NuLegacy Gold Corporation (TSXV: NUG | OTC: NULGF) has reported that the geology intersected in MR23-01 is relatively close to that predicted. The Migo fault is located as projected, and it intersected 56.4m (185ft) of Devonian Wenban formation thickness starting in the hanging wall within the targeted fault corridor.
The anticipated Cretaceous diorite and metamorphic alteration was intercepted within the Wenban target zone with only anomalous gold mineralization at the approximate center of the Cretaceous diorite and metamorphic alteration.
Assay results from MR23-01 reported several intervals of anomalous gold values (cut-off at 0.10g/t gold) the most significant of which is 0.013 to 0.677g/t of gold at a depth of 1570 to 1645ft that averages 0.091g/t of gold.
The geology intersected directly under the volcanics was lower in the section, suggesting bedding dips are steeper than anticipated between the Iceberg Corridor and the Mid-Rift target, possibly indicating a local anticline that could enhance the target.
“The geological features encountered in the drill hole confirms that we are on the right path with the exploration model”, commented Dr. Steininger, NuLegacy’s director of exploration. “Once the supporting geochemical data is received a more instructive geological representation will be available and allow for a reexamination of the Mid-Rife target concept.”
We have requested the assay lab expedite/rush assay for the second completed hole (IS23-01) of the five-hole Midrift programme, as we will need to assess it before committing to drilling more of the programmes holes in this lengthy and as yet largely untested target zone.
NuLegacy is focused on exploring for high-grade Carlin-style gold deposits on its premier 108km2 district scale Red Hill property. Red Hill is on trend/adjacent to three of Nevada Gold Mines’ most profitable multi-million-ounce Carlin-type gold mines; the Pipeline, Cortez and Goldrush with their massive +50Moz gold endowment. These are three of the world’s thirty largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world’s gold.
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