NuLegacy Gold Reports Second Set of Iceberg Drill Results

NuLegacy Gold (TSXV:NUG) reported assay results for the next 6 holes at the Iceberg Gold deposit in Nevada. The company is conducting a US$1.3 million drill program to earn a 70 percent working interest in the project.

As quoted in the press release:

Highlights: The three holes (RHB-48, 49 and 50) drilled in the North zone were sited and completed prior to receipt of the assays for the headline hole reported on May 7th, 2015 (RHB-40 – with 25.2 grams of gold/tonne over 4.6 meters within 41.2 meters of 3.9 grams/tonne). More deliberate step-outs of RHB-40 are included in the current (3rd) set of six holes which commenced drilling June 8th.

North zone: Hole RHB-50, the closest to RHB-40 although at a considerable distance of 100+ meters (330 ft.) to the southwest returned a respectable 1.68 grams of gold/tonne over 15.2 meters (50 ft.) in the Horse Canyon contact horizon and 0.55 grams of gold/tonne over 12.2 meters in the middle-Wenban.

Hole RHB-49 returned an exceptionally long interval of gold mineralization grading 0.78 grams of gold/tonne over 71.6 meters (235 ft.) including 2.19 grams/tonne of gold over 9.1 meters (30 ft.) in the HC contact horizon starting at less than 40 meters (130 ft.) from surface. It is a substantial 200 meter (650 ft.) step out to the northeast of RHB-35 (one of the most northerly holes in the North zone) in an area of limited drilling representing excellent potential for further expansion of the zone.

Central zone: Holes RHB-46 & 47 extend the zone fully 120 meters (400 ft.) to the northwest and RHB-46 is the first hole in the Central zone to intersect a noteworthy interval of gold in the middle-Wenban formation (that hosts so much of the gold in Barrick’s adjacent Goldrush depositiii ).

RHB-46 shows very good continuity and correlation in the Horse Canyon-upper Wenban contact horizon with 0.73 grams of gold/tonne over 27.4 meters (90 ft.) and gold in the middle Wenban with 0.65 grams of gold/tonne over 6.1 meters (20 ft.). RHB-47, which is further north in the Central zone, returned reasonable grades in the upper horizon as reported above.

These two holes indicate a westerly dip to the Devonian carbonates in the western portion of the Central zone (as opposed to an eastern dip in the eastern portion) implying there may be an anticline. This is an important structural feature as most of the economic Carlin-type gold deposits in Nevada, specifically Goldrush, are associated with the crests of anticlines and their adjoining limbs that are areas of excellent ground preparation and typically hosts higher grades of gold mineralization.

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