NuLegacy Gold (NUG.V) has updated the market with some new drill results, as it encountered an interesting mineralized zone at the Wenban 5 zone of the Iceberg gold project in Nevada, USA. Hole 24 intersected 1.85g/t gold over a length of 15.2 meters. This hole was drilled as a step-out hole approximately 50 meters from south-western margin of the northern part of the Iceberg project. Additionally, step-out hole 27 added almost 1 kilometer to the strike length of the Iceberg project as it encountered 12.2 meters at an average grade of 0.4g/t and 18.3 meters of 0.5g/t. This means that the three different gold zones at Iceberg now have a total strike length of approximately 3 kilometers.
According to COO Steininger, this mineralized zone increases the possibility to encounter more discoveries. Additionally, we think this validates NuLegacy’s exploration target of 90-110 million tonnes at 0.7-1g/t gold (which would work out to be 2-3.5 million ounces of gold).
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Disclosure: The author holds no position in NuLegacy Gold. Please see our disclaimer for current positions.
