NuLegacy Gold (NUG.V) has provide more specifics on its widely-anticipated 2018 drill program on the Red Hill property in Nevada. The company expects to get back in the field for a 12,000 meter drill program in March with a specific focus on discovering new gold zones.
This announcement isn’t entirely unexpected after what could best be described as a ‘very successful exploration season’ in 2017, wherein a total of 13,000 meters was drilled, assayed and analyzed. Several new zones were discovered, including a new epithermal zone (with a relatively high silver grade) in the VIO-area which appears to be hosted in younger rocks than the host rocks of the Carlin-type deposits.
On top of that, the Western Slope will also be revisited in 2018 after CSAMT and gravity geophysical surveys indicated a parallel structure to the Iceberg fault. The two holes drilled in 2017 only contained traces of gold mineralization, but according to NuLegacy, this confirmed the Western Slope has the same stratigraphy as the North Iceberg deposit. On top of that, there are also some indications the Horse Canyon and Wenban zones are much closer to the surface compared to the Iceberg zone, and these limestone zones could be encountered as shallow as 90 meters below the surface.
With C$8M in the bank, NuLegacy Gold is fully funded for its 2018 exploration programs.