NuLegacy Provides Update on Avocado Deposit Discovery
Abstract posted to website
RENO, NEVADA--(Marketwired - April 6, 2017) - NuLegacy Gold Corp. (TSX VENTURE:NUG)(OTCQX:NULGF): Further to our news release of February 7, 2017 we have posted to our website a more detailed analysis of our current understanding and interpretation of the geology, stratigraphic units and mineralization associated with the recently discovered Avocado gold deposit located on NuLegacy's 98 square kilometer land package in the heart of the famed Cortez gold trend of Nevada. Please follow this link to view the analysis. http://nulegacygold.com/s/CGOUpdate.asp
Drilling (of just 4 holes) to date has confirmed the Avocado as a Carlin-type gold system out on the pediment approximately two kilometers to the north-northwest of NuLegacy's established Iceberg gold deposit, with the possibility there are two distinct gold systems referred to as the West and East Avocado.
Link to drilling map: http://nulegacygold.com/i/pdf/ppt/2017-03-05/PPTMar-2-2107_Page_18.jpg
The drilling together with geophysical and chemical surveys completed to date indicates that the gold mineralization identified in RC hole AV-02 and core hole AV-04C (West Avocado) is open to the west and northwest, into an area with no previous drilling. Long intervals of mineralization i.e. 200 meters of 0.25 grams/ton gold in AV-02 and assay spikes over 8 grams/ton gold (~1/4 oz.) in AV-04C suggest the potential for a very strong mineralized system. The initial 2017 program will drill three ~2,000 ft. reverse circulation (RC) holes as step outs to the west and northwest.
The West and East Avocado zones are separated by over 600 meters with no drilling in-between. Two RC holes are planned to the west and north of RC hole AV-03 (AV-03 returned 1.04 grams of gold/t over 25.9 meters - East Avocado) to continue the expansion of this mineralized area. Once the results of this initial 2017 drilling are available and understood, additional drilling will be planned as warranted.
These holes are part of the initial 40 hole 2017 exploration program totalling approximately 10,500 meters (~35,000 ft.). Of the initial footage planned, 65% will consist of deeper drilling to explore for additional deposits and 35% will concentrate on expanding the gold footprint of the Iceberg's near-surface deposits. Further geophysical and geochemical surveys will be completed in areas identified prospective for mineralization by the 2016 geologic mapping and survey programs with the goal of generating additional drill targets outside of the currently confirmed mineralized areas.
About NuLegacy: NuLegacy Gold Corp. is an advanced stage Nevada exploration company focusing on the discovery of district scale Carlin-style gold deposits on its premier 98-sq. km (35 sq. mile) Cortez-trend Project in the prolific Cortez gold trend of Nevada.
To date we have discovered the Icebergi and the Avocado Carlin-style gold deposits and have identified three more highly prospective exploration targets (The Deep Iceberg, VIO and Jasperoid Basin geo-physical anomalies) to be drilled this year.
NuLegacy's Cortez-trend Project is located on trend and adjacentii to three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold's largest, lowest cost and politically safest gold assetsiii.
i An established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne. These figures are conceptual in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes. 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 proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy's Cortez-trend Project.
iii. As extracted from Barrick's Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold Corp.
James E Anderson, Chief Executive Officer
Dr. Roger Steininger, NuLegacy's Chief Geoscience 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 including, but not limited to, actual results of exploration activities, environmental risks, future prices of gold, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, availability of financing and other risks in the mining industry. There are no known resources or reserves in the Cortez Trend Project and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or near the Cortex Trend Project is not necessarily indicative of the gold mineralization on the Cortex Trend Project. All 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, 2016 for the year ended March 31, 2016. 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.
Contact
NuLegacy Gold Corp.
James Anderson (CEO): james@nuggold.com, or
Albert Matter (Chairman): albert@nuggold.com, or
Roger Steininger (CGO): roger@nuggold.com, or
Frank Lagiglia (ICM): frank@nuggold.com
604-639-3640 / www.nulegacygold.com
