Sep 14 2016
NuLegacy Gold Corporation is pleased to report that the assay results from hole AV-02 confirm the Avocado IP/Resistivity anomaly hosts a Carlin-type gold deposit. This is the second Carlin-type gold deposit (Iceberg being the first) discovered within NuLegacy's 100% owned 38 sq. mile Cortez-trend property (the Red Hill project) in Nevada.
Hole AV-02, located 1,750 meters north-west of the Iceberg gold deposit, has discovered a massive bloom of gold grading 0.26 g/t over 199.7 meters (655 feet) including 24 and 35 meter intervals of 0.5-gram material, and 10 and 13 meter intervals of better than 1.0-gram material (details in table below). The gold mineralization is continuous from a depth of 415 meters to the bottom of the hole at 615 meters (200 m interval). Plan map link - http://nulegacygold.com/i/pdf/ppt/2016-09-06/2016-09-NUGPPT-page-30.pdf
"We are very encouraged by the results from Hole AV-02", says Dr. Roger Steininger NuLegacy's CGO, "This is the second Carlin-type gold system we have confirmed on the property. It is at the same depth as Barrick Gold's multi-million ounce Goldrush deposit just 9 km to the northwest and on trend with the Avocado and Iceberg depositsii. Compilation and reinterpretation of all available data is underway and additional IP geophysical lines are being surveyed to vector the next drilling for higher grade gold mineralization".
AV-02 is 120 meters north of AV-01 (reported 10/28/2014) which returned three anomalous (less than 0.1 g/t) gold intervals of 12, 20 and 35 meters encountered at 253, 331 and 419 meters respectively. These anomalous intervals are within the same black carbonaceous pyritic limestone material that hosts much of the gold mineralization in the deeper parts of Nevada's major Carlin-type gold deposits. The suite of anomalous trace elements present in the material in AV-01 (typical of large Carlin-type gold systems) indicated that higher grade gold mineralization should occur in the vicinity.
AV-02's higher grades and very thick gold-bearing horizon of 200+ meters together with the same classic trace elements suite indicates the possibility of much higher grade gold mineralization within the 2.5 km long and 1 km wide Avocado geophysical anomaly.
A complete review of all geophysical and geochemical data is underway to determine the exact locations of the next drill holes. Assays for exploration hole AV-03 are expected shortly; drilling to expand the Iceberg deposit continues.