NuLegacy Expands North Iceberg Zone
08 Luglio 2014 - 12:00PM
Marketwired Canada
NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) is pleased to
report that step-out drilling of its Iceberg gold deposit in the Cortez trend of
Nevada has intersected an important interval of gold in the middle Wenban-5
formation. The Wenban-5 horizon hosts the bulk of the gold in Barrick Gold's
multi-million ounce (15.6 million(i )) Goldrush deposit adjacent to the Iceberg
Project.
To date most of the oxide gold discovered in the Iceberg deposit is hosted in
the near-surface 'contact zone' between the Horse Canyon and the upper Wenban-8
carbonate horizons ('HC-W8') at depths ranging from 75 to 125 meters.
Hole RHB-24 was drilled as a 50 meter/165 foot step-out along the south-western
margin of the North zone of the Iceberg deposit. It returned a notable intercept
of 1.85 grams of gold/ton over 15.2 meters/50 feet (including 2.6 grams of
gold/ton over 10.7 meters/35 feet) in the near-surface HC-W8 contact zone. As
well it contained an encouraging 0.75 grams of gold/ton over a 7.7 meters/25
feet interval in the middle Wenban-5 formation.
In addition to expanding the North zone to in excess of 400 meters/1,300 feet
these results have confirmed the presence of gold in the productive Wenban-5
formation on the south-western margin of the zone. The highlights of the assays
that outline the North zone are reported in the table below.
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Highlights from the North Zone drilling
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Hole Zone From To Length Grade
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Number (m) (m) (m) grams/t gold
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RHB-24 North 57.9 73.2 15.2 1.85
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including 10.7 2.57
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and 152.3 160.0 7.7 0.75
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RHB-17(i) North 71.6 112.8 41.2 1.02
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RH92-2(ii) North 67.1 91.5 24.4 3.40
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RH93-5(ii) North 67.2 82..3 15.1 1.16
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(i)Previously reported, (ii)Historical holes. NB. These intercepts are not
necessarily true a widths as there is insufficient data at this time to
calculate their true orientation.
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"We are encouraged that there are two favorable horizons of gold mineralization
in RHB-24. Discovering gold in the middle Wenban-5 unit as well as in the
near-surface contact zone increases the possibilities for further exploration
success in this area," commented COO Dr. Roger Steininger.
Holes RHB-23 and RHB-25 drilled on the periphery of the North zone contained
long intervals of anomalous gold. Once all the holes have been received and
reported they will be integrated into the current exploration model (90 to 110
million tonnes grading between 0.7 g/t and 1.0 g/t of gold) to determine the
selection of the next set of drill holes targeted to expand the Iceberg
deposit(ii).
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 are
analyzed for gold and a trace element suite 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 Goldrushi gold discovery.
On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Dr. Roger Steininger, NuLegacy'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.
i As reported by Barrick, as of December 31, 2013, the Goldrush deposit
contained a resource of 423,000 ozs gold (3.1 million tons grading 0.137 oz/ton
- measured), 9,537,000 ozs gold (72.5 million tons grading 0.132 oz/ton -
indicated) and 5,555,000 ozs gold (39.5 million tons grading 0.141 - inferred).
The close proximity of the Goldrush deposit to the Iceberg project is not
necessarily indicative of the mineralization contained in the Iceberg project.
ii 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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
NuLegacy Gold Corporation
604-638-4959
www.nulegacygold.com
NuLegacy Gold Corporation
James Anderson
james@nuggold.com
NuLegacy Gold Corporation
Albert Matter
albert@nuggold.com
NuLegacy Gold Corporation
Roger Steininger, COO
roger@nuggold.com
Grafico Azioni Nulegacy Gold (TSXV:NUG)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Nulegacy Gold (TSXV:NUG)
Storico
Da Giu 2023 a Giu 2024
