Press release from Marketwire
NuLegacy Gold Extends the Iceberg Gold Deposit to 1,100 Meters
Drills 6.1 meters of 5.62 g/T of gold (20.1 ft of 0.18 oz/ton)
Wednesday, June 26, 2013
NuLegacy Gold Extends the Iceberg Gold Deposit to 1,100 Meters05:30 EDT Wednesday, June 26, 2013
RENO, NEVADA--(Marketwired - June 26, 2013) - NuLegacy Gold Corporation (TSX VENTURE:NUG) reports the results of the recently completed five-hole reverse circulation drilling program on its flagship Red Hill Project. The 60 sq. km Red Hill project is in the Cortez trend of Nevada directly adjacent to Barrick Gold Corporation's multi-million ounce Goldrush discovery.
"We are very pleased with these drill results," says Dr. Steininger, NuLegacy's COO, "as we continue to intersect good grades of oxide gold in near surface Devonian carbonates, which is the material that hosts so much of the gold in the large Carlin-type gold deposits of the Cortez Trend. We have discovered a new Northern zone of at least 350 meters of strike length with higher grade oxide gold mineralization (6.1 meters of 5.62 grams of gold), and extended the Central zone of the Iceberg deposit to 750 meters (from 400 meters) of strike length."
These carbonate zones lie beneath a thin veneer of gold-bearing volcanics that was the focus of much of the historical drilling on the Red Hill project, and stretches for four kilometers above the Iceberg gold deposit. The two zones are 200 to 250 meters wide, 25 to 70 meters thick with gold grades of 0.5 grams/T to greater than 5.0 grams/T. They have a combined overall strike length in excess of 1,100 meters, separated by an as-yet untested intervening gap of approximately 900 meters where no historical holes were drilled deep enough to penetrate to the carbonates. (See diagram at http://goo.gl/neaWz). Plans are being made to drill to the north and south and in the intervening gap of these two zones.
Iceberg Gold Deposit Extended: Four of the five holes were targeted to extend the strike length of the Iceberg deposit. As summarized in the table below three of those four holes returned favorable gold grades and intervals. The fifth hole, RHB-15, which was drilled 800 meters to the east of the Central zone to test for a possible parallel system had no significant gold values.
The best result came from hole RBH-17 with a significant near-surface intercept of 41.2 meters (135 ft) of 1.02 grams/T. It included 6.1 meters of 5.62 grams /T of gold (20 ft of 0.18 oz. gold/ton) indicating that the system is capable of generating very favorable oxide gold grades.
|These intercepts are not necessarily true widths as there is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.|
The geometry of the new Northern zone (350 meter length) is supported by several historical holes that were drilled deep enough to intercept the underlying Devonian carbonates, particularly hole RH92-2 with 24.4 meters of 3.4 grams of gold/T (80 ft of 0.11 oz. gold/ton). Hole RBH-16, drilled to test for a possible westerly extension of the gold mineralization in the Northern zone, contained several intervals of anomalous gold.
Holes RHB-13 with 22.9 meters (75ft) of 0.71 grams gold/T and RBH-14 with 16.7 meters (55ft) of 0.51 grams/T (together with several deeper historical holes that they validated) have extended the strike length of the Central zone of the Iceberg to 750 meters.
These results have established the Iceberg as a significant near-surface oxide gold deposit in the Devonian carbonate horizon that hosts so much of the gold in the large Carlin-type gold deposits of the Cortez Trend and elsewhere in Nevada, one of the world's most prolific gold producing regions.
Reverse circulation drilling on the Red Hill 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 were analyzed for gold by American Assay Labs. of Sparks, NV.
NuLegacy Gold Corporation is a Nevada based exploration company focused on delineating the near-surface oxide Iceberg gold resource on its 60 square km Red Hill option with Barrick Gold. The Iceberg deposit has similar geology to that of Barrick Gold's on-going multi-million ounce Goldrush gold discovery.
On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
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 Red Hill project is not necessarily indicative of the gold mineralization on the 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 30, 2012 for the year ended March 31, 2012. 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.
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