NuLegacy Gold Provides Exploration Update
RENO, Nev., June 27, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corp. is pleased to report the assay results of the first hole of its seven-hole 10,000 ft. Phase-1 2018 drilling program.
SR18-01C (Serena zone), a PC-CT1 hole, was drilled as a substantial 112-meter (365 ft.) step-out to the north-west of 2017’s successful SR17-08C (32.6 meters of 2.05 grams/ton gold including 3.2 meters of 14.74 grams/ton gold).
SR18-01C returned assays of:
- 3.27 grams/ton gold over 15.2 meters (50 ft.), within
- 1.47 grams/ton gold over 51.1 meters (167 ft.).
“We are pleased with the continuation of significantly higher-grade material as we make substantial step-outs to the northwest of the Serena/North zones," commented Derick Unger, NuLegacy’s Chief Geologist, “and anticipate continued success as we follow up with additional step-out drilling further to the north.”
Key points:
- The 2018 exploration program is focused on identifying the higher-grade intersections of the low-angle feeder structures with the thicker beds of favorable Wenban-5 horizons. (Link for presentation: https://nulegacygold.com/i/misc/progress.mp4)
- Two of the seven-hole Phase-1 drill holes are targeted as extensions of the Avocado zone and five as extensions of the Serena and North zones.
Phase 2 (10,000 ft.) drilling is planned to commence as soon as all Phase-1 results are fully integrated into our drill targeting model.
| Assay details | ||||||
| Hole | From | To | Length | Grade | ||
| number | Zone | (m) | (m) | (m) | (ft.) | (g/t) |
| SR18-01 | Serena | 132.9 | 148.1 | 15.2 | 50.0 | 3.27 |
| within | Serena | 132.9 | 184.0 | 51.1 | 167.5 | 1.47 |
| These intercepts are not necessarily true widths as there are insufficient data at this time with respect to the shape of mineralization to calculate its true orientation. | ||||||
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. 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 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 Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year.
NuLegacy’s Red Hill Project is located on trend and adjacenti to the 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 minesii.
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.
ii As extracted from Barrick’s Q4-2013 and Q1-2014 reports. As reported by Barrick, the Goldrush resource contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces within 5.6 million tonnes grading ~9.0 g/t.
On Behalf Of NuLegacy Gold Corp.
James E Anderson, Chief Executive Officer
For further information, please phone 604-639-3640 or contact Albert Matter (Chairman) at albert@nuggold.com, James Anderson (CEO) at james@nuggold.com, Derick Unger, (CG) at derick@nuggold.com, or Frank Lagiglia (Investor Com Mgr) at frank@nuggold.com or visit www.nulegacygold.com.
Derick Unger, NuLegacy’s Chief Geologist is a Certified Professional Geologist (CPG 11927) 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 on 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 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.
1 PC-CT holes are drilled using a reverse circulation (RC) rig to drill through the gravel over-burden material to just above the targeted horizon. The holes (‘Pre-Collars’) are then cased to the depths immediately above the target zone and then the holes are completed using a diamond core rig to drill the ‘Core-Tail’ through the potential gold-bearing mineralized zone. While more expensive then RC holes, it’s cheaper then drilling through the over0burden with a core rig. The casing prevents the loose over-burden material from hindering the recovery of the core material, and of course core material allows much better assaying, analysis and interpretation then can be obtained from the ‘chips’ that result from RC drilling.