April 8, 2014 - Reno, NV - NuLegacy Gold Corporation announces details of its fully funded 2014-15 exploration programs.
NuLegacy is planning a 45-50 hole (18,000 meter) 2014-15 exploration and delineation drilling program with the objectives of:
- Completing the earn-in to 70% of the Iceberg project,
- Expanding the size of the potential exploration target identified in the Iceberg gold deposit to date (see news release dated September 5, 2013), and delineating within it a "threshold" resource1 of NI 43-101 qualified oxide ounces sufficient to induce Barrick Gold to earn-back to 70% (30-35 holes),
- Identifying the higher grade oxide and/or sulphide cores usually associated with these Carlin-type oxide gold deposits and testing additional targets outside of the Iceberg gold deposit that have potential for oxidized gold mineralization and/or deeper sulfide bearing gold deposits (10-15 holes).
2014 Program Specifics: The plan is to drill 30-35 holes in the 2014 exploration season -- from May to November as follows:
- An initial 8-10 reverse circulation holes scheduled to commence May 7 focused on the near-surface oxide horizon to expand the Iceberg gold deposit 2,
- Assay these holes and use the results to refine the siting of the next 8-10 holes,
- Repeat for two or three 'cycles' as needed to delineate the threshold resource for a total of 24 to 30 holes,
- Intersperse these drilling shifts with 5 to 7 deeper 'wildcat' exploration holes, including 2 or 3 core holes to improve the understanding of the stratigraphy with the intent of finding the deeper higher grade horizons.
- Assays of each cycle will be reported as received and processed.
"The two recent financings of $1.3 million and $3.2 million (as reported on December 13, 2013 and March 7, 2014) have provided NuLegacy with the funding to complete the remaining US$2.9 million of direct exploration expenditures required to earn our 70% working interest in the Iceberg gold deposit," says James Anderson, NuLegacy's CEO.
For an update on the geology of the Iceberg please read our COO Dr. Roger Steininger's new report posted on our website: The Goldrush & The Iceberg - A Comparison.
NuLegacy Gold Corporation is a Nevada based company focused on creating shareholder value by delineating gold resources in its near-surface Iceberg oxide gold deposit. The Iceberg gold deposit, located on a 60 square km portion of Barrick Gold Corporation's prolific Cortez gold trend, has similar geology to that of Barrick's immediately adjacent multi-million ounce Goldrush gold discovery.3
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2 NuLegacy expects to have completed all the relogging, reinterpretations and final siting of the drill holes by mid-to end April and the first available drilling cycle (of 15 days on and 6 off) thereafter starts May 7, 2014.
3 As reported by Barrick, as of December 31, 2013, the Goldrush deposit contained a resource of 367,000 ozs gold (2,696,000 tons grading 0.136 oz/ton - measured), 8,000,000 ozs gold (63,218,000 tons grading 0.127 oz/ton - indicated) and 5,555,000 ozs gold (43,183,000 tons grading 0.132 - inferred).
ON BEHALF OF THE BOARD OF DIRECTORS OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
For further information, please phone 604-638-4959 or contact James Anderson at james@nuggold.com, Albert Matter at albert@nuggold.com or Roger Steininger, COO at roger@nuggold.com; or visit www.nulegacygold.com.
The scientific and technical information contained in this news release has been approved by Dr. Roger C. Steininger, NuLegacy's Chief Operating Officer and a "qualified person" as defined by NI 43-101, Standards of Disclosure for Mineral Projects.
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.
