NuLegacy Completes Earn-in to 70% of Iceberg Deposit
Barrick elects to retain 30%
RENO, NEVADA--(Marketwired - Dec 23, 2015) - NuLegacy Gold Corp. (TSX VENTURE:NUG)(OTCQX:NULGF) is pleased to report it has received confirmation from the Barrick Gold Corp. of the completion of NuLegacy's earn-in to an undivided 70% working interest in the 23 sq. mile (60 sq. km) property that hosts the Iceberg gold deposit; Barrick has elected to retain its 30% undivided interest.
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. Please follow these links for a selection of multi-meter multi-gram assays in these two zones as previously reported by NuLegacy, as well as an updated video presentation:
Selected multi-meter multi-gram intercepts North zone.
Selected multi-meter multi-gram intercepts Central zone.
www.youtube.com/watch?v=vsCDz66CBgA&feature=youtu.be
On Behalf Of NuLegacy Gold Corp.
James E Anderson, Chief Executive Officer
Dr. Roger Steininger, NuLegacy's chief operating 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. There are no known resources or reserves in the Iceberg deposit and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or in close proximity to the Iceberg Deposit is not necessarily indicative of the gold mineralization on the Iceberg Deposit. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including our annual management's discussion and analysis dated July 28, 2015 for the year ended March 31, 2015. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
(i) 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.
(ii) The similarity and close proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in the Iceberg deposit.
(iii) As extracted from Barrick's Q4-2013 and Q1-2014 reports.
Contact
NuLegacy Gold Corp.
James Anderson
604-638-4959
james@nuggold.com
NuLegacy Gold Corp.
Albert Matter
604-638-4959
albert@nuggold.com
NuLegacy Gold Corp.
Roger Steininger
COO
604-638-4959
roger@nuggold.com
www.nulegacygold.com
