~ Continues to expand the Iceberg gold deposit ~
August 26, 2015 - Reno, NV - NuLegacy Gold Corporation reports the assays from the fourth set of holes drilled in the 2015 drilling program. The fifth set of holes is scheduled to commence drilling early next week. Please follow this link http://nulegacygold.com/s/2015-Drill-Program.asp to view plan maps and cumulative table of assays for the 2015 program.
Iceberg - Central Zone: Hole RHB-60 in the Central zone returned a satisfactory interval of 1.04 grams of gold/tonne over 115 ft. including 25 ft. of 3.60 grams/tonne. The interval is hosted in Tertiary volcaniclastics that are strongly silicified and oxidized. The results confirm the opportunity for further expansion of the Central zone to the west, northwest, and southeast where drilling is as yet limited. Two lower intervals also contained anomalous gold within the upper Wenban formation.
Iceberg - North Zone: Holes RHB-62 and RHB-63 were successful lateral step-outs to the north-east and north-west as detailed in the table just below. They continued to expand the size of the Iceberg gold deposit as outlined by the numerous multi-gram multi-meter holes comprising the North zone.
|Assay details reported August 26, 2015|
|Fourth set of drill holes in 2015 program|
|RHB-59||West Iceberg||112.8||120.4||7.6||25.0||0.27||Dhc contact|
|Dhc -- Devonian Horse Canyon contact - at the contact of the Horse Canyon and Devonian 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.|
West Iceberg: Hole RHB-59 was drilled as a 'wildcat' exploration hole into a gravity anomaly with an associated gold in soil anomaly fully 350 meters (1,150 ft.) to the west of the Central zone of the Iceberg. While it returned a modest 0.3 grams of gold/tonne over 25 ft. it indicates the 'West Iceberg' may be a distinct parallel zone with gold mineralization in the same horizons as the Iceberg itself. The other hole drilled far to the west of the Iceberg is Hole BRH-37 (0.2 grams of gold over 46 ft.) is likely situated on the eastern flank of this zone of mineralization. The gravity survey indicates the West Iceberg runs parallel to the Iceberg, is approximately 200 meters wide, and may extend a similar 3,000 meters north by northwest.
Hole RHB-61 encountered no significant values. A down-hole survey indicates that it may have been deflected to the south across a fault and penetrated unfavorable rocks.
Eight to ten holes are planned for the 5th phase of the 2015 drilling program with the majority dedicated to further expanding the Iceberg and one wildcat hole being drilled into the VIO anomaly approximately 5 km to the west. This geo-chemical anomaly returned rock chip samples grading one gram of gold/tonne at surface.
- 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 targeti 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
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 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 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).