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NuLegacy Gold Provides 2017 Exploration & Corporate Guidance
RENO, NEVADA--(Marketwired - Feb. 28, 2017) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) provides guidance on its 2017 exploration and corporate p
About this update from Nulegacy Gold Corporation
[{"type":"text","content":"RENO, NEVADA--(Marketwired - Feb. 28, 2017) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) provides guidance on its 2017 exploration and corporate programs. Exploration Guidance: The initial 2017 exploration program will consist of 38 to 40 holes totalling approximately 10,500 meters (~35,000 ft.). This drilling will focus on determining the extent of the gold mineralization in the Avocado deposit, exploring the Deep Iceberg, VIO and Jasperoid Basin anomalies, as well as expanding the gold content of the established near-surface Iceberg deposits. Of the initial footage planned, 65% will consist of deeper drilling to explore for additional deposits and 35% will concentrate on expanding the gold footprint of the Iceberg's near-surface deposits. Further geophysical and geochemical surveys will be completed in areas identified prospective for mineralization by the 2016 geologic mapping and survey programs with the goal of generating additional drill targets outside of the currently confirmed mineralized areas. Once new deposits have been confirmed/discovered, budget approvals will be sought for immediate expansion of the drilling program. More details of the 2017 exploration program will be provided in late March prior to commencing drilling. Corporate guidance: NuLegacy's stated objective of a sale or merger with a qualified producer (acknowledged construction/production capability) is being advanced by: Focusing on establishing a multi-million ounce near-surface oxide gold resource within the Iceberg's 90 to 110 million tonne exploration target grading 0.9 g/t to 1.1+ g/t. during the 2017-2018 drilling seasons. These figures are conceptual in nature.i Expanding the size of the gold endowment of the newly discovered Avocado gold deposit. Confirming and exploring for additional Carlin-style gold deposits on NuLegacy's 98 sq. km property in the Cortez Trend of Nevada, as well as adding to the acreage in the Cortez-trend. Enrolling a third industry partner to provide additional competitive tension; although NuLegacy has sufficient cash (C$15.0 million) to fund the next two years' work programs, management believes it would be good risk management to take advantage of an industry partner financing opportunity at higher prices to gain the financial independence required to achieve the stated objectives. About NuLegacy: NuLeg...