NuLegacy Comments on "Significant" Gold Discoveries Adjacent to Its Red Hill Prospect, Nevada
September 08, 2011
Reno, NV - NuLegacy Gold Corporation wishes to congratulate Barrick Gold Corporation ("Barrick") on successfully identifying two significant gold discoveries on its 100 percent owned Cortez property in Nevada. (See Barrick news release dated September 7, 2011.)
These two discoveries, known as "Red Hill" and "Goldrush", are located adjacent to NuLegacy's flagship Red Hill. Barrick reports that based on the results of wide-spaced drilling, two zones of gold mineralization have been outlined along a seven-kilometer long trend, from which an inferred resource of 3.5 million ounces of gold from 28,756,602 tons grading 0.123 ounces per ton has been defined at Red Hill with mineralization open in all directions. This mineralization is primarily hosted in a carbonate unit with tabular geometry. The majority of the mineralization intersected occurs at depths between 150 meters and 500 meters and the new discoveries are geologically similar in style to other major known gold deposits in Nevada.
NuLegacy's 75 square kilometer Red Hill Prospect straddles the Cortez Segment of the Battle Mountain-Eureka Gold Trend immediately southeast of Barrick's Cortez property. The Cortez Segment is a 5+ km. wide and 25+ km. long west-northwest alignment of known large bulk-mineable, sediment-hosted gold deposits. This truly "world class" gold district includes the Pipeline Complex (which NuLegacy's COO Dr. Roger Steininger is credited with discovering in 1989), the Cortez and the Cortez Hills gold mines, as well as the recent Red Hill-Goldrush gold discoveries. NuLegacy's Red Hill Prospect comprises similar geology to these gold deposits.
NuLegacy optioned the Red Hill Prospect two years ago based on the rigorous criteria of our in-house geological team headed by Dr. Steininger. Four properties were optioned to create the consolidated Red Hill Prospect: two from Miranda Gold Corp. and one each from Barrick Gold Corp. and Idaho Resources Ltd. NuLegacy has completed eighteen 350-550 meter reconnaissance drill holes totaling 7,200 meters. Assays have been received and reported on twelve of these holes. These widely spaced exploratory holes (the closest are about 400 meters apart) have encountered strongly altered and mineralized members of the Devonian Horse Canyon Formation which hosts gold in several of the deposits in the Cortez Segment.
"Given the wide spacing of our drill holes, the strongly anomalous gold we intersected, and the associated pathfinder elements we encountered, our interpretation is that the drilling has encountered the margins of a Carlin-type gold deposit," says Dr. Steininger.
Next steps at NuLegacy's Red Hills Prospect; more drilling is planned on NuLegacy's large Red Hills Prospect this fall to follow up on these encouraging results. Additional targets will also be developed to include the results of the soil gas survey currently underway, a deep penetration IP survey that will be conducted after this fall's drilling is completed, and the analysis of all the assays and consequent cross-sections derived from this year's exploration programs. A more comprehensive analysis will be posted on the COO Update page at www.NuLegacyGold.com in mid-October.
NuLegacy Gold Corporation is a Nevada based exploration company focused on the discovery of Carlin-type replacement gold deposits on its two highly prospective district scale properties, the 45 square mile Red Hill Prospect and the 35 square mile Wood Hills South Prospect, both of which are now adjacent to multi-million ounce gold discoveries with similar geology made subsequent to our acquisition of the properties. The exploration and drilling programs underway employ sophisticated techniques for targeting multi-million ounce deposits.
ON BEHALF OF THE BOARD OF DIRECTORS OF NULEGACY GOLD CORPORATION
Albert J. Matter, Chief Executive Officer
For further information please phone 604-638-4959 or contact Albert Matter at email@example.com or Roger Steininger, COO at firstname.lastname@example.org; or visit our website at www.NuLegacygold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. See the cautionary statement "Forward-Looking Statements" and "Risk Factors" in the Company's prospectus dated November 10, 2010 available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this press release relating to the Company's Red Hill Prospect has been reviewed by Dr. Roger Steininger, the Chief Operating Officer of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
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