NuLegacy Gold Corp. (OTCMKTS:NULGF) reports that results from a recent test confirms a Carlin-type gold deposit. It represents the second of this type discovered within the gold company’s Cortez-trend property in Nevada.
RENO, NEVADA–(Marketwired – Sep 13, 2016) – NuLegacy Gold Corporation (TSX VENTURE:NUG)(NULGF) 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.
Avocado – 2016 assay details
Hole From To Length Grade
number (m) (m) (m) (ft.) (g/t)
AV-02 414.6 614.3 199.7 655 0.26
including 419.2 443.6 24.4 80 0.55
within which 422.9 432.9 10.7 35 1.01
including 579.3 614.4 35.1 115 0.50
within which 591.5 605.2 13.7 45 1.03
About NuLegacy: NuLegacy Gold Corporation is a Nevada based exploration company focused on expanding its Carlin-style near-surface Iceberg oxide gold deposit with an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonnei, and exploring for additional gold deposits on its 38 sq. mile (98 sq. km) Red Hill property located in the Cortez gold trend of Nevada.
The Iceberg gold deposit has similar geology to that of Barrick Gold’s multi-million-ounce Pipeline deposit the discovery of which is credited to NuLegacy’s Chief Geoscience Officer, Dr. Roger Steininger. The Iceberg is located on trend and adjacentii to three of Barrick Gold`s multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick’s lowest cost and politically safest gold assetsiii.
i These figures are conceptual in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes in and around the Iceberg deposit. 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 close proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in the Iceberg deposit.
iii As extracted from Barrick’s Q4-2013 and Q1-2014 reports.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: Reverse circulation drilling was conducted by AK Drilling of Butte, Montana under the supervision of Thomas Roman, Exploration Manager, and Dr. Roger Steininger, CGO (CPG 7417) and the chain of custody from the project to the sample preparation facility was continuously monitored. The samples were analyzed by American Assay Labs of Sparks, NV and sufficient commercially prepared standards, blanks, and duplicates were inserted to assure quality analytical results. Data verification of the analytical results included a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. The reported gold intervals may or may not represent true thicknesses and/or widths as there is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.
Potential investors in NuLegacy Gold Corp. (OTCMKTS:NULGF) should be looking at the current and historical short data in order to get a glimpse of where the market believes the stock might be headed. According to the most recent information, there are 9900 total short interest. Given the stock’s average daily volume of 444745, this results in N/A days to cover. In looking at the total shares short in respect to the total outstanding share total of 272440000, yields a 0.00004% of total shares that are short. Compared to last month, this is a -31.25 change in total short interest.
When investors engage in short selling or “shorting a stock”, they actually borrow shares from an existing owner, sell the borrowed shares at market price, and take the cash. The short sellers then promise to replace the stock in the future and makes dividend payments out of their own pockets to cover the dividend income that is no longer exists on the original, now borrowed and sold, shares.
They hope that the stock price will fall or that the company will fail and go bankrupt, leading the equity holders to ruin. The short sellers will then buy the stock back at a much lower price and replace the borrowed shares, pocketing the difference.
Shorting a stock can be very risky if the price doesn’t decline like planned and, in fact, increases. It’s important for any investor to understand the dangers and potentially catastrophic financial losses of short selling.
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