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NuLegacy Gold Corp (TSXV:NUG) reported the third hole from the Avocado target at its Red Hill project in the Cortez-trend in Nevada. Hole AV-03 returned favorable results of 1.04 grams of g/t over 25.9 metres, while the intercept is deep (312.6m to 347.5 m), it confirms that NuLegacy has identified a second Carlin-type gold deposit on its property. The Avocado target is ~2km from the North zone of the Iceberg deposit (Figure 1). While we view these results favourably, more work is needed to determine this targets economic potential. However, based on peers (trading at C$67/oz), the market currently implies a resource of 2.6 million ounces. This is on the smaller side of the targeted resource providing no credit for the potential of Avocado, or the other targets on the 98 km2 property. read more
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. read more
While we believe that we are in a new bull market for gold equities, it is early days. As such, investors should remain selective and focus on companies that fit three key themes: scarcity, viability and catalysts. In our view AMI, ER, GRR, GQC, IDM, ICG, MLN, NUG, UGD and VIT are ten companies that fit these themes and should outperform peers. read more
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