RENO, NEVADA--(Marketwired - March 31, 2015) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTC PINK:NULGF) reports that drilling has commenced on the Iceberg gold deposit as at March 30, 2015 and provides the following outline of its 2015 exploration program.
The 2015 exploration program just commenced will include approximately 17.5 thousand feet (5,300 meters) of drilling through to the end of August 2015. The drilling will be concentrated in and between the north, central, and south zones of the Iceberg gold deposit. It is intended to extend these three gold-bearing zones, confirm the continuity of the mineralization between them and target the very high-grade feeder zones to the deposit.
The budgeted US$1.3 million of direct exploration expenditures will complete the earn-in to a 70% working interest in the Iceberg gold deposit by year-end 2015 as it finishes the required US$5.0 million expenditures per the earn-in contract with Barrick Gold Corporation.
As well we will commence the initial early stage exploration of our 100% controlled Idaho Resources gold property, which lies adjacent and to the east of our Iceberg project. This will consist of geological mapping, rock and soil sampling, and a gravity geophysical survey in preparation for drill target definition and drilling in early 2016.
Our 2014 exploration programs were very successful, resulting in the expansion of the size and enhancement of the grade of the Iceberg exploration target which is now considered to be 90 to 110 million tons of 0.9 to 1.1 grams per tonne1. Most of the gold mineralization outlined by drilling to date is predominantly at shallow depths, within 500 feet of surface, and oxidized. A preliminary 'tumble in cyanide' leach test of oxidized Horse-Canyon-Wenban contact horizon material from the Iceberg deposit demonstrated high average recoveries of 74.5% (see news release dated January 20, 2015).
2014 was a transformative year for NuLegacy, starting as a junior with an exceptional property in a great mining jurisdiction, into an enterprise with a full complement of exceptionally talented corporate and exploration people. Please follow this link for highlights of 2014: NuLegacy Provides 2014 Corporate & Exploration Progress Review.
About NuLegacy: NuLegacy Gold has discovered a classic Carlin-type oxidized gold deposit in the famed Cortez gold-trend of Nevada. The Iceberg is on a 60 sq. km portion of the Cortez optioned from Barrick Gold Corporation and is on trend with three of Barrick`s multi-million ounce Carlin-type systems that are its largest, lowest cost and politically safest gold deposits(i) in the world. The Iceberg is adjacent(ii) to the third of these, the Goldrush deposit,(iii) which is the most significant green-field discovery by a major gold producer in the past five years.
On Behalf 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 in the Iceberg deposit 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 is not necessarily indicative of the gold mineralization on the Iceberg Deposit. 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 25, 2014 for the year ended March 31, 2014. 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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1 These figures are conceptual in nature and derived from a compilation of 149 historic and 38 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.
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(i) As extracted from Barrick's Q4-2013 and Q1-2014 reports.
(ii) The close proximity of the Goldrush deposit to the Iceberg deposit is not necessarily indicative of the gold mineralization in the Iceberg deposit.
(iii) As reported by Barrick as of December 31, 2013, the Goldrush deposit contained a resource of 423,000 ounce of gold (3.1 million tons grading 0.137 oz./ton - measured), 9,537,000 ounces (72.5 million tons grading 0.132 oz./ton - indicated) and 5,555,000 ounce (39.5 million tons grading 0.141oz./ton - inferred).