NuLegacy Connects North Iceberg and Serena Zones
RENO, Nev., Jan. 18, 2018 (GLOBE NEWSWIRE) --
NuLegacy Gold Corp. (TSX-V:NUG) (OTC:NULGF) reports further results from its Serena and North Iceberg Zones as part of its 16-hole fall drill program. Serena holes SR17-06 and SR17-08c have essentially connected the Serena zone with the North Zone.
One of the many successes of NuLegacy’s 2017 drilling program was the discovery and subsequent expansion of the previously unexplored Serena zone. Now nearly 300 meters by 200 meters of continuous mineralization averaging ~1.00 grams/t gold the Serena Zone remains completely undrilled to the North and West. The several high-grade intervals of approximately 10 grams/t gold drilled in the Serena zone during the 2017 season substantiate NuLegacy’s expectation of a large and robust gold system of mineralization present at the Red Hill property.
Drill hole SR17-08c, a core hole drilled between the Serena zone and the northern portion of the North zone returned;
- 32.7 meters (107 feet) of 2.07 grams/t gold, including 3.3 meters (10.7 feet) of 14.68 grams/t gold,
while hole SR17-06, drilled between the Serena zone and the southern portion of the North zone returned;
- 41.1 meters (135 feet) of 0.76 grams/t gold including 10.7 meters (35 feet) of 2.37 grams/t gold.
Link to grade shell comparison and grade thickness maps: http://www.nulegacygold.com/s/Update.asp?ReportID=813180
Importantly, SR17-09, the most westerly hole drilled at Serena to date encountered an interval of 33.5 meters (110 feet) of 0.50 grams/t gold that is approximately 60 meters lower stratigraphically than previous Serena drill intercepts. This may indicate that deeper, and potentially higher-grade mineralization may be encountered further west as we approach the Northern Nevada Rift, a major regional fault structure. The gold mineralization is hosted in strongly silicified (Jasperoid) Devonian Horse Canyon limestones and at the Horse Canyon/Wenban contact zone.
“As we continue to explore the Red Hill property we are becoming more confident in our ability to target Carlin-style gold mineralization along structural corridors that have been identified by geophysical and geochemical data. We are very excited about continuing this process in the spring, when we expect to further expand the Serena zone gold mineralization, which remains open to the north and west,” said Derick Unger, NuLegacy’s Chief Geologist.
| Fall 2017 Serena Zone drilling summary | |||||||||
| Hole number | From (m) | To (m) | Interval (m) | Grade (gpt) | |||||
| Serena Zone | SR17-05 | 118.9 | 134.1 | 15.2 | 0.12 | ||||
| “ | SR17-06 | 123.4 | 164.6 | 41.1 | 0.76 | ||||
| “ | including | 140.2 | 150.9 | 10.7 | 2.37 | ||||
| “ | SR17-07 | 166.1 | 170.7 | 4.6 | 0.16 | ||||
| “ | SR17-08c | 153.2 | 185.8 | 32.7 | 2.07 | ||||
| “ | including | 153.2 | 163.5 | 10.4 | 5.96 | ||||
| “ | including | 153.2 | 156.5 | 3.3 | 14.68 | ||||
| “ | SR17-09 | 219.5 | 253.0 | 33.5 | 0.50 | ||||
| “ | including | 228.6 | 236.2 | 7.6 | 0.98 | ||||
| North Zone | IN17-14c | 83.2 | 103.2 | 20.0 | 0.25 | ||||
| These 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. | |||||||||
Mine Development Associates of Reno Nevada have been commissioned to provide NuLegacy with a maiden NI 43-101 resource estimate on the 35% of the Iceberg’s strike length that has sufficient drill density to establish a resource figure. North Zone hole IN17-14c was drilled to fill a gap in the data between grade shells, and though of modest grade, should add ounces to the potential resource number.
In addition to expanding the Serena zone, several wild-cat holes were drilled to test other structural targets recently identified by geophysical and geochemical data. The first of those holes, IN17-12, drilled into a Serena “look-a-like” target 500 meters (1,700 feet) north of the Serena zone and returned 22.9 meters (75 feet) of 0.12 grams/t gold including an interval of 3.0 meters (10 feet) of 0.43 grams/t gold, as well as over 100 meters (328 feet) of jasperoid and breccia. This hole was collared at the northern extension of the West Iceberg fault, near the range front, and provides another significant new target for the 2018 drill season. The area between IN17-12 and the Serena zone 500 meters to the south is completely untested.
As well, wild-cat holes IN17-13 and 15 tested another Serena “look-a-like” structural target several hundred meters south of the Serena zone. Both holes contained anomalous gold values in jasperoids which indicates gold-bearing fluids were active in the area. Our post-drilling analysis suggests the Long Fault may have offset the mineralization further to the west in this area.
The company is awaiting assays from two holes in the Western Slope area and two holes from the VIO epithermal discovery. These results will be released when received and thoroughly reviewed by our geological team in Reno Nevada.
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.
About NuLegacy: NuLegacy Gold Corp. is an advanced stage Nevada exploration company focusing on the discovery of district scale Carlin-style gold deposits on its premier 98-sq. km (35 sq. mile) Red Hill Property in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Icebergi Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year.
NuLegacy’s Cortez-trend Project is located on trend and adjacentii 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 assetsiii.
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.
ii. The similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Property.
iii. As extracted from Barrick’s Q4-2013 and Q1-2014 reports.
ON BEHALF OF NuLegacy Gold Corp.
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 Property 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 Property is not necessarily indicative of the gold mineralization on the Red Hill Property. 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 25, 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.