Reno, NV - NuLegacy Gold Corporation reports that it has commenced a 10,500 meter drill program to test multiple targets on its 45 square mile Red Hill Prospect in north-central Nevada.
The Red Hill Prospect is in the south end of the Cortez Segment of the Battle Mountain trend immediately between Barrick Gold's Cortez Hills operation and US Gold's Tonkin Springs operation. Four properties were optioned during the past two years to consolidate the district scale Red Hill Prospect.
The planned drilling program has commenced with three holes for the Central Mineralized Zone (on the Barrick portion of the prospect), up to 10 holes on the Miranda portion (five following up the Long Fault anomaly delineated in 2010's exploration program) and three each on the Wilson (Idaho Resources) and Coal Canyon (Miranda) portions.
Previous operators on the Red Hill properties focused primarily on defining near surface (less than 150 meters) open-pit heap-leachable mineralization. The existing four multi-million ounce Carlin-type deposits in the Cortez Segment, which are all aligned within a five mile wide and 22 mile long north-west corridor have their largest and best resources at depths between 150 and 350 meters (500 to 1,200 feet).
NuLegacy's COO Dr. Roger Steininger, who is credited with the discovery of one of the largest of the four mines in the Cortez Segment (the South Pipeline) says that, "This drilling marks the beginning of an aggressive program with the objective of delineating a Carlin-type gold deposit at moderate depths. The JD carbonate window and surrounding rocks, which are also within that 'five mile wide corridor', have virtually identical geology to the existing four Carlin-type gold deposits and are clearly 'under-explored' at the appropriate depth.
Of the few deeper holes drilled to date on the Red Hill Prospect several have significant gold intercepts (e.g. 13.7m of 8.11g Au/t within 24.4m of 4.99g Au/t: Miranda Gold, June 26, 2008) in the lower-plate carbonate rocks indicating the Red Hill Prospect is capable of hosting potentially economic material".
NuLegacy's 2011 Red Hill exploration program commenced in February with the permitting of 17 drill sites in six distinct prospective areas of the Prospect and completion of the integration of the multiple databases acquired from previous operators. We believe the integrated historical databases will be instrumental in securing exploration success.
In addition to the drilling program, an extensive mapping and geochemical sampling program is underway at the Red Hill Prospect to fill in areas where data is lacking and to detail areas of extensive alteration and anomalous geochemistry. Additional IP/resistivity survey lines are planned to further define the open ended Long Fault IP anomaly. This new data along with the further evaluation of the extensive database will be used to develop the next phase of drilling on the Prospect.
NuLegacy Gold Corporation is a Nevada based exploration company focused on the discovery of Carlin-type replacement gold deposits on:
- its 45 square mile Red Hill Prospect in the well-established and prolific Cortez Segment of the Battle Mountain Eureka trend which hosts four multi-million ounce Carlin-type deposits, and
- its 35 square mile Wood Hills South Prospect which is contiguous to, and geologically similar to, the West Pequop and Long Canyon Carlin-type discoveries that Newmont is acquiring for approximately $800 million.
NuLegacy Gold is executing a focused exploration and drilling program employing sophisticated techniques for targeting multi-million ounce Carlin-type gold 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 firstname.lastname@example.org or Roger Steininger, COO at email@example.com; or visit our website at www.NuLegacygold.com
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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 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.