Canadian Mining Journal


NuLegacy completes 70% earn-in on Iceberg deposit

NuLegacy Gold (TSXV: NUG; US-OTC: NULGF) is standing at a crossroads, after fulfilling its 70% earn-in on the Barrick property that hosts its flagship Iceberg gold deposit in Nevada.

The Reno, Nevada-based junior discovered the Carlin type gold deposit on the coveted Cortez trend in June 2012, two years after it inked an earn-in agreement with Barrick Gold (TSX: ABX; NYSE: ABX).

Under the agreement, NuLegacy had to spend US$5 million exploring the 60-km2 property by the end of 2015. It completed that obligation in September, leaving Barrick with 90 days to make a move.

The major gold producer can either earn-back a 70% of the property by investing US$15 million over the next 5 years – giving NuLegacy a 30% carried interest to production – or remain a 30% minority working interest partner.

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