July 8, 2014 - Reno, NV - NuLegacy Gold Corporation is pleased to report that step-out drilling of its Iceberg gold deposit in the Cortez trend of Nevada has intersected an important interval of gold in the middle Wenban-5 formation. The Wenban-5 horizon hosts the bulk of the gold in Barrick Gold's multi-million ounce (15.6 million ) Goldrush deposit adjacent to the Iceberg Project.
To date most of the oxide gold discovered in the Iceberg deposit is hosted in the near-surface 'contact zone' between the Horse Canyon and the upper Wenban-8 carbonate horizons ['HC-W8'] at depths ranging from 75 to 125 meters.
Hole RHB-24 was drilled as a 50 meter/165 foot step-out along the south-western margin of the North zone of the Iceberg deposit. It returned a notable intercept of 1.85 grams of gold/ton over 15.2 meters/50 feet (including 2.6 grams of gold/ton over 10.7 meters/35 feet) in the near-surface HC-W8 contact zone. As well it contained an encouraging 0.75 grams of gold/ton over a 7.7 meters/25 feet interval in the middle Wenban-5 formation.
In addition to expanding the North zone to in excess of 400 meters/1,300 feet these results have confirmed the presence of gold in the productive Wenban-5 formation on the south-western margin of the zone. The highlights of the assays that outline the North zone are reported in the table below.
Highlights from the North Zone drilling
|*Previously reported, **Historical holes. NB. These intercepts are not necessarily true a widths as there is insufficient data at this time to calculate their true orientation.|
"We are encouraged that there are two favorable horizons of gold mineralization in RHB-24. Discovering gold in the middle Wenban-5 unit as well as in the near-surface contact zone increases the possibilities for further exploration success in this area," commented COO Dr. Roger Steininger.
Holes RHB-23 and RHB-25 drilled on the periphery of the North zone contained long intervals of anomalous gold. Once all the holes have been received and reported they will be integrated into the current exploration model (90 to 110 million tonnes grading between 0.7 g/t and 1.0 g/t of gold) to determine the selection of the next set of drill holes targeted to expand the Iceberg deposit .
Reverse circulation drilling on the Iceberg Project was conducted by Boart Longyear Company of Elko, NV under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). All of the drill hole samples are analyzed for gold and a trace element suite by American Assay Labs. of Sparks, NV. Sufficient commercially prepared standards, blanks, and duplicates were inserted to assure quality analytical results. Data verification of the analytical results included a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.
NuLegacy Gold Corporation is a Nevada based company focused on creating shareholder value by delineating gold resources in its Iceberg oxide gold deposit. The Iceberg gold deposit, located on a 60 square km option of Barrick Gold Corporation's prolific Cortez gold trend, has similar geology to that of Barrick's immediately adjacent multi-million ounce Goldrushi gold discovery.
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 firstname.lastname@example.org, Albert Matter at email@example.com or Roger Steininger, COO at firstname.lastname@example.org; or visit www.nulegacygold.com.
Dr. Roger Steininger, NuLegacy's chief operating officer is a Certified Professional Geologist (CPG 7417) 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
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iiAs reported on September 5, 2013, these figures are conceptual in nature and derived from a compilation of 149 historic and 16 NuLegacy drill holes in and around the Iceberg deposit. To date, 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.