February 6, 2012 - Reno, NV - NuLegacy Gold Corporation reports assays for the first ten holes of a planned twenty hole reverse circulation reconnaissance drilling program on the 100 sq km Wood Hills South gold project, Elko County, Nevada.
The Wood Hills South Project, optioned from Renaissance Gold Inc. (REN:TSX), is located eight miles southwest of and contiguous to the West Pequop and Long Canyon gold deposits (in the Pequop Gold district of north-central Nevada) that were acquired in 2011 by Newmont Mining Corp. for approximately $2.3 billion. Basin and Range faulting has offset the Wood Hills South gold project which may otherwise have been a direct extension of the West Pequop/Long Canyon discoveries.
The most significant hole, WHS11-007, returned a near surface oxidized 10.7 meter interval from 83.8 to 94.5 meters down hole that averaged 0.40 g/t gold within approximately 60 meters of anomalous gold (>10 ppb) mineralization and the associated Carlin-type style trace elements. This mineralization occurs in iron oxide bearing silicified inter-layered silty limestones and dolomites (carbonates). Immediately below the higher grade interval is an altered and gold-bearing mineralized intrusive, which is an important relationship in the Pequop Gold District.
Dr. Roger C. Steininger, NuLegacy Gold COO says, "This is a remarkable result from the first holes ever drilled on this 100 sq km project. Drill hole WHS11-007 has identified very important gold mineralization and thus supports our thesis that the Wood Hills geology is similar to that of both the adjacent West Pequop and Long Canyon multi-million ounce gold discoveries. Most importantly, drill hole WHS11-007 encountered a substantial 10.7 meter interval with economically significant gold grades within a thick interval of anomalous gold mineralization and Carlin-type pathfinder elements."
This 2,000+ meter 20 hole reverse circulation drill program was designed as an initial test of the geophysical and geochemical targets that were established by 31,000 meters of induced polarization and resistivity surveys, and 70,000 meters of coincident soil sampling surveys completed by NuLegacy Gold during the past year's preparatory exploration programs.
The earlier IP/resistivity surveys had indicated blocks that were likely limestone and dolomite (carbonate) formations containing breaks under a thin pediment gravel cover (based on the gravity survey) as a result of faulting and/or solution movement. The coincident (on the same lines as the IP/resistivity survey) soil sampling programs returned highly anomalous gold assays and anomalous Carlin-type trace elements in the soils above and corresponding to the interpreted breaks in the bedrock formations (see news release dated July 27, 2011). Plotting of the results of the soil sample programs against the IP/resistivity survey results established several robust drill targets within the breaks as potentially favorable sites for gold mineralization. The initial ten holes of the program (totaling 1,274.1 meters drilled in November 2011) confirm these indications.
Holes WHS11-001, 002, 003, 005, and 006, which were widely spaced to reconnoiter other targets, also contain narrow intervals of anomalous gold and favorable trace elements. Other than holes WHS11-009 and 010, overburden was less than 60 meters thick. To view drill hole location graphics please link to http://nulegacygold.com/i/pdf/2012-02-06_NR_graphics.pdf
NuLegacy Gold plans on completing the remaining 10 holes of this initial reconnaissance drill program at Wood Hills to explore for other areas of favorable gold mineralization within the project. Additional geophysics and geochemistry are being planned for 2012 to define the possible controls of the gold mineralization associated with WHS11-007 so that focused follow-up drilling can be precisely targeted.
The Wood Hills drilling is being conducted by Envirotech Drilling LLC of Winnemucca, Nevada under the direction and supervision of Dr. Steininger (CPG 7417). All assaying is performed by American Assay Labs of Sparks, NV. Sufficient commercially prepared standards, blanks, and duplicates are inserted to assure quality analytical 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 square km Red Hill Project and the 80 square km Wood Hills South Project. Both projects have geology similar to that of the adjacent multi-million ounce gold discoveries that were made subsequent to our acquisition of the 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
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 and the accompanying graphics link contain 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 and the accompanying graphics link 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.
