The Company was formed to discover a Carlin-type gold deposit (the 'elephants' of gold deposits) in Nevada vend it for cash or stock to a gold producer to bring it to production.
It was founded by Dr. Roger Steininger, a renowned Nevada exploration geologist with several Carlin-type gold discoveries to his credit, particularly the 21 million ounce Pipeline deposit in the Cortez trend of Nevada, and Mr. Albert Matter, a well-known financier and founding partner of numerous enterprises including Alamos Gold Inc. in the gold mining industry. Mr. James Anderson joined as CEO to lead the marketing and financing of the expansion of the Iceberg gold deposit. The business model is simple:
- In the aftermath of the Crash of Q4 - '08 opportunistically secure several highly prospective properties favorably located next to existing gold projects in Nevada's prolific gold trends.
- Systematically explore and develop those that provide discovery success; eliminate those that do not.
NuLegacy has discovered the Iceberg gold deposit, a classic Carlin-type oxidized deposit in the famed Cortez Gold-trend of Nevada with:
- Gold in the overlying volcanics: i.e. 9 meters of 0.9 g/tonne.
- Gold found in the contact zonei hosting a near-surface NI 43-101 compliant exploration targetii of 90 to 110 million tonnes with grades of 0.7 g/t to 1.0+ g/t of gold.
- Significantly anomalous gold in the Lower Wenban-5, the horizon that hosts the bulk of the higher grade gold at Barrick's Goldrush just across the valleyi.
- NuLegacy has just discovered the Avocado Carlin-type gold system, potentially a second deposit on the property.
The Company is financed to completion of the earn-in to a 70% working interest in the Iceberg gold deposit. Once NuLegacy has completed the earn-in to its 70% working interest Barrick Gold then has:
Endgame: Next 18 months:
- A 90 day period in which to elect to spend $15 million and earn back to 70%, thus converting NuLegacy interest into a 30% carried to production interest, or
- Remain the 30% minority partner in the Iceberg leaving NuLegacy with a 70% working interest,
- Compete to buy-out NuLegacy Gold to consolidate its ownership of the Cortez Trend
- Drill ~20 holes in the Iceberg gold deposit to:
- Establish a near-surface oxide gold resource sufficient to warrant potential development.
- Find the higher grade core fracture sets usually associated with the Cortez's Carlin-type gold deposits that make them such prizes.
- Drill ~ 8 holes in the Avocado, Jasperiod Basin and VIO systems to discover additional gold deposits
- Precipitate a Barrick Gold decision to earn-back to 70% and 'carry' NuLegacy 30% to production, or attract a buy-out for NuLegacy Gold's 70% working interest.
- Secure another similarly prospective property during the current malaise in the markets.
has a well-respected management, corporate governance and professional services team with a proven track record of successfully identifying, financing and discovering gold resources and is 'partnered' with the world's largest gold mining company, Barrick Gold Corporation.
i Between the Horse Canyon and Wenban-8 horizons.
ii The potential quantity and grade is conceptual in nature. 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. The potential quantity and grade is based on reasonable assumptions made from a compilation of 149 historical drill holes and 27 NuLegacy holes drilled in and around the Iceberg.