RENO, NEVADA–(Marketwired – May 16, 2017) – NuLegacy (TSX VENTURE:NUG)(OTCQX:NULGF) reports there are now three drill rigs operating on the Red Hill property.
The reverse circulation (RC) truck rig that arrived on April 25th has completed three deep holes into the recently discovered Avocado deposit (samples from these holes have been sent for preparation and assaying) and is now drilling two holes to test the new Deep Iceberg anomaly – http://nulegacygold.com/i/pdf/ppt/2017-04-21/0016.jpg – that lies beneath and between the North and Central zones of the Iceberg gold deposit. The truck rig will then circle back to drill further holes in each deposit as guided be the assay results from the first set of holes.
A second RC rig and a core rig have just arrived and will, over the next six to eight weeks as access conditions improve after the ‘wet’ winter, drill the first dozen of the 24 holes currently planned for the expansion of the Iceberg gold deposit’s established exploration target(i).
Leach tests: NuLegacy reports that bottle roll leaching tests conducted by McClelland Laboratories, Inc., of Sparks, NV confirm the Iceberg gold deposit’s oxide material has favorable leaching characteristics.
“We are extremely pleased with the high extraction percentages from these tests,” comments Dr. Roger Steininger, NuLegacy’s CGO, “The results are in line with expectations for typical oxidized Carlin-type gold deposits in Nevada.”
In summary, oxidized gold bearing drill hole intervals were selected from throughout the Iceberg deposit, and submitted for bottle roll tests. The average extraction for all the oxidized samples was 79.3% with most of the gold extracted from each composite during the first six hours of the tests. Extractions ranging from 73.5% to 87.8% were reported for the oxidized material.
Fifteen drill hole composite samples were each subjected to 96-hour agitation (bottle roll tests) leaching in a dilute solution of sodium cyanide, after which the pregnant solution was analyzed for gold content and the percentage of gold extracted from each composite was calculated. McClelland Labs concluded that the material in the composite samples was “amenable to agitated cyanidation treatment”. The details of these studies can be found at this link: http://nulegacygold.com/i/pdf/2017-05-10-iceberg-metallurgical-summary.pdf
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
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.