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NuLegacy Announces Fully-Funded 2014-15 Exploration Program
|By Marketwired .
|April 8, 2014 05:26 PM EDT
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
-- Assay these holes and use the results to refine the siting of the next
-- 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).
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