~ Gravity Survey Generates Initial Drill Targets ~
August 20, 2015 - Reno, NV - NuLegacy Gold Corporation reports it has begun exploring its 100% controlled1 Idaho Resources Corporation (IRC) claims that lie immediately to the east of its Iceberg gold deposit and along the trend of the Barrick's gold mines in the Cortez, Nevada.
An initial gravity survey was completed on the IRC claims in parallel with the ongoing exploration of the Iceberg deposit. Five drill holes from the Iceberg are in for assay and expected to be ready for reporting by month's end, and a further 8-10 hole drilling program on the Iceberg is scheduled to commence the week of Aug. 24th.
"As we near the completion of the earn-in to the 70% working interest2 (anticipated in October) in the Iceberg gold deposit that we discovered in 2012, we will begin our efforts to establish gold resources on our adjacent 100% controlled 39 sq. km IRC claims", said Albert Matter, Chairman of NuLegacy Gold.
"To meet the deadline to earn-in (December 31, 2015) to the 70% interest in the Iceberg deposit we focused all our efforts on the Iceberg this past three years, and in the process we established a near-surface 90 to 100 million tonne exploration targeti with oxidized gold mineralization grading between 0.9 and 1.1 grams/tonne of gold. Discovery of a second gold deposit in close proximity to the Iceberg would further enhance the value of NuLegacy Gold."
The IRC program will follow the exploration template that successfully delineated the Iceberg gold deposit; initial gravity surveys correlated with geochemical surveys and then drilling.
The gravity survey, performed by Zonge Geophysical of Reno Nevada was completed on 200 meter centers. It identified a significant gravity low with associated north-northwest trending structural zones that are interpreted as reflecting strongly altered and fractured Devonian carbonates similar to those that are the principal hosts for gold mineralization in the Iceberg deposit. A review of the historical geochemical surveys and their correlation with the gravity surveys is in progress to generate priority drill targets.
COO, Dr. Roger Steininger states: "This survey validates our view that the IRC claims hold considerable potential for gold mineralization. Additional mapping as well as further analysis of the correlation between this data and previous geochemical data will be completed to determine the priority targets for an initial phase of drilling".
2 Under option agreement with Barrick Gold Corporation.
- Focused on delineating gold resources in the prolific Cortez gold trend of Nevada.
- Completing by year-end 2015 the earn-in to a 70% working interest in a classic Carlin-type oxidized gold discovery (the Iceberg gold deposit) on the 23 sq. mile portion of the Cortez trend optioned from Barrick Gold Corporation.
- As at year-end 2014, the Iceberg gold deposit had an exploration target of 90 to 110 million tonnes grading between 0.90 grams and 1.10 grams of gold/tonne.
- The Iceberg is on trend with three of Barrick's multi-million ounce Carlin-type gold systems that are Barrick's best gold deposits,ii and it is directly adjacentiii to the recently discovered Goldrush deposit.iv
ON BEHALF OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
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
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.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and 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. There are no known resources or reserves in the Iceberg deposit and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or in close proximity to the Iceberg Deposit is not necessarily indicative of the gold mineralization on the Iceberg Deposit. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including our annual management's discussion and analysis dated July 28, 2015 for the year ended March 31, 2015. 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.
i These figures are conceptual in nature and derived from a compilation of 149 historic and 58 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.
ii As extracted from Barrick's Q4-2013 and Q1-2014 reports.
iii The close proximity of the Goldrush deposit to the Iceberg deposit is not necessarily indicative of the gold mineralization in the Iceberg deposit.
iv As reported by Barrick as of December 31, 2013, the Goldrush deposit contained a resource of 423,000 ounce of gold (3.1 million tons grading 0.137 oz./ton - measured), 9,537,000 ounces (72.5 million tons grading 0.132 oz./ton - indicated) and 5,555,000 ounce (39.5 million tons grading 0.141oz./ton - inferred).