NuLegacy Gold Corp. (
TSX: V.NUG,
Stock Forum) has begun exploring its 100%-owned Idaho Resources Corp. claims in Nevada, the company said Thursday.
The claims lie immediately to the east of its Iceberg gold project and along the fabled Cortez gold trend in Nevada, a geological structure that hosts
Barrick Gold Corp.’s (
TSX: T.ABX,
Stock Forum) Pipeline and Cortez Hills mines, as well as Barrick’s Goldrush project.
Goldrush is one of the largest and highest grade gold discoveries of the last decade with measured, indicated and inferred resources now standing at 15.5 million ounces of gold.
NuLegacy said an initial gravity survey was completed on the Idaho Resources Corp. claims in parallel with the ongoing exploration of the nearby Iceberg project, where NuLegacy is earning a 70% working interest from Barrick Gold by spending $5 million.
“As we near the completion of the earn-in to the 70% working interest (anticipated in October) in the Iceberg gold deposit that we discovered in 2012, we will begin our efforts to establish gold resources on our adjacent 100%-controlled 39 square kilometre IRC claims,’’ said NuLegacy Chairman Albert Matter.
Matter said the IRC program will follow the exploration template that successfully delineated the Iceberg gold deposit; initial gravity surveys correlated with geochemical surveys and then drilling.
NuLegacy is exploring the IRC claims in the belief that they hold considerable potential for gold mineralization.
The company said a gravity survey has identified a significant gravity low with associated north-northwest trending structural zones that are interpreted as reflecting strongly altered and fractured Devonian carbonates similar to those that are the principal holds of gold mineralization in the Iceberg project.
NuLegacy has yet to establish a NI 43-101 compliant gold resource at Iceberg. However, since optioning the project from Barrick in December 2010, the junior has discovered two near-surface zones of oxide gold mineralization with gold grades ranging from 0.5 grams per tonne to 5.6 grams.
The company has said previously that the compilation of 149 historic drill holes and 38 NuLegacy holes indicates the potential for a large tonnage Carlin-type gold deposit that offers a potential exploration target of 90 to 110 million tonnes, grading 0.9 grams and 1.1 grams per tonne gold, the company has said.