NuLegacy Gold (NUG.V) has already commenced a three hole drill program to follow up on the discovery of what it now calls the Serena zone, located less than 400 meters away from the North Iceberg deposit.
This hole was drilled as a wildcat hole towards the west of the Iceberg North Zone, and the relatively deep hole (250 meters) encountered mineralization in the Horse Canyon formation (which is the formation where the majority of the Carlin-type gold mineralization occurs). Not only did NuLegacy encounter interesting rocks, the assay results were very encouraging and optimistic as well with 85.4 meters at an average grade of 0.64 g/t gold including in excess of 50 meters at exactly 1 g/t gold. This indeed is a thick layer of oxide mineralization and it shouldn’t be any issue at all to process 1 g/t mineralization.
The wildcat drill program has now been completed, and NuLegacy Gold expects to get the drill rigs up and running again this fall, when the company will try to further expand and define the gold mineralization at Iceberg (which obviously still is the main focus for the company). With C$13.4M in the bank (as of June 30), NuLegacy Gold is in an excellent position to continue to prove up the value of the Iceberg project and the entire 98 square kilometer Red Hill property.
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The author has a long position in NuLegacy Gold. Please read the disclaimer
