NuLegacy Expands Land Position in Cortez Trend
TSX VENTURE: NUG
Acquires Strategic Claims West of VIO Targets
RENO, Nev., Nov. 07, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports that it has acquired by staking 64 mining claims adjacent and to the west of its Red Hill property in the famed Cortez gold trend of Nevada.
“It is not often that a prospective property located on one of the major mineralized trends in Nevada becomes available for claim staking” states Ed Cope, NuLegacy’s Director of Evaluations and Acquisitions.
Known as the Coal Canyon claims, the land package encompasses approximately 5.1 square kilometers of prospective ground, just 4.5 km (approx. 3 miles) directly south of Barrick’s 10 million-ounce Goldrush deposit.ii Added to our already impressive land holdings, NuLegacy’s entire land package is now 108 square kilometers.
The claims are prospective for both Carlin-type sediment hosted gold deposits, and for epithermal gold-silver deposits hosted in basalt flows of the Northern Nevada Rift.
“The current depressed state of the gold mining industry has allowed NuLegacy to acquire an important exploration property, near a major gold deposit (Barrick Gold’s Goldrush), and adjacent to our property boundary, at minimal cost. In my experience, this is an excellent indication that we are close to a cyclical bottom for the price of gold and gold mining shares,” stated Albert Matter, NuLegacy Chairman.
The claim block has potential for both epithermal-style (Mule Canyon, Midas, Fire Creek) and Carlin-style style (Goldrush, Cortez Hills, Pipeline) gold mineralization. More importantly, the property contains highly favorable carbonate sedimentary rocks exposed in what is known as the “Coal Canyon carbonate window”. Most of the significant Carlin-type gold deposits in Nevada are hosted within or near “carbonate windows” where the favorable sedimentary formations, (Horse Canyon, Wenban, Roberts Mountains and Hanson Creek Formations) are often exposed at surface or lie at relatively shallow depths beneath cover.
With the acquisition of the new Coal Canyon claims NuLegacy now controls prospective lands covering two of these “carbonate windows” which include the JD window which hosts the Iceberg, Serena and Avocado mineralized zones and now the Coal Canyon window.
About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 108 sq. km (41.7 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Iceberg Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year.
NuLegacy’s Red Hill Project is located on trend and adjacenti to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold minesii.
i The similarity and proximity of these deposits (including Goldrush) in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Project.
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.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Derick Unger, NuLegacy’s Chief Geologist is a Certified Professional Geologist (CPG 11927) 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.
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 news release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking 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, environmental risks, future prices of gold, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, availability of financing and other risks in the mining industry. There are no known resources or reserves in the Red Hill Project and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or near the Red Hill Project is not necessarily indicative of the gold mineralization on the Red Hill Project. All the forward-looking 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. These forward-looking statements 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 under applicable securities legislation.