NuLegacy Starts 2017 Drilling Program
BY Market Wire
— 6:00 AM ET 04/25/2017
RENO, NEVADA -- (Marketwired) -- 04/25/17 -- NuLegacy Gold Corporation (NULGF) reports its initial 40 hole (35,000 ft.) 2017 drilling program (to be expanded as warranted) has commenced with the arrival of the first of two drill rigs; the second rig is scheduled to arrive mid-May.
The initial 2017 exploration program will focus on:
Expanding the extent of the gold mineralization in the Avocado deposit,
Drilling the Deep Iceberg IP anomaly to confirm it as the third gold deposit identified to date,
Exploring the VIO and Jasperoid Basin anomalies to establish their prospectivity as deposits, as well as,
Expanding the gold content of the established near-surface oxide Iceberg gold deposit, an exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne (conceptual numbers.)(i)
Of the initial 35,000 ft. planned, 65% will consist of deeper drilling to explore for additional deposits and 35% will concentrate on expanding the gold footprint of the near-surface Iceberg deposit. Further geophysical and geochemical surveys are contracted for follow up on the success of last year's surveys in generating additional drill targets outside of the five currently confirmed mineralized areas.
We are fortunate to enroll three integral personnel to round out the geo-technical/deposit discovery team; Mr. John Katseanes, Ms. Denise Dowell and Mr. William (Bill) Mounts, all former consultants to Barrick Gold Exploration who have opted to work in the entrepreneurial junior exploration industry.
John Katseanes is a renowned geo-technical database architect; his mission is to ongoingly upgrade our data base architecture and accelerate our ability to analyze, interpret, and visualize (present in 3D models) the Red Hill Project geological environment to improve the targeting of the most prospective areas of gold mineralization in which to drill for high grade gold intercepts.
John will be ably assisted by Denise Dowell as our Geo-Technical Database Administer, who is responsible for the compilation, assimilation and maintenance of all databases relevant to the exploration of our Red Hill Project.
Bill Mounts is our new Drilling Supervisor responsible for overseeing all drilling and drilling contractors' relationships in Nevada. Bill has over 50 years of experience working with Newmont Exploration, Barrick Gold and numerous other major gold miners and is credited with saving these companies millions in their drilling expenses.
About NuLegacy: NuLegacy Gold Corporation ( NULGF ) is an advanced stage Nevada exploration company focusing on the discovery of district scale Carlin-style gold deposits on its premier 98-sq. km (35 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date we have discovered the Iceberg (i) and the Avocado Carlin-style gold deposits and have identified three more highly prospective exploration targets (The Deep Iceberg, VIO and Jasperoid Basin geo-physical anomalies) to be drilled this year.
NuLegacy's Red Hill property is located on trend and adjacent (ii) 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 assets (iii) .
(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
