NuLegacy Reports High Grade Iceberg Drilling Results

 

RENO, NV - NuLegacy Gold Corporation reported the assay results from the first six of the 24 holes planned for the US$1.3 million 2015 drilling program that will complete the earn-in to a 70% working interest in the expanding Iceberg Gold deposit in Elko County, Nevada.
At the North zone hole RHB-040 has materially expanded the higher grade gold mineralization previously identified in the North zone of the Iceberg deposit. It intersected two gold bearing horizons one with a significantly high assay result of 25.2 grams of gold/tonne (0.8 troy ozs) over 4.6 meters within 41.2 meters (135ft.) of 3.9 grams/tonne that may represent the high grade horizon that we have been targeting. These results were verified by check-assays.
This long high-grade interval occurs in the Wenban stratigraphic unit that hosts the bulk of the higher grade material in Barrick's 15.5 million ounces Goldrush deposit(v) adjacent to the north-west of the Iceberg gold deposit(iv). The interval is in a silicified breccia, and is completely oxidized. This is the third and best hole to intersect this 'key' mineralized horizon in the North zone. NuLegacy will be following up with a step-out from RHB-40 in the June series of holes.
"This result indicates the Iceberg gold deposit is a very robust Carlin-type gold system and significantly expands its exploration potential," said Alex Davidson, NuLegacy director and former head of global exploration for Barrick Gold Corporation.
At the Central zone all three holes drilled in the Central zone returned impressive intervals of good grade gold mineralization.
RHB-41 & 42 (Central zone - north end) - both of these step-out holes were targeted to and intersected multiple and thick gold-bearing horizons thus confirming gold-horizon continuity and successfully expanding the Iceberg deposit's Central zone boundary to the north.
And the Central zone is confirmed to be wide open to the south as Hole RHB-43 (the most southerly of the three) returned a lengthy 51.8 meter interval (170 ft.) of 0.52 grams of gold/tonne in the Horse Canyon-Wenban8 contact zone directly under a "too shallow" historic drill hole. This opens the south extension of the Central zone for substantial expansion.
At the South zone hole RHB44 was a step-out to the east and while with a modest assay result it does confirm that the South zone has some lateral extent. With the limited drilling in the South zone to date geological studies are in progress to define additional drill targets.
Summary: The important aspects of these results are confirmation that the Iceberg deposit hosts the classic Carlin-type very high-grade gold mineralization and, has significant quantities of gold in three gold-bearing stratigraphic horizons that are all within 200 meters of surface; the overlying older volcaniclastics (predominantly in the central and southern zone), the contact zone between the Horse Canyon and upper Wenban-8 formations (all three zones), and the middle Wenban5 limestone formation (more prevalent in the north zone).
"Our investment in the 7 core holes drilled last fall(i) is paying off, said Dr. Roger Steininger, 'as it greatly advanced our understanding of the stratigraphic controls and structural influences on the gold mineralization in the Iceberg deposit. This has improved our ability to target the higher grade breccia-hosted gold mineralization, which significantly is close enough to surface to have been oxidized as well."
The 2015 exploration program will total approximately 17.5 thousand feet (5,300 meters) of drilling through to the end of August 2015. The next set of six holes are being completed and assays are expected in early June.