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NuLegacy Expands Land Position in Cortez Trend
Acquires Strategic Claims West of VIO Targets RENO, Nev., Nov. 07, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports that it has acquired by staking 64
About this update from Nulegacy Gold Corporation
[{"type":"text","content":" Acquires Strategic Claims West of VIO Targets RENO, Nev., Nov. 07, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports that it has acquired by staking 64 mining claims adjacent and to the west of its Red Hill property in the famed Cortez gold trend of Nevada. “It is not often that a prospective property located on one of the major mineralized trends in Nevada becomes available for claim staking” states Ed Cope, NuLegacy’s Director of Evaluations and Acquisitions. Known as the Coal Canyon claims, the land package encompasses approximately 5.1 square kilometers of prospective ground, just 4.5 km (approx. 3 miles) directly south of Barrick’s 10 million-ounce Goldrush deposit.ii Added to our already impressive land holdings, NuLegacy’s entire land package is now 108 square kilometers. The claims are prospective for both Carlin-type sediment hosted gold deposits, and for epithermal gold-silver deposits hosted in basalt flows of the Northern Nevada Rift. “The current depressed state of the gold mining industry has allowed NuLegacy to acquire an important exploration property, near a major gold deposit (Barrick Gold’s Goldrush), and adjacent to our property boundary, at minimal cost. In my experience, this is an excellent indication that we are close to a cyclical bottom for the price of gold and gold mining shares,” stated Albert Matter, NuLegacy Chairman. The claim block has potential for both epithermal-style (Mule Canyon, Midas, Fire Creek) and Carlin-style style (Goldrush, Cortez Hills, Pipeline) gold mineralization. More importantly, the property contains highly favorable carbonate sedimentary rocks exposed in what is known as the “Coal Canyon carbonate window”. Most of the significant Carlin-type gold deposits in Nevada are hosted within or near “carbonate windows” where the favorable sedimentary formations, (Horse Canyon, Wenban, Roberts Mountains and Hanson Creek Formations) are often exposed at surface or lie at relatively shallow depths beneath cover. With the acquisition of the new Coal Canyon claims NuLegacy now controls prospective lands covering two of these “carbonate windows” which include the JD window which hosts the Iceberg, Serena and Avocado mineralized zones and now the Coal Canyon window. About NuLegacy Gold Corporation: NuLega...