~ Multi-gram multi-meter intervals continue to expand the Iceberg gold deposit ~
September 30, 2015 - Reno, NV - NuLegacy Gold Corporation is pleased to report numerous multi-meter intervals of multi-gram assays from the latest eight holes drilled into its Iceberg gold deposit during the 2015 drilling program. Seven of the eight drill holes completed in the fifth drilling cycle successfully expanded the Iceberg's gold content. Five provided excellent results and have created significant opportunities for further expansion where the higher grade zones remain unconfined by drilling.
|Assay details - fifth set of holes drilled in 2015 exploration program|
|RHB-65||North||No reportable interval||-|
|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 is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.|
NuLegacy's COO Roger Steininger, discoverer of Barrick Gold's multi-million ounce on strike Pipeline gold deposit says, "Just as the discovery and initial expansion of the Pipeline gold deposit in 1989 gained momentum over time, the expansion of the Iceberg deposit is gathering momentum with each round of drilling, as our understanding of the deposit grows geometrically".i
In the North zone - RHB-64 returned 4.46 grams of gold/tonne over 35 feet within a lengthy 170 feet of 1.26 grams as well as a second interval of 0.67 grams/tonne over 50 feet. As a step-out to the west it duplicated the length and improved on the grade of RHB-49's results (2.19 grams gold over 30 feet within 235 feet of 0.78 grams) and allows for continued expansion to the west, south and north.
RHB-65 had no significant results; it was likely stepped out too far from the Long Fault hanging wall which provided the excellent results in RHB-49 and 64.
RHB-66 successfully expanded the gold mineralization with assays of 3.26 grams of gold/tonne over 15 feet and 1.54 grams over 20 feet. It is the first step-out to the east beyond the high grade gold mineralization previously reported in RHB-58 and 40 and allows for expansion to the north, south and further to the east.
RHB-67 ended in gold mineralization of 145 feet of 0.74 grams (including 20 feet of 2.63 grams). As such, the 145-foot interval is a minimum length for the mineralized zone which is open in multiple directions.
RHB-68 returned 2.46 grams/tonne of gold over 110 feet including a higher grade portion of 5.11 grams over 45 feet extending the excellent gold mineralization in the previously reported holes RHB-58 and 40.
The higher grade mineralization in RHB-68 correlates favorably with a similar 70 foot interval of 5.31 grams of gold/tonne (within 115 feet of 3.41 grams) in RHB-58 and the 40 feet of 10.95 grams/tonne of gold (within 135 feet of 3.91 grams) in hole RHB-40 - altogether comprising a continuous high-grade gold horizon of greater than 3.0 grams of gold/tonne over 100 feet thick, 400 feet in length and open in multiple directions.
This higher-grade mineralization is associated with a strongly oxidized and intensely silicified breccia in the upper Devonian Wenban formation. The surrounding moderate grade mineralization extends into the overlying Devonian Horse Canyon formation with associated silicification and decalcification, and is also strongly oxidized.
Combined with the other intercepts in the North and Central zones, this high-grade gold mineralization confirms that the Iceberg deposit is similar to the major Carlin-type gold deposits in the Cortez trend that are composed of large areas of modest gold grades (0.2 to greater than 1.0 gram gold/tonne) within which are significant areas of much higher gold grades.i Additional drilling will be needed to fully delineate the extent of this and other higher grade gold segments of the Iceberg deposit.
RHB-69's 35 foot interval grading 2.03 grams of gold/tonne correlates well with the higher grade gold intervals in the distant holes RHB-17 (135 feet of 1.02 grams of gold/tonne including 35 feet of 3.46) and RHB-35 (3.32 grams of gold/tonne over 35 feet within 105 feet of 1.23 grams/tonne) which were, prior to the success in RHB-69, isolated though excellent gold intersections.
The RHB-69 result indicates there is a controlling northwest trend to the gold mineralization in the North zone as has been defined throughout the Central zone. As such northwest of RHB17 and RHB-35 remains an excellent drill target area in addition to mineralization to the south and east of RHB-69.
Central Zone: Both the holes completed in the Central zone intersected the targeted gold horizons, have expanded the deposit outline and confirm that the gold mineralized horizons remain open to further expansion to the northwest and west.
Exploration manager David Mallo commented, "The current focus on the North Zone continues to yield long intervals of significant grade gold mineralization. The near-surface oxidized mineralization is in two distinct lithological units offering great potential for resource expansion."
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.
- Completing 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 (60 sq. km) portion of the Cortez trend optioned from Barrick Gold Corporation.
- The Iceberg gold deposit has an exploration targetii of 90 to 110 million tonnes grading between 0.90 grams and 1.10 grams of gold/tonne.
- It is on trend and adjacenti to three of Barrick's multi-million ounceiii Carlin-type gold systems that are Barrick's best gold deposits.
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 The similarity and close proximity of the Pipeline deposit and other Carlin-type gold systems in the Cortez Trend to the Iceberg deposit is not necessarily indicative of the gold mineralization in the Iceberg deposit.
ii 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.
iii As extracted from Barrick's Q4-2013 and Q1-2014 reports.