~ Encounters gold in numerous new exploration targets ~
June 20, 2017 - Reno, NV - NuLegacy Gold Corporation's 2017 exploration campaign (10,500m, 33,500ft, +/- 40 drill holes) is designed to test high priority drill targets in new areas on the company's 38 square mile/98 square km Red Hill property in the Cortez gold trend of Nevada. A number of these geochemical and geophysical targets are at considerable distances from the known mineralization of the Iceberg gold deposit, and therefore have a high risk/high reward profile. Early results vary from reasonable (circa Iceberg deposit gold grade range of 0.9 to 1.1 gram/ton) to modest intervals of anomalous gold. Management continues to be encouraged that every drill hole in every area drilled to date encounters gold mineralization.
Avocado: Difficult drilling conditions in the Avocado deposit area have slowed the progress of the Company's spring/summer drill program. The deep RC rig mobilized in April has completed just two holes into the West Avocado and one hole into the East Avocado. These three holes have returned broadly anomalous gold intervals; drilling of the fourth hole has been cased to its approx. 1,400-foot depth pending completion by a core rig to the targeted 2,100-foot depth. Upon receipt of the trace element analyses and detailed logging of these holes an interpretation will be developed to guide additional drilling at Avocado.
Iceberg South: IS17-01 is a 120m (400 ft) step out to the west of the South zone, and encountered important near surface gold mineralization. This result opens a very large (~1,000m) as yet undrilled area to the west and northwest of Iceberg South that represents a new high priority target area for NuLegacy:
|IS17-01||From (ft)||To (ft)||Int. (ft)||From (m)||To (m)||Int. (m)||Grade (gpt)|
The similarity of the geology and alteration of this intercept to that in the Central zone supports the interpretation that the two zones may connect.
Iceberg Central: IC17-01C (core hole) was drilled as a 70m (230ft) step out directly north of the Central zone in an area of chaotic fracturing. It encountered multiple gold values, and opens a corridor where we anticipate connecting to the North zone:
|IC17-01C||From (ft)||To (ft)||Int. (ft)||From (m)||To (m)||Int. (m)||Grade (gpt)|
Also IC17-02 extended the Central zone to the south with modest results in two separate gold horizons:
|IC17-02||From (ft)||To (ft)||Int. (ft)||From (m)||To (m)||Int. (m)||Grade (gpt)|
Iceberg North: ID17-01, the first hole to penetrate the Deep Iceberg geophysical anomaly, encountered the middle Devonian Wenban formation and contains pyrite starting at 1,110 feet to the end of the hole at 1,640 feet. This interval is also cut by several mafic intrusives, one of which contains substantial pyrite. The presence of sulfides is the likely cause of the IP chargeability response.
The hole encountered gold higher up in the stratigraphy, at the Tertiary Volcaniclastics/Horse Canyon limestone contact, and at the Horse Canyon/Wenban contact:
|ID17-01||From (ft)||To (ft)||Int. (ft)||From (m)||To (m)||Int. (m)||Grade (gpt)|
This hole extends the gold mineralization of the near-surface Iceberg to the south of the North zone and continues the progress of linking the North and Central zones. A second Deep Iceberg hole is being assayed.
Elsewhere in the North zone hole IN17-01 is a 180m (600 ft) step-out directly west of the southern portion of the North zone. It has been logged as 1% pyrite and calcite stringers suggesting the edge of a larger system. It encountered a low-grade interval of oxidized gold in a silicified jasperoid breccia as follows:
|IN17-01||From (ft)||To (ft)||Int. (ft)||From (m)||To (m)||Int. (m)||Grade (gpt)|
A core hole, IN17-02C, drilled from the same pad location and angled into a regional fault structure (the Long Fault) has been logged, split, and sent for assay.
Additional targets: In the weeks ahead, the Company will be drilling the gold-in-soil anomaly at the VIO claim area some 4km west of the Iceberg's Central zone, as well as the Jasperoid Basin area (1/2 kilometer east of Iceberg) with anomalous gold and high trace element values on surface, combined with an interpreted collapse structure, create an intriguing drill target.
Additional assays will be released as processed and properly interpreted.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the company's project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every 20th sample. The Avocado and Iceberg samples were delivered to American Assay Labs' preparation facility in Sparks, NV. The samples were crushed, pulverized and sample pulps were analyzed by American Assay Labs' certified laboratory in Sparks, NV. Pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30-gram split. All other elements were determined by ICP analysis. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. The reported intercepts are not necessarily true widths as there is insufficient data at this time with respect to the shape of the mineralization to calculate its true orientation.
Dr. Roger Steininger, NuLegacy's Chief Geoscience 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.
About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98-sq. km (35 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Icebergi and the Avocado Carlin-style gold deposits and has identified four more highly prospective exploration targets to be drilled this year.
NuLegacy's Red Hill Project is located on trend and adjacentii to three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold's largest, lowest cost and politically safest gold minesiii.
i An established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne. These figures are conceptual in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes. 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 The similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy's Red Hill Project.
iii As extracted from Barrick's Q4-2013 and Q1-2014 reports.
ON BEHALF OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
For further information, please phone 604-639-3640 or contact James Anderson (CEO) at firstname.lastname@example.org, Albert Matter (Chairman) at email@example.com or Roger Steininger, (CGO) at firstname.lastname@example.org, or Frank Lagiglia (ICM) at email@example.com or visit www.nulegacygold.com.
Dr. Roger Steininger, NuLegacy's Chief Geoscience 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 including, but not limited to, actual results of exploration activities, environmental risks, future prices of gold, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, availability of financing and other risks in the mining industry. There are no known resources or reserves in the Red Hill Project and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or near the Red Hill Project is not necessarily indicative of the gold mineralization on the Red Hill Project. All 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, 2016 for the year ended March 31, 2016. 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.