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NuLegacy Gold (TSXV:NUG) has earned-in an undivided 70 percent working interest in the 60 square kilometer property that holds the Iceberg gold deposit. Barrick Gold (TSX:ABX) has retained a 30 percent interest in the project.
NuLegacy Gold (TSXV:NUG) has earned-in an undivided 70 percent working interest in the 60 square kilometer property that holds the Iceberg gold deposit. Barrick Gold (TSX:ABX) has retained a 30 percent interest in the project.
As quoted in the press release:
The Iceberg gold deposit, located in the Cortez gold trend of Nevada, hosts an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne(i). The deposit is on trend and adjacent(ii) to three of Barrick’s multi-million ounce Carlin-type gold deposits that are its lowest cost and politically safest gold assets(iii).
The Iceberg Gold Deposit: Preliminary exploration and drilling began in 2011 and resulted in the ‘discovery’ of the deposit late in 2012. The return of lengthy intercepts of good to high-grade Carlin-type gold mineralization within favourable carbonate horizons over a significant northwest/southeast strike of 3,000 meters indicated the deposit area had the potential to contain a resource sufficient to warrant more closely spaced delineation drilling.
The majority of the 2015 closely spaced delineation drilling focused on the higher grade North and Central zones of the Iceberg that extend approximately 1,200 meters within the 3,000 meter northwest/southeast strike of the favourable gold bearing horizons.