March 14, 2012 Reno, NV - NuLegacy Gold Corporation reports that it has completed the remaining ten holes of a planned twenty hole widely spaced reconnaissance drilling program on the 100 sq. km Wood Hills South gold project located in Elko County, Nevada. Assay results should be available by late-April, 2012.
The first ten holes of the twenty-hole program were completed in late 2011 with assay results reported February 6, 2012. Eight of those initial ten holes contained intervals of anomalous gold and favorable trace elements with hole WHS11-007 returning the most significant result; an impressive near surface and oxidized 10.7 meter interval that averaged 0.40 g/t gold within approximately 60 meters of anomalous gold mineralization with associated Carlin-type style trace elements.
As with the first ten holes this new batch of ten, with an aggregate of 1,656.6 meters (5,435 feet) of drilling, were targeted on select geophysical and geochemical anomalies to determine if additional centers of equal or better gold mineralization than WHS11-007 could be identified. Drill samples were collected at 1.5 meter (5 foot) intervals, all of which have been submitted for gold and 36 trace element analyses with results anticipated by late-April.
Additional detailed geophysics and geochemistry (microgravity and infill soil sampling) surveys centered on WHS11-007 were commissioned to assist in planning an effective follow-up drilling program of the gold mineralization found to date.
An additional 488 soil sites were sampled in the northeastern portion of the property to add detail to the 21 km of east-west orientated soil geochemical surveys completed in 2010 and 2011 (NUG news releases of 12/20/10 and 6/16/11). This new soil sampling consisted of 25 km in eight north-south orientated lines at 600 meters spacing with samples collected at 50 meters along the lines. All of the samples have been submitted for gold and 36 trace element analyses. Results should be available in mid-April.
An approximately 15 sq. km high-resolution detailed microgravity survey is being conducted in the area of the new soil sampling survey centered on WHS11-007 to delineate the structure and areas of possible hydrothermal alteration. This survey will be completed and interpreted within the next few weeks. The results of the gravity and soil sampling will be used to assist in developing a follow-up drilling program for the gold intercept in drill hole WHS11-007.
The Wood Hills exploration is being conducted under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). Drilling was conducted by Envirotech Drilling LLC of Winnemucca, Nevada. Zonge Geosciences (Sparks, NV) is conducting the geophysical surveys and North American Exploration (Kaysville, UT) crews collected the additional soil samples. All of the drill holes and soil samples will be analyzed by American Assay Labs (Sparks, NV) for gold and a suite of 36 trace elements.
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
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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. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including our prospectus dated November 10, 2010. 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.