NuLegacy Identifies New Gold Zone at VIO
Wildcat-drilling success encounters epithermal style gold mineralization
RENO, Nev., Sept. 13, 2017 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports that it has discovered another important gold zone on its 38-square mile (98-square km) flagship Red Hill property in Nevada’s Cortez gold-trend, one of the world’s premier gold mining jurisdictions.
Hole VIO17-01, drilled into the “VIO” zone, which is over four kilometers east of the Iceberg gold deposits, returned:
33.5 meters (110 feet) of 0.65 grams/t gold and 5.5 grams/t silver starting at 99.2 meters and includes,
9.1 meters (30 feet) of 1.8 grams/t gold and 17.6 grams/t silver.
“The gold encountered in this drill intercept appears to be epithermal-style of gold mineralization, an entirely different deposit type to that of our Carlin-style gold deposits. This is an exciting new development for building potential gold resources at Red Hill,” commented James Anderson, NuLegacy’s CEO.
The VIO zone’s gold mineralization is hosted in mafic to intermediate volcanic flows interpreted to be of Miocene age with the characteristics and geochemistry typical of an epithermal gold system. This contrasts with the several Carlin-type gold systems discovered on the Red Hill property to date that host gold in Devonian carbonates.
Important epithermal gold deposits exist within the Northern Nevada Rift, which crosses the Cortez trend through NuLegacy’s Red Hill property. Examples of epithermal mines are the nearby past producing Buckhorn and Mule Canyon gold mines and the currently producing high-grade Fire Creek and Midas gold and silver minesii.
“This new discovery at VIO is almost four kilometers from Iceberg’s North zone and is in the western margin of the Northern Nevada Rift as it transects the Red Hill property,” said Garrett Frey, NuLegacy Senior Geologist. “The Red Hill is uniquely positioned at the intersection of the Cortez-trend and the Northern Nevada Rift, two of Nevada’s richest gold trends. While we’ve primarily focused on the Red Hill’s Carlin-type gold prospects we were cognisant of the possibility of higher-grade epithermal gold mineralization like the nearby Fire Creek and Mule Canyon mines. The discovery at VIO moves this beyond the concept phase.”
The VIO drilling was targeted via the completion of a 6-line kilometer CSAMT survey in the heart of the VIO prospect. To compliment this work, 332 soil and rock chip samples were collected:
The soil geochemistry survey identified multiple areas with highly anomalous gold values
There were numerous rock chip samples with greater than ½ gram/t gold values.
These robust gold values and geochemical anomalies occur proximal to a series of structures identified by the CSAMT and geologic mapping program. These structures are sub-parallel to the north-west/south-east striking Iceberg fault system, which is an important orientation for mineralization in the Cortez trend. Follow-up drilling at VIO will commence after further study of geochemical and geophysical data has helped to determine appropriate drill sites, and those sites have been permitted.
“The application of our ‘old school/new school’ science by our dynamic exploration team and the resulting 2017 summer wildcat drilling program (65% of the 2017 35,000 ft./40 hole drilling program dedicated to exploring for prospective deposits) has been a resounding success,” said NuLegacy’s Chairman, Albert Matter, “To date we have added the Avocado, Deep Iceberg, Western Slope, Serena and VIO prospects to our original complement of the North, South and Central Iceberg gold deposits. We now have over ten square km of gold mineralization in the central mineralized zone of the Red Hill property.”
Drilling to further define these recent discoveries and expand on the gold content of the Iceberg gold deposit will resume in the fall. Three wildcat holes were also drilled into the Jasperoid Basin area and four into other geophysical and geochemical targets mostly west and southwest of Iceberg’s central zone. These holes contained either ‘anomalous’ gold values or ‘no significant gold values’; holes with anomalous values may be followed up on later.
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 (38 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 that are being 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 111 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.
iiiAs extracted from Barrick’s Q4-2013 and Q1-2014 reports.
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 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.
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 james@nuggold.com, Albert Matter (Chairman) at albert@nuggold.com or Roger Steininger, (CGO) at roger@nuggold.com, or Frank Lagiglia (ICM) at frank@nuggold.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
