~ Continues to return significant grades and intervals ~
June 11, 2015 - Reno, NV - NuLegacy Gold Corporation reports the assays for the next six holes of the US$1.3 million 2015 drilling program which will complete its earn-in to a 70% working interest in the Iceberg Gold deposit, Elko County, Nevada.
Highlights: The three holes (RHB-48, 49 and 50) drilled in the North zone were sited and completed prior to receipt of the assays for the headline hole reported on May 7th, 2015 (RHB-40 - with 25.2 grams of gold/tonne over 4.6 meters within 41.2 meters of 3.9 grams/tonne). More deliberate step-outs of RHB-40 are included in the current (3rd) set of six holes which commenced drilling June 8th.
North zone: Hole RHB-50, the closest to RHB-40 although at a considerable distance of 100+ meters (330 ft.) to the southwest returned a respectable 1.68 grams of gold/tonne over 15.2 meters (50 ft.) in the Horse Canyon contact horizon and 0.55 grams of gold/tonne over 12.2 meters in the middle-Wenban.
Hole RHB-49 returned an exceptionally long interval of gold mineralization grading 0.78 grams of gold/tonne over 71.6 meters (235 ft.) including 2.19 grams/tonne of gold over 9.1 meters (30 ft.) in the HC contact horizon starting at less than 40 meters (130 ft.) from surface. It is a substantial 200 meter (650 ft.) step out to the northeast of RHB-35 (one of the most northerly holes in the North zone) in an area of limited drilling representing excellent potential for further expansion of the zone.
|Assay Details - reported June 11, 2015|
|HC Contact - at the contact of the Horse Canyon and upper-Wenban horizons. These intercepts are not necessarily true widths as there are insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.|
Central zone: Holes RHB-46 & 47 extend the zone fully 120 meters (400 ft.) to the northwest and RHB-46 is the first hole in the Central zone to intersect a noteworthy interval of gold in the middle-Wenban formation (that hosts so much of the gold in Barrick's adjacent Goldrush depositiii ).
RHB-46 shows very good continuity and correlation in the Horse Canyon-upper Wenban contact horizon with 0.73 grams of gold/tonne over 27.4 meters (90 ft.) and gold in the middle Wenban with 0.65 grams of gold/tonne over 6.1 meters (20 ft.). RHB-47, which is further north in the Central zone, returned reasonable grades in the upper horizon as reported above.
These two holes indicate a westerly dip to the Devonian carbonates in the western portion of the Central zone (as opposed to an eastern dip in the eastern portion) implying there may be an anticline. This is an important structural feature as most of the economic Carlin-type gold deposits in Nevada, specifically Goldrush, are associated with the crests of anticlines and their adjoining limbs that are areas of excellent ground preparation and typically hosts higher grades of gold mineralization.
Please follow this link http://nulegacygold.com/s/2015-Drill-Program.asp to view plan maps.
Summary: These results confirm that our 2015 drilling program is continuing to:
- Significantly expand the Iceberg's footprint of contained gold mineralization in multiple directions.
- Delineate gold in multiple horizons - there are three distinct gold-bearing stratigraphic horizons that are all within 200 meters of surface:
- the overlying volcaniclastics (predominantly in the Central and South zones),
- the contact horizon between the Devonian Horse Canyon and upper Wenban formations (present in all three zones), and,
- the middle-Wenban limestone formation while most prevalent in the North zone, is now discovered in the Central zone as well.
- Important intervals of greater than 1 grams of gold/tonne continue to be intersected.
The next (3rd) set of six holes is currently being drilled and assays are expected in mid-July. The 2015 exploration program will total approximately 17.5 thousand feet (5,300 meters) of drilling through to the end of August.
- 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 yearend-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 depositsii, and it is directly adjacentiii to the recently discovered Goldrush depositiv.
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
Reverse circulation drilling is being conducted by Major Drilling of Salt Lake City, Utah under the supervision of David Mallo, Exploration Manager and Dr. Roger Steininger, COO (CPG 7417). Samples were analyzed 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. The reported gold intervals may or may not represent true thicknesses and/or widths as there is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.
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 25, 2014 for the year ended March 31, 2014. 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 34 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).