NuLegacy Gold Confirms High-grade Gold Mineralization at Iceberg Deposit

NuLegacy Gold Corp. (TSXV:NUG) announced assay results from the first six holes of a US$1.3-million 2015 drill program taking place at the Nevada-based Iceberg gold deposit. A total of 24 holes are planned, and they will complete the company’s earn in for a 70-percent working interest in the project.

As quoted in the press release:

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).

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.

Dr. Roger Steininger, COO of  NuLegacy, commented:

Our investment in the 7 core holes drilled last fall is paying off 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.

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

NuLegacy Gold has discovered a classic Carlin-type oxidized gold deposit (the Iceberg) which as at end-2014 has an exploration targetii of 90 to 110 million tonnes grading between 0.90 gram and 1.10 gram of gold/tonne in the famed Cortez gold-trend of Nevada. The Iceberg is on a 60 sq. km portion of the Cortez optioned from Barrick Gold Corporation and is on trend with three of Barrick’s multi-million ounce Carlin-type systems that are its largest, lowest cost and politically safest gold depositsiii in the world. The Iceberg is adjacentiv to the third of these, the Goldrush deposit,vwhich is the most significant green-field discovery by a major gold producer in the past five years.