RENO, Nev., Sept. 06, 2017 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports assays from reverse circulation holes drilled in the North Iceberg, and the newly discovered Serena zone of its 38-square mile (98-square km) flagship Red Hill property in Nevada’s famed Cortez gold-trend, one of the world’s premier gold mining jurisdictions.
“As we systematically explore the several gold zones on our Red Hill property we are encountering more and more of the higher-grade cores associated with these Carlin-type gold deposits that make them such coveted prizes ,” commented Dr. Roger Steininger, NuLegacy’s Chief Geoscience Officer.
Highlights from the Serena and North zone drill results:
Iceberg North zone :
- IN17-5, a 100-meter (330 ft.) step-out hole from the North Iceberg zone towards the Serena zone returned a favourable 21.3-meter (70 feet) interval of 2.85 grams/t gold including 4.6 meters (15 feet) of 9.76 grams/t gold .
- The gold interval was contained in a unit of moderately brecciated grey jasperoid with fine-grained silt and sands encapsulated in a microcrystalline silica containing approx. 2% fine-grained pyrite.
Serena zone : Initial follow-up holes to the Serena zone discovery hole SR17-01 (50.3 metres (165 ft.) of 1.0 grams/ton reported Aug. 8, 2017) were drilled to the west, north, and east in a first test to confirm the new zone.
- Hole SR17-4 drilled 45 meters (150 ft.) to the east of SR17-01, returned the most favourable interval of 21.3 meters (70 ft.) of 0.85 grams/t gold.
- Similar to the North zone, the gold interval is contained in a unit of moderately brecciated grey jasperoid with fine-grained silts in a microcrystalline silica containing approx. 2-3% fine-grained pyrite with clast coatings and becoming more pyritic with depth.
“We now have three holes in the developing Serena zone with decent values, and together with IN17-05, have reduced the gap between the two zones from 375 meters (1,200 ft.) to 230 meters (750 ft.) meters indicating a possible convergence of the zones which could significantly expand the gold content”, said Mr. Ed Cope, NuLegacy director, and former head of North American exploration for Barrick Gold Corporation, “More drilling is warranted”.
Link to additional Serena zone assays: http://nulegacygold.com/i/pdf/2017-09-06-table.pdf .
We are awaiting assays from eight more wildcat holes drilled in various parts of the property targeting geophysical and geochemical anomalies; significant results from these holes will be released after they are received and fully processed by our geological team. Three additional holes drilled to step-out from the North zone returned only anomalous values of gold. Drilling to further define and expand the gold content of the Iceberg gold deposit will resume in late September.
Direct links: http://tiny.cc/NuLegacy_Coveted_prizes and http://nulegacygold.com/i/pdf/convergence.pdf
About NuLegacy Gold Corporation : NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98-sq. km (38 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Iceberg i and the Avocado Carlin-style gold deposits and has identified four more highly prospective exploration targets that are being drilled this year.
NuLegacy’s Red Hill Project is located on trend and adjacent i i to three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold mines iii .
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company’s project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every 20th sample. The samples were delivered to American Assay Labs’ preparation facility in Sparks, NV. The samples were crushed, pulverized and sample pulps were analyzed by American Assay Labs’ certified laboratory in Sparks, NV. Pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30-gram split. All other elements were determined by ICP analysis. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. The reported intercepts are not necessarily true widths as there is insufficient data at this time with respect to the shape of the mineralization to calculate its true orientation.
i An established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne. These figures are conceptual in nature and derived from a compilation of 149 historic and 111 NuLegacy drill holes. 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.
i i The similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Project.
iii As extracted from Barrick’s Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold Corporation James E Anderson, Chief Executive Officer
For further information, please phone 604-639-3640 or contact James Anderson (CEO) at james@nuggold.com , Albert Matter (Chairman) at albert@nuggold.com or Roger Steininger, (CGO) at roger@nuggold.com , or Frank Lagiglia (ICM) at frank@nuggold.com or visit www.nulegacygold.com .
Dr. Roger Steininger, NuLegacy’s Chief Geoscience 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 including, but not limited to, actual results of exploration activities, environmental risks, future prices of gold, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, availability of financing and other risks in the mining industry. There are no known resources or reserves in 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 near the Red Hill Project is not necessarily indicative of the gold mineralization on the Red Hill Project. All 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, 2017 for the year ended March 31, 2017. 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.
