Welcome!

News Feed Item

NuLegacy Announces Fully-Funded 2014-15 Exploration Program

RENO, NEVADA -- (Marketwired) -- 04/08/14 -- NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) announces details of its fully funded 2014-15 exploration programs.

NuLegacy is planning a 45-50 hole (18,000 meter) 2014-15 exploration and delineation drilling program with the objectives of:


i.  Completing the earn-in to 70% of the Iceberg project, 
ii. Expanding the size of the potential exploration target identified in the
    Iceberg gold deposit to date (see news release dated September 5, 2013),
    and delineating within it a "threshold" resource(1) of NI 43-101
    qualified oxide ounces sufficient to induce Barrick Gold to earn-back to
    70% (30-35 holes), 
iii.Identifying the higher grade oxide and/or sulphide cores usually
    associated with these Carlin-type oxide gold deposits and testing
    additional targets outside of the Iceberg gold deposit that have
    potential for oxidized gold mineralization and/or deeper sulfide bearing
    gold deposits (10-15 holes). 

2014 Program Specifics: The plan is to drill 30-35 holes in the 2014 exploration season - from May to November as follows:


--  An initial 8-10 reverse circulation holes scheduled to commence May 7
    focused on the near-surface oxide horizon to expand the Iceberg gold
    deposit(2), 
--  Assay these holes and use the results to refine the siting of the next
    8-10 holes, 
--  Repeat for two or three 'cycles' as needed to delineate the threshold
    resource for a total of 24 to 30 holes, 
--  Intersperse these drilling shifts with 5 to 7 deeper 'wildcat'
    exploration holes, including 2 or 3 core holes to improve the
    understanding of the stratigraphy with the intent of finding the deeper
    higher grade horizons. 
--  Assays of each cycle will be reported as received and processed. 

"The two recent financings of $1.3 million and $3.2 million (as reported on December 13, 2013 and March 7, 2014) have provided NuLegacy with the funding to complete the remaining US$2.9 million of direct exploration expenditures required to earn our 70% working interest in the Iceberg gold deposit," says James Anderson, NuLegacy's CEO.

For an update on the geology of the Iceberg please read our COO Dr. Roger Steininger's new report posted on our website: The Goldrush & The Iceberg - A Comparison.

NuLegacy Gold Corporation is a Nevada based company focused on creating shareholder value by delineating gold resources in its near-surface Iceberg oxide gold deposit. The Iceberg gold deposit, located on a 60 square km portion of Barrick Gold Corporation's prolific Cortez gold trend, has similar geology to that of Barrick's immediately adjacent multi-million ounce Goldrush gold discovery.(3)

On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation

James E Anderson, Chief Executive Officer

The scientific and technical information contained in this news release has been approved by Dr. Roger C. Steininger, NuLegacy's Chief Operating Officer and a "qualified person" as defined by NI 43-101, Standards of Disclosure for Mineral Projects.

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 on the Iceberg deposit or 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 in close proximity to the Iceberg Deposit or Red Hill project is not necessarily indicative of the gold mineralization on the Iceberg Deposit or Red Hill project. 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 26, 2013 for the year ended March 31, 2013. 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.

(1) Based on recent acquisition history in the gold mining industry, NuLegacy anticipates that a threshold target of approx. 1.5 million NI 43-101 qualified ounces of near-surface oxide gold could support a Barrick decision to earn-back. This figure represents NuLegacy's target goal and does not constitute an estimate of resources for the Iceberg deposit at this time. Currently there are no known NI 43-101 resources on the Iceberg and there are no assurances that additional exploration will confirm the existence of an economic resource.

(2) NuLegacy expects to have completed all the relogging, reinterpretations and final siting of the drill holes by mid-to end April and the first available drilling cycle (of 15 days on and 6 off) thereafter starts May 7, 2014.

(3) As reported by Barrick, as of December 31, 2013, the Goldrush deposit contained a resource of 367,000 ozs gold (2,696,000 tons grading 0.136 oz/ton - measured), 8,000,000 ozs gold (63,218,000 tons grading 0.127 oz/ton - indicated) and 5,555,000 ozs gold (43,183,000 tons grading 0.132 - inferred).

Contacts:
NuLegacy Gold Corporation
James Anderson
[email protected]

NuLegacy Gold Corporation
Albert Matter
[email protected]

NuLegacy Gold Corporation
Roger Steininger
COO
604-638-4959
[email protected]
www.nulegacygold.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
SYS-CON Events announced today that FalconStor Software® Inc., a 15-year innovator of software-defined storage solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. FalconStor Software®, Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged, hardware-agnostic, software-defined storage and data services platform. Its flagship solution FreeStor®, utilizes a horizonta...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...