Welcome!

News Feed Item

NuLegacy Discovers New South Zone Near Iceberg Gold Deposit

Continues to expand Central Iceberg zone

RENO, NEVADA -- (Marketwired) -- 07/22/14 -- NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) is pleased to report that step-out drilling of its Iceberg gold deposit in the Cortez trend of Nevada has discovered a new southern zone of gold mineralization and has confirmed a further north-west extension to the Central zone of the deposit.

"These results, together with those reported June 23 and July 8, 2014 confirm extensive and widespread gold mineralization in the Iceberg gold deposit. The deposit now has an apparent strike length in excess of 3,000 meters (circa 10,000 feet) and is open in all directions," commented Dr. Roger Steininger, NuLegacy's COO responsible for exploration programs. "This phase of the 2014 drilling program confirms significant quantities of gold are present in up to three distinct gold horizons in the Iceberg deposit which greatly increases the possibilities of delineating a threshold(i) gold resource."

New South zone: Hole RHB-27 was a wildcat exploration hole stepped out 970 meters/3,200 feet to the south along the strike of the Iceberg deposit's North and Central gold zones and returned two intervals of gold within the Devonian carbonates: 0.40 grams of gold/ton over 12.2 meters/40 feet and 1.11 grams of gold/ton over 6.1 meters/20 feet within 0.50 grams of gold/ton over 18.3 meters/60 feet (see table below).

The presence of two mineralized intervals in silicified carbonates with favorable oxide gold grades establishes the Iceberg deposit extends a full 970 meters south of the previously identified zones of gold mineralization. RHB-27 is at the southern end of a geochemical 'gold in soil' anomaly that indicates a much larger exploration target than previously recognized. The three gold zones (North, Central and South) of the Iceberg deposit now extend over 3 kilometers and have all of the characteristics of a well-mineralized Carlin-type gold deposit. Additional drilling will be planned to establish the dimensions of this new South zone and determine its connection to the Central zone.

Expansion of Central Zone: Hole RHB-26, another large 200 meters/660 feet step-out to the northwest of the Central zone returned 0.18 grams of gold/ton over 47.3 meters/155 feet from 93.0 to 140.3 meters. This lengthy interval effectively extends the mineralization in the Central Zone to 950 meters of strike length, and leaves the Central zone open in all directions.


                                                                          
--------------------------------------------------------------------------
                             Assay Highlights                             
--------------------------------------------------------------------------
Hole                  Zone       From         To     Length          Grade
--------------------------------------------------------------------------
Number                            (m)        (m)        (m)   grams/t gold
--------------------------------------------------------------------------
RHB-27               South       56.4       68.6       12.2           0.40
--------------------------------------------------------------------------
and                      "       82.3      100.6       18.3           0.50
--------------------------------------------------------------------------
including                "       83.8       89.9        6.1           1.11
--------------------------------------------------------------------------
RHB-26             Central       93.0      140.3       47.3           0.18
--------------------------------------------------------------------------
NB. These intercepts are not necessarily the true width as there is       
 insufficient data at this time to calculate their true orientation.      
--------------------------------------------------------------------------
                                                                          

Holes RHB-21 and 22 contained intervals of anomalous gold with strong Carlin-type gold deposit trace element signatures. The results of all the holes from this phase of the 2014 drilling program (May 7 to July 9) will be integrated into the current exploration model (90 to 110 million tonnes grading between 0.7 g/t and 1.0 g/t of gold(ii)) to determine the selection of the next set of drill holes targeted to expand the Iceberg deposit. Updated sections will be posted on our website when the integration and analysis has been completed.

Reverse circulation drilling on the Iceberg Project was conducted by Boart Longyear Company of Elko, NV under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). All of the drill hole samples are analyzed for gold and a trace element suite by American Assay Labs. of Sparks, NV. Sufficient commercially prepared standards, blanks, and duplicates were inserted to assure quality analytical results. Data verification of the analytical results included a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.

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

On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation

James E Anderson, Chief Executive Officer

Dr. Roger Steininger, NuLegacy's chief operating 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. 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.

(i) Based on recent acquisition history in Nevada, NuLegacy anticipates that a 'threshold' gold resource target of approximately 1.5 million NI 43-101 qualified ounces of near-surface oxide gold would support a Barrick Gold decision to 'earn-back to a 70% working interest (by spending the next $15 million) which, under the terms of our option agreement, would result in NuLegacy's 30% interest being 'carried to production'. This figure represents NuLegacy's threshold target goal and does not constitute an estimate of resources for the Iceberg deposit at this time.

(ii) As reported on September 5, 2013, these figures are conceptual in nature and derived from a compilation of 149 historic and 16 NuLegacy drill holes in and around the Iceberg deposit. 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.

Contacts:
NuLegacy Gold Corporation
James Anderson
Chief Executive Officer
604-638-4959
[email protected]

NuLegacy Gold Corporation
Albert Matter
604-638-4959
[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
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
"Tintri focuses on the Ops side of the DevOps, which basically is pushing more and more of the accessibility of the infrastructure to the developers and trying to get behind the scenes," explained Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discussed...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"We focus on composable infrastructure. Composable infrastructure has been named by companies like Gartner as the evolution of the IT infrastructure where everything is now driven by software," explained Bruno Andrade, CEO and Founder of HTBase, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...