~ Extends Serena Zone additional 100 meters west; Serena focus for fall drilling ~
August 27, 2018 - Reno, NV - NuLegacy Gold Corporation reports the results of drill holes from its summer exploration program on the company’s 100% owned, 38 sq. mile, Red Hill property located in the Cortez gold trend of north central Nevada.
Serena Zone: Drill hole SR18-02C, a -70º angle core hole drilled as a 100-meter step-out to the west of the currently defined Serena zone, encountered 8.7 meters of 16.92 grams/ton gold within a broader interval of 22.1 meters grading 6.59 grams/ton gold starting at a vertical depth of 258 meters.
“This is an outstanding result for several reasons,” said Ed Cope, NuLegacy director (former VP of Exploration-North America at Barrick Gold), “It signals that the Serena zone is wide open to the west, towards the geophysically well-defined Western Slope anomaly that has minimal previous drilling. Secondly, the grade is excellent, and reminiscent of the grades Barrick found while drilling Goldrush several years ago. And finally, it is proving the concept that following newly recognized “mineralizing” low angle fault structures to the west to where they intercept the best stratigraphic host rocks is working – and we will continue to refine this work in the fall.”
Serena Zone Highlights:
These intercepts are not necessarily true widths as there are insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.
† This interval includes 1.8m of no recovery.
* Denotes previously reported.
This result, coupled with NuLegacy’s previously announced Serena zone hole earlier in the season (SR18-01C: 15.2 meters of 3.27 grams/ton within 51.1 meters of 1.47 grams/ton gold) (NR June 27, 2018) has convinced NuLegacy’s exploration team to focus on the opportunity to expand the Serena zone; the company is planning to drill at least four follow-up holes within the 10-12 drill hole program beginning mid-September.
The mineralized interval in SR18-02C is contained within a highly altered, silicified, and brecciated portion of the Devonian upper-Wenban 5 unit and contains discrete portions of a mineralized mafic dyke, which is interpreted to have intruded along the low angle structures that are pathways for significant gold emplacement.
Avocado/Gap Zone: Two holes were drilled into each of the Avocado zone and the “Gap” area between the Avocado and Serena zones. These four holes were drilled to test extensions of low angle structures where computer modeling implied the more permissive Wenban-5 limestone unit would be emplaced. All four holes contained varying amounts of alteration, Carlin style trace elements, and anomalous gold. More importantly, the Avocado holes contain sections of the Devil’s Gate limestone formation, indicating these holes are to the east of the best stratigraphy.
With this information, a new interpretation has been established for the location of the Iceberg fault, which is vital to gold deposition at NuLegacy’ North and Central Iceberg zones. After taking into account left lateral movement across the Range Front fault which bounds the pediment, it is interpreted that this conduit for gold bearing fluids lies significantly west of previous NuLegacy drilling in the Avocado area. Holes to test this exciting new target are in the process of being permitted; the company plans to drill test this area in October.
Charles Weakly, NuLegacy District Geologist (former Regional Geologist at Barrick Gold), commented, “Everything we saw at Goldrush exists on the Red Hill property. The results of SR18-02C confirm two things: that high grades of gold over significant widths exist at Red Hill - in the Serena Zone - and likely other areas as well; and that our methodology for finding higher grades is improving constantly.”
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company’s project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every 20th sample. The samples were delivered to American Assay Labs’ preparation facility in Sparks, NV. The samples were crushed, pulverized and sample pulps were analyzed by American Assay Labs’ certified laboratory in Sparks, NV. Pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30 gram split. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.
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 Iceberg 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 adjacenti to the 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 minesii.
i 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.
ii As extracted from Barrick’s Q4-2013 and Q1-2014 reports. As reported by Barrick, the Goldrush resource contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces within 5.6 million tonnes grading ~9.0 g/t.
ON BEHALF OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
Derick Unger, NuLegacy’s Chief Geologist is a Certified Professional Geologist (CPG 11927) and the qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects responsible for approving 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 (including, but not limited to, the future exploration plans for the Red Hill Project) 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 resources on properties adjacent or near the Red Hill Project (including, but not limited to, Barrick’s Goldrush property) 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. 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.