NuLegacy Gold Completes Earn In on Barrick's Iceberg Deposit

NuLegacy Gold Corp. (TSXV:NUG,OTCQX:NULGF) announced that it has completed its option to earn a 70-percent interest in Barrick Gold Corp.’s (TSX:ABX,NYSE:ABX) Iceberg gold deposit.
The company has notified Barrick, and Barrick now has 90 days to decide whether to earn back to a 70-percent working interest in the project by spending US$15 million on direct property expenditures over the next five years, or remain a 30-percent minority working interest partner.
The press release states:

The property, located in the Cortez gold trend of Nevada, is adjacent(i) to three of Barrick’s multi-million ounce Carlin-type gold deposits that are its lowest cost and politically safest gold assets(ii). The option agreement required NuLegacy to spend US$5.0 million of direct property expenditures (and corresponding indirect expenditures) to earn the 70% interest from Barrick by December 31, 2015.
We are pleased to report that these expenditures, which included 74 drill holes and numerous geo-physical and chemical surveys haveestablished the Iceberg gold deposit as a NI 43-101 compliant exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne(iii)
(i) The similarity and close proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in the Iceberg deposit.
(ii) As extracted from Barrick’s Q4-2013 and Q1-2014 reports.
(iii) 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.

Click here to read the full NuLegacy Gold Corp. (TSXV:NUG,OTCQX:NULGF) press release.