Feb 19 2015
NuLegacy Gold Corporation is pleased to report it has been granted a Plan of Operations (the Plan) for the expanded exploration and development of its Iceberg Gold deposit in the Cortez gold trend, Nevada, USA. NuLegacy Gold is in the process of completing its earn-in to 70% of the Iceberg gold deposit (the Iceberg) under the option from Barrick Gold Corporation.
The Plan is a significant asset since the baseline studies that were completed for it will be essential for the development of the Iceberg. The Plan, being an environmental permit from the U.S. Bureau of Land Management (BLM), covers 1,760 acres and will allow a major expansion of drilling activity.
Initially NuLegacy will bond for the disturbance of only 100 acres of the Plan area which should be more than sufficient to complete the planned 2015 exploration and development programs (details to be provided in a mid-March news release) and the earn-in to 70% of the Iceberg. NuLegacy has been operating under a Notice of Intent with the BLM that permitted only 5 acres of surface disturbance at any one time.
The Environmental Assessment ("EA") of the Iceberg undertaken by the BLM was completed and a Decision Notice with a Finding of No Significant Impact was issued on January 25, 2015 for the Plan which was initially filed on January 31, 2014.
The EA determined that there are no significant cultural or biological concerns within the Plan area. This work was completed under the direction of Enviroscientists, Inc. of Reno, Nevada, in cooperation with the Battle Mountain offices of the BLM. During a year of hard work, the Company's geologists and environmental contractors conducted detailed cultural, wildlife and plant studies. These studies and further analysis as directed by the BLM, the Nevada Division of Environmental Protection and the Bureau of Mining Regulation and Reclamation led to the Plan's formal approval.
The Plan was submitted in preparation for the drilling required to delineate the Iceberg gold deposit to NI 43-101 standards, and in anticipation of the $15 million dollars of exploration expenditures that Barrick Gold Corporation will need to fund to exercise the "earn back" provision in the exploration agreement(i) once the Company has completed this year's exploration/development programs and acquired its 70% interest. The larger disturbance allowance will give the Company more flexibility in planning and permitting the numerous drill sites required for the expansion and delineation of the Iceberg gold deposit during the 2015 drill season and beyond.