geological details: The
geological model continues to support the hypothesis that the Rift
Anticline target is a Goldrush analogue with:
- 175 +/- meters of Wenban Unit 5
with the marker horizons for the upper, middle, and lower subunits
of the Wenban5 intercepted in both holes.
- Thin Wenban Unit 8-6 was
intercepted at top of the carbonate sequence, overlying Wenban Unit
5 as predicted in both holes indicating that none of the favourable
Wenban5 has been eroded or faulted off as is the case in the Serena
and North zones to the east.
- Depth to top of Paleozoic Wenban5
carbonates relatively close to predicted: 38 meters deeper in first
hole, 52 meters shallower in second hole.
- Acoustic Televiewer data from
RA20-01 shows a fault at the base of the anomalously altered zone.
This fault has a north-northwest strike and moderate west dip (same
strike, steeper dip than gold-control at Iceberg) with the same
approximate strike/dip as primary gold-control at Goldrush.
Drilling: With the recruitment
of a second core rig, drilling of holes RA20-03 and 04, which are
deeper than the first two holes (located on linked map), has
commenced, and is anticipated to be completed by mid-December:
https://nulegacygold.com/site/assets/files/6789/slide19.jpg
The primary objective underlying NuLegacy’s
current exploration program is to confirm:
- that ‘mineable’ thicknesses
(greater than 40 meters (130 ft)) of the
favourable Wenban5 horizon are present beneath basalt cover of the
Rift Anticline target; and,
- that such Wenban5 hosts high-grades
of gold (9.6 to 16.9 grams/tonne or better) as it
does in the Serena and North Iceberg deposits 2,500 meters to the
east.
With circa 175 meters (575 ft) of the favourable
Wenban5 in these drill holes, the first of the two value
propositions has been confirmed.
We wish to express our appreciation to all the
Nevada suppliers that are working so diligently through this COVID
constrained period.
On trend: NuLegacy Gold is
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 Nevada Gold Mines’ and the world’s
largest, lowest cost and politically safest gold mines. II
I The similarity and proximity
of these deposits in the Cortez Trend including Goldrush are 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. As reported by Barrick, the Goldrush
resource contains 8,557,000 indicated ounces of gold within 25.78
million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces
within 5.6 million tonnes grading ~9.0 g/t.
Dr. Roger Steininger, a Director of NuLegacy, 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 approving the scientific and technical
information contained in this news release.
On Behalf of the Board of NuLegacy Gold
Corporation
Albert J. MatterChief Executive Officer &
DirectorTel: +1 (604) 639-3640Email: albert@nuggold.com
For more information about NuLegacy visit:
www.nulegacygold.com or www.sedar.com.
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 the Rift Anticline target including the length, width and
thickness of the Wenban5 horizon and its favorable characteristics
for the deposition of gold, the proposed exploration and drilling
programs thereon and the timing, cost and likelihood of success
thereof) and reflect management’s current expectations and beliefs
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, unanticipated
geological, stratigraphic and structural formations, environmental
risks, operating and drilling 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,
any proposed exploration programs are exploratory searches for
commercial bodies of ore and 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. There is also uncertainty about the
spread of COVID-19 and the impact it will have on the Company’s
operations, personnel, supply chains, ability to access mineral
properties, procure exploration equipment, rigs, contractors and
other personnel on a timely basis or at all and economic activity
in general. 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 by applicable law.
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 For the deposition of gold
as the elevated iron content of the Wenban5 improves the
precipitation of gold as the gold-bearing hydrothermal fluids pass
through the horizon.2 Subject to a 3% NSR, with 2% owned by Metalla
Royalty & Streaming Ltd. and the remaining 1% by Idaho
Resources Ltd., and a 2% NPI in favour of Barrick Gold on the
western half of the claim block.3 The similarity and proximity of
the Pipeline, Cortez Hill and Goldrush deposits in the Cortez Trend
is not necessarily indicative of the gold mineralization in
NuLegacy’s Red Hill Property.
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