Reno, NV - NuLegacy Gold Corporation is pleased to report the assays from the first six of the 12 holes recently drilled on its Red Hill project in Nevada. The 100 sq. km Red Hill Project is located in the prolific Cortez Gold Trend adjacent to Barrick Gold Corp.'s Cortez property with its recently announced Goldrush discovery.
Central Mineralized Zone: NuLegacy Gold's hole RHB12-006 intersected several zones of oxide gold mineralization in the Central Mineralized Zone (CMZ) of the Red Hill Project. Most notable is a near-surface 90 foot oxidized intercept (27.4 meters) of 1.4 grams gold/T, including 35 feet (10.7 meters) of 2.6 g/T; complete assays shown in Table 1 below.
The results of this vertical reverse circulation hole indicate the discovery of significant near-surface high-grade oxide gold mineralization that is likely the westerly extension of the previously identified gold mineralization in the CMZ. Historic drilling at the CMZ outlined a minor mineralized zone with grades up to 1-2 grams gold/T. RHB12-005 was drilled to the east and returned anomalous gold.
"We are very pleased with the gold assay results of hole RHB12-006", says Dr. Roger Steininger, NuLegacy's COO, "We will now focus on expeditiously delineating what could potentially be a large high grade near-surface oxidized zone of gold mineralization".
|
Hole Number |
From |
To |
Length (Meters) |
Grade of Gold |
Reported |
|---|---|---|---|---|---|
|
Table 1 - Central Mineralized Zone (CMZ) |
|||||
|
RHB12-006 |
57.9 |
67.1 |
9.1 |
0.44 g/T |
June 13, 2012 |
|
and |
120.4 |
147.8 |
27.4 |
1.40 g/T |
|
|
including |
128.0 |
138.7 |
10.7 |
2.60 g/T |
|
|
and |
170.7 |
190.5 |
19.8 |
0.20 g/T |
|
|
RHB12-005 |
57.9 |
204.2 |
146.3 |
anomalous |
June 13, 2012 |
|
N.B. - anomalous is between 10 and 100 ppb Au (0.01 and 0.10g/t). All intercepts are calculated using a 0.1 g/t gold cut-off. True widths of drilled gold intercepts cannot be determined at this time. |
|||||
The oxidized mineralization in drill hole RHB12-006 is mostly within silicified limestone with associated trace elements and alteration indicative of Carlin-type gold mineralization. Located within the Barrick Gold option (a 60 sq. km portion of NuLegacy's 100 sq. km Red Hill project), both holes contain substantial thickness of silicified and oxidized near-surface gold mineralization.
This hole, in conjunction with RHB12-005 and RHB12-003 (PR-7/5/11), indicate a much larger mineralized zone than previously indicated by historic drilling is present at CMZ. Detailed logging of the chips and incorporation of the NuLegacy drill holes with the historic data is in progress which will lead to a drill plan that will follow-up on these promising results. Follow up drilling to expand this zone of near-surface oxide gold mineralization will commence as soon as targeting and permitting of the additional drill sites is completed.
Long Fault Anomaly: Assays have also been received for four of the six reverse circulation exploration holes drilled in the Long Fault Anomaly (LFA; within the 10 sq. km Miranda Gold Inc. option -- MAD:TSXV). These holes encountered encouraging anomalous gold mineralization within favorable host rocks associated with Carlin-type gold deposit trace element and alteration intervals. The four widely spaced holes, in conjunction with previous drilling at the LFA, indicate the potential for a Carlin-type gold system. Compilation of all of the NuLegacy (and historic) drilling results is in progress to identify areas where higher grade gold may exist. When this study is completed, additional drilling at the LFA will be considered.
Further assays from the 2012 Red Hill exploration program will be released as they are received.
Reverse circulation drilling on the Red Hills is by Envirotech Drilling LLC of Winnemucca, NV; core drilling by National EWP, LLC of Woodland, CA, all under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). All of the samples are being analyzed by American Assay Labs (Sparks, NV) for gold and a suite of 36 trace elements. Sufficient commercially prepared standards, blanks, and duplicates are inserted to assure quality analytical results. Data verification of the analytical results includes a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to insure accurate and verifiable results.
NuLegacy Gold Corporation is a Nevada focused exploration company exploring for Carlin-type replacement gold deposits on its two highly prospective district scale properties; the 100 km2 Red Hill Project and the 100 km2 Wood Hills South Project. Both projects have geology similar to the adjacent multi-million ounce gold discoveries that were made subsequent to the acquisition of our properties. The NuLegacy exploration and drilling programs underway employ proprietary 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 albert@nuggold.com or Roger Steininger, COO at roger@nuggold.com; or visit our website at www.nulegacygold.com
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