Nevada has the largest concentration of 'Carlin-type' geology in the world. This mineral-rich geology and a favorable regulatory climate for mining have combined to make Nevada the sixth largest producer of gold in the world, providing 80% of the US' production. It has produced over 170 million ounces of gold with remaining reserves of more than 70 million ounces predominantly from its numerous 15+ million ounce Carlin-type deposits. The two largest gold producers in the world, Barrick Gold and Newmont, source substantial portions of their production from the state.
Nevada is ranked by the Fraser Institutei as one of the most favorable environmental and regulatory regimes with excellent infrastructure, logistical capability and political stability. In 2010 NuLegacy Gold optioned the highly prospective 60 sq. km Iceberg Project from Barrick Gold Corporation. The project, located in the heart of Nevada's prolific Cortez Trend, is between Barrick Gold's subsequently discovered and multi-million ounce Goldrush deposit immediately to the north, and US Gold's Tonkin Springs operation to the south.ii
NuLegacy Gold discovered the Iceberg near-surface oxidized deposit in one of the four gold-bearing Carlin-systems identified to date on property.
i The Fraser Institute is a well-known fiscally conservative think tank based in Canada that espouses free market principles. ii The close proximity of the Iceberg Project to the Goldrush deposit and Tonkin Springs operation is not necessarily indicative of the gold mineralization in the Iceberg Project. To date, there are no known NI 43-101 compliant mineral resources or reserves on the Iceberg Project.