NuLegacy Reports Assays From Red Hill Project

 

RENO, NV - NuLegacy Gold Corporation reported assays from recently drilled reverse circulation holes in the Iceberg gold deposit within the Red Hill project. NuLegacy's flagship project, the 38-sq. mile/98-sq. kilometer Red Hill property in Nevada's famed Cortez trend, hosts multiple Carlin-type gold systems with multiple gold-bearing horizons in one of the world's premier gold mining jurisdictions. NuLegacy's present focus is delineating the shallow Carlin-style oxidized gold mineralization within the Iceberg gold deposit, exploring the newly discovered Avocado deposit and testing the VIO and Jasperoid Basin prospects.

"The gold mineralization in the Iceberg deposit has been encouraging through most of the drilling since 2012, and the newly discovered Avocado deposit looks to become a game changing addition to the project," commented Chairman Albert Matter.

Highlights from the Iceberg deposit infill and step-out drilling include: At the central zone of the Iceberg holes RHB-91 and 93 continue to expand the Central zone towards the 'western gravity/geochemical anomaly' (now being tested by Hole RHB-110) with RHB-91 reporting 33.5 meters of 0.51 grams gold/t and RHB-93 returning 29.3 meters of 0.32 grams gold/t; At the North zone of the Iceberg holes RHB-98 with 21.3 meters of 0.99 grams gold/t, including 9.1m of 1.27 grams gold/t and RHB-97 with 25.9 meters of 0.36 grams gold/t continue to expand the North zone to the south and west. 

Drilling of the next hole in the Avocado deposit (core hole AV-4) is underway. Based on the results from the two wildcat holes drilled into the Avocado (reported Sept. 13, and 20, 2016 - 199.7m of 0.26 grams/t in AV-2 and 25.9m of 1.05 grams/t in AV-3) and a review of the geo-physical data, the initial target depth is ~2,500-foot/760-meter. This will provide important stratigraphic information to help guide the vectoring of the next set of holes designed to test for the origination of the massive 655 foot/200 meter 'bloom of 1/4 gram gold' reported in AV-2. Boart Longyear was contracted to drill this hole and expects to complete it early December; thus, we expect the assay results early in the New Year in time to utilize them to select sites and commence a three to five-hole Avocado exploration program in the spring of 2017, said Matter.

NuLegacy Gold Corporation is an advanced stage Nevada exploration company focused on expanding its Carlin-style near-surface Iceberg oxide gold deposit with an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne, and exploring for additional gold deposits on the 38-sq. mile (98-sq. km) Red Hill property located in the Cortez gold trend of Nevada.

The Iceberg gold deposit has similar geology to that of Barrick Gold's multi-million-ounce Pipeline deposit the discovery of which is credited to NuLegacy's Chief Geoscience Officer, Dr. Roger Steininger. The Iceberg is located on trend and adjacent to three of Barrick Gold's multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are among Barrick's lowest cost and politically safest gold assets.