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Thursday, July 21, 2016 Derek Macpherson

NUG Releases Okay Drill Results from Iceberg


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NuLegacy Gold Corp (TSXV:NUG) released assay results from the first ten holes of its planned 40 hole (10,000m), 2016 drill program. Holes were primarily focused on stepping out from areas of known mineralization at the Central and North zones of the Iceberg gold deposit. While these step-out results were not, spectacular, particularly with respect to grade, they are likely additive to the growing resource at Iceberg and suggest that exploration upside remains. With an active exploration program, a prospective land package in the Cortez trend and a planned resource update later this year, NuLegacy is expected to have steady news flow this year, which should provide positive momentum for the stock.


North and Central zone results are likely additive to the developing resource. Eight of the ten holes were focused on expanding the existing resource areas. Results from the central zone were highlighted by 0.52 g/t gold over 35.1m (RHB-72) including 4.6 meters of 2.19 g/t gold, and 0.61 g/t gold over 25.9 meters (RHB-73). While results from the North zone where highlighted by 0.58 g/t gold over 33.5 meters (RHB-76) and 0.74 g/t. gold over 12.2 meters (RHB-79). The results delineated wide areas of mineralization, averaging 19.8m for the highlight intercepts and 31.3m for wider areas of mineralization. The weighted average grade for the highlight intercepts of 0.51 g/t Au does not compare favourably to the targeted grade of 0.9 – 1.1 g/t Au. That being said, these results are small sample set of the overall drilling at Iceberg, and did expand the known resource areas at both the North and Central zones.

True exploration hole, identifies a new area of mineralization. As is the companies practice, a portion of the drill program is dedicated to discovering new areas of mineralization in untested areas. RHB-81 was drilled 300m west of the Central zone testing a geo-chemical and geo-physical anomaly. The hole returned 0.31 g/t over 7.6m (RHB-81) which suggests this could represent a new area of mineralization; however it remains early days for this area.
  
Company description: NuLegacy Gold Corp is an exploration company which main asset is the Iceberg gold deposit with a 90-110 million tonnes of 09 – 1.1 g/t Au exploration target. Located in the Cortez gold trend of Nevada, this 98 km 2 property is adjacent to three of Barrick Gold’s (TSX:ABX, NYSE:ABX) multi -million ounce Carlin-type gold deposits.

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