NuLegacy Gold Corporation (OTCQX: NULGF) is a Canadian precious metal acquisition and exploration company, that operates within the United States. The mining company is seeing shares surge 30.57% during early trading on Thursday, September 08, 2016. Over the past three months, NuLegacy Gold Corporation has seen average daily volume of 185,648 shares. However, nearly 3.15 million shares or dollar volume of $1.01 million has already exchanged hands through early trading Thursday.
Shares of NuLegacy Gold Corporation are rallying today after management released an update on the company’s Iceberg oxide gold project, which is owned 100% by the company. In the news release, management details that five reverse circulation holes that were drilled in August 2016, showing that there continues to be considerable gold deposits within the company’s Iceberg gold field. Here is a press release detailing of the company’s gold mineralization findings:
NuLegacy Gold Corporation Press Release:
RENO, NEVADA–(Marketwired – Sep 7, 2016) – NuLegacy Gold Corporation (TSX VENTURE:NUG)(NULGF) reports assay results from five reverse circulation holes drilled during August in its 100% owned Iceberg oxide gold deposit. The primary target is the shallow Carlin-style oxidized gold mineralization within the 3 km long and 0.5 km wide Iceberg gold deposit in the Cortez gold-trend of north-central Nevada.
Highlights from the infill and step-out drilling expanding the North zone of the Iceberg include:
- 16 grams per tonne gold over 21.3 meters (70 ft.) including 6.09 g/t gold over 4 .6 meters in RHB- 82,
- 63 g/t gold over 10.7 m and 0.59 g/t gold over 24.4 m in RHB-83,
- 28 g/t gold over 18.3 m including 2.36 g/t gold over 7.6 m in RHB-84.
“Intervals of consistent gold mineralization that have core intervals of substantially higher grade, as in holes RHB-82 and 84, are typical features of Carlin-type gold deposits”, comments Dr. Roger Steininger, NuLegacy’s CGO, “and are a strong indication that additional drilling will continue to expand the Iceberg deposit.”
Holes RHB-82 and 83 are the two most southerly holes drilled to date in the North zone and continue the progress towards filling the gap between the North and Central zones of the Iceberg deposit. The gold mineralization is hosted predominately in Devonian silicified limestone breccia that is strongly oxidized and similar to the mineralized zones in the Cortez gold trend’s other major gold deposits.
Two just completed wildcat holes drilled into the Avocado and IRC anomalies are in for assay; as well we are half way through a $100,000 – 10 line CSAMT and IP survey program covering the entire Iceberg gold deposit. This is expected to greatly enhance our targeting ability once completed and analyzed.
Please follow this link http://nulegacygold.com/i/maps/2016DrillingNZ-6Holes-Histover.jpg to the plan map.
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 tonnei, 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 iito three of Barrick Gold`s multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick’s lowest cost and politically safest gold assetsiii.
- These figures are conceptual in nature and derived from a compilation of 149 historic and 34 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.
- The similarity and close proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in the Iceberg deposit.
- As extracted from Barrick’s Q4-2013 and Q1-2014 reports.
ON BEHALF OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance:
Reverse circulation drilling was conducted by AK Drilling of Butte, Montana under the supervision of Thomas Roman, Exploration Manager, and Dr. Roger Steininger, CGO (CPG 7417) and the chain of custody from the project to the sample preparation facility was continuously monitored. The samples were analyzed by American Assay Labs of Sparks, NV and 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. The reported gold intervals may or may not represent true thicknesses and/or widths as there is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.
Dr. Roger Steininger, NuLegacy’s Chief Geoscience 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.