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RENO, Nev., Dec. 07, 2017 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports that the sixteen holes 4,900 meters (16,000 feet) fall 2017 drilling program is two-thirds completed; logging, splitting of cores and assaying of the first ten holes is underway, and we expect to be able to report results by late December 2017/early January 2018.
We have just received the permitting for the Western Slope; the road up to its elevation is now under construction and weather permitting we will complete drilling two of the several holes planned, with the remainder to be drilled in the spring 2018.
Link to narrated Western Slope presentation: http://www.nulegacygold.com/i/misc/westernslope.mp4
To date the 2017 summer program added the Serena and VIO zone discoveries to the inventory of gold bearing zones on the Red Hill property, and expanded/added to the previous discoveries in the North and Central Iceberg deposits, the Avocado zone as well as establishing the Western Slope as a significant prospective target.
For a complete review of the summer 2017 exploration successes we refer you to the Oct 11 news release which provides guidance on the fall program and a complete review of the summer program.
Referenced link: http://nulegacygold.com/i/pdf/2017-10-11_NR_NUG.pdf
About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98-sq. km (38 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Icebergi Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year.
NuLegacy’s Red Hill 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 minesiii.
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 111 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 Red Hill Project.iiiAs extracted from Barrick’s Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
For further information, please phone 604-639-3640 or contact James Anderson (CEO) at [email protected], Albert Matter (Chairman) at [email protected] or Roger Steininger, (CGO) at [email protected], or Frank Lagiglia (ICM) at [email protected] or visit www.nulegacygold.com.
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 Red Hill 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 Red Hill Project is not necessarily indicative of the gold mineralization on the Red Hill 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 25, 2017 for the year ended March 31, 2017. 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.