NuLegacy Gold Corporation (NUG:TSXV / NULGF:OTC) are a Nevada focused 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.
This week, the company have reported drill hole results from its summer exploration program on the company’s 100% owned, 38 sq. mile, Red Hill property: 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.”
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.”
Find out more about NuLegacy at www.nulegacygold.com
MiningIR host a variety of articles from a range of sources, our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.