RENO, Nev., April 13, 2021 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports ‘core’ drilling has commenced in the ~6 sq. km Rift Anticline zone of its flagship 108 sq. km Red Hill exploration property in Nevada’s Cortez gold-trend. To view this news release with its graphics displayed please link to: https://nulegacygold.com/news/news-releases/core-drilling-commences-in-rift-anticline/
The spring-summer 2021 Rift Anticline exploration program includes drilling of 12 holes (the first six of which are shown in the linked map1) with some of these as follow up holes to the four holes drilled in the winter 2020 portion of the program and others as widely spaced step-outs to bring the total maiden exploration test of the Rift Anticline to 16 holes.
Each hole will consist of a ~one thousand foot cased ‘pre-collar’ drilled through the upper volcanics (basalts and gravel) by a ‘reverse circulation’ drill rig (collecting RC chip samples); the cased2 pre-collar hole will subsequently be reentered by a diamond core rig drilling the ‘core-tail’ through the limestones to the targeted depth. With total depths of twenty-five hundred to four thousand feet, it is anticipated the core portions of these holes will take three to five weeks to complete.
Road and pad construction have been virtually completed by Legarza’s two crews in the face of wet spring snow conditions. Five of the ~1,000-foot pre-collar holes have been completed to date by Envirotech’s double-shifted Atlas Copco RD10 reverse circulation drill rig (red stars on drill map).
The first of the three Longyear LF-230 core rigs and crew supplied by Major Drilling has commenced drilling the core-tail of RA21-01 as depicted in the linked drilling map at https://nulegacygold.com/site/assets/files/6844/map_nr_04_2021.png. It is anticipated the remaining two rigs will arrive during the next two weeks as mobilization and traffic allows and take up station on RA21-02 and 03:
- RA21-01 is a step out to the encouraging3 assay results in hole RA20-04; it is targeting the gold-bearing Wenban5 and Roberts Mountains formations (identified in -04) at about 160 meters north and about 160 meters east of the initial interception.
- RA21-02 will be a significant 450-meter step-out to the east of RA20-02 and will be drilled deeper so as to also test for the Roberts Mountains formation as identified in RA20-03 and 04.
- RA21-03 will be drilled ~four kilometers to the south of RA20-04 as an initial test of the southern portion of the Rift Anticline.
NuLegacy has enrolled three additional geologists and geo-technicians to assist in processing all the core, cuttings, and material/data from this drilling.
As reported in NuLegacy’s news release of February 18, 2021 the Rift Anticline has both decalcified and silicified formations within the Wenban5 and Roberts Mountains horizons which are favorable gold-bearing hosts in Carlin gold systems.
NuLegacy believes the Rift Anticline Target potentially hosts a high-grade Carlin deposit like the nearby Goldrush, Cortez Hills or Pipeline deposits just to the north-east and this 16-hole deep drilling program is aimed at making such a discovery.I
On trend: NuLegacy Gold is focused on confirming high-grade Carlin-style gold deposits within the ~ 6 sq. km Rift Anticline target in the northwest corner of its flagship 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada. The Rift Anticline target is located on trend and adjacentI to the three, multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) which are ranked amongst the world’s thirty largest, lowest cost and politically safest gold mines and are three of Nevada Gold Mines’ most profitable mines.II
I The similarity and proximity of these deposits in the Cortez Trend including Goldrush are not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Property.
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.
Dr. Roger Steininger, a Director of NuLegacy, is a Certified Professional Geologist (CPG 7417) 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.
On Behalf of the Board of NuLegacy Gold Corporation,
Chief Executive Officer & Founding Director
Tel: +1 (604) 639 - 3640
Cautionary Statement on Forward-Looking Information: This news release contains forward-looking information and statements under applicable securities laws, which information and/or statements relate to future events or future performance (including, but not limited to, the prospective nature of the Rift Anticline target and the potential existence of a large, high grade Carlin style gold deposit thereon, the proposed exploration and drilling program for the Rift Anticline target including the initial drill sites and targets and the timing and costs thereof) and reflect management’s current expectations and beliefs based on assumptions made by and information currently available to the Company. Readers are cautioned that such forward-looking information and 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, unanticipated geological, stratigraphic and structural formations, environmental risks, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, the availability of financing, market conditions, future prices for gold, changes in personnel and other risks in the mining industry. There are no known resources or reserves in the Red Hill Property, any proposed exploration programs are exploratory searches for commercial bodies of ore and the presence of gold resources on properties adjacent or near the Red Hill Property including Goldrush is not necessarily indicative of the gold mineralization on the Red Hill Property. There is also uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company’s operations, personnel, supply chains, ability to access properties or procure exploration equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All the forward-looking information and 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. The forward-looking information and statements in this news release 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 by applicable law. Accordingly, readers should not place undue reliance on forward-looking information and statements.
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 release.
1 These six are firmly targeted; the siting of the next six may be influenced by the results from the first six.
2 To prevent loose basalts and gravel from ‘plugging’ up the holes making it easier to re-enter with the diamond drill.