These Are Truly Spectacular Grades
~ Yesterday’s (July 26, 2018) Barrick news ~
To NuLegacy shareholders/stakeholders:
|Click to view Barrick's news release|
Key members of the ‘geotechnical' team that initially made the spectacular discovery finally reported yesterday by Barrick Gold (“ABX”) now work with NuLegacy Gold (“NUG”)!!
“Barrick announced a high-grade discovery at Fourmile, in its Cortez district in Nevada, where it will spend another $10-million on exploration this year. Assay result highlights...include 13.9 meters grading 56.8 grams per tonne of gold, 16.6 meters grading 71.6 grams per tonne of gold, and 16.8 meters grading 57.9 grams per tonne of gold.
WOW, these are truly spectacular drill results in the ‘Fourmile' deposit – they are very near the discovery holes made two years ago...they are a direct extension in an approximately 200-meter wide corridor to the north-west of Barrick's 10 million-ounce Goldrush deposit, which is just 5 miles north-west of the Iceberg deposits on our Red Hill claim block.
The initial Fourmile discovery was made and announced two years ago...under the leadership of Ed Cope (then VP North American Exploration for ABX, now Director of NuLegacy) and with the efforts of Charles Weakly (then Regional Geo for ABX, now District Geo for NuLegacy).
What's my point? Our 98 sq. km Red Hill property is highly prospective on several accounts:
- We have ‘Close-ology'...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.
- We have the Geology... the same as the Goldrush!! Mr. Weakly, who joined us on January 1, 2018 after working on Goldrush during his last four years of his 20+ years with Barrick has confirmed the Red Hilli has:
- the same stratigraphic package of excellent host rocks; and
- the same structural controls of mineralization, albeit though not yet as spectacular as the grades just reported in the Fourmile...we have many excellent drill results of our own!
- We now have several of the Barrick team that aided in the discovery of the high-grade Fourmile working on our 98 sq. km Red Hill property along with the rest of NuLegacy's exemplar geo-team (under the leadership of Chief Geo Derick Unger) exploring for the high-grade core/s that make these Carlin-style deposits such coveted assets.
It took Barrick eight years to discover the Fourmile area (from the initial announcement of the Goldrush discovery in 2010) ...these deposits are large and greatly enriched by these very high-grade ‘cores'...the low-angle feeders zones can take time to find.
And here's a recent comment on our efforts by the well-known and respected Mining Analyst Byron King (of the Gold Speculator) that reflects our approach to find the core/s, the highlighting is of my own.
“NuLegacy just raised funds, including a whack from OceanaGold. NuLegacy's geologists will use the funds for exploration, particularly looking for higher-grade intersections within the system. The idea is to spend carefully and revise the overall model before expending significant funds on more drilling.
It's known as “think first, spend money later,” which is exactly what I like to see. There ought to be serious gold underneath the NuLegacy land package. It's a question of working up the correct geological model and then proving it with a drill bit.”
That's all Folks, thank you and cheers,
Albert J. Matter
NuLegacy Gold Corporation | NUG:TSXV | NULGF:OTCQX
C: 604.512.7003 | www.nulegacygold.com
iThe similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy's Red Hill Project.
iiAs 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.
The foregoing is not intended to be relied upon as advice to investors or potential investors and does not constitute an offer to sell or the solicitation of an offer to buy any security nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. In addition, the foregoing contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions based on 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. 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.