June 28th, 2012, Reno, NV - NuLegacy Gold Corporation reports exploration progress and assays from four of the twelve exploration drill holes recently completed on its Red Hill project in Nevada.
The 100 sq. km Red Hill Project is located in the Cortez Gold Trend adjacent to Barrick Gold Corp.'s Cortez property with its recently announced Goldrush discovery. The program was designed to test three targets1 that have geology similar to that hosting Goldrush.
"We are very pleased with the results of this latest exploration campaign", says NuLegacy's COO Dr. Roger Steininger, "We've established that the Red Hill Project hosts three large gold-bearing Carlin-type systems similar to those hosting the major gold deposits in the Cortez. And we discovered a significant 'near-surface oxide gold zone' within one of the three (the Central Mineralized Zone) which we plan to start delineation drilling in September".
The results confirm that the Long Fault (LF) and Central Pediment (CP) anomalies and the Central Mineralized Zone (CMZ) all host gold-bearing Carlin-type systems with the attendant trace element suite. The CMZ hosts the most prospective system found to date as indicated by the 27.4 meter interval of 1.4 gram per ton oxide gold discovered by hole RHB-006 (press released on June 13, 2012). Drilling is anticipated to resume in late summer focusing on expanding this zone of near-surface oxide gold mineralization in the CMZ, as well as continuing to explore for the higher grade portions of the deeper associated gold bearing sulfides identified in the LF and CP anomalies.
Hole RHM-013C was drilled on the 10 sq. km Miranda Gold Inc. option (MAD:TSXV) just west of the Long Fault Anomaly2 to a depth of 2,645 feet (800m). It was angled to the south at -75 degrees to transverse the mineralized zone discovered in the historical reverse circulation hole BRH-13 (45 feet of 0.24 oz. of gold/ton or 13.7 m of 8.11 g gold/ton). Due to drill hole deflection, RHM-013C intersected the favorable mineralized interval over 75 meters to the northwest of hole BRH-13 and contained three long intervals of anomalous gold with associated trace elements. Though the gold values in RHM-013C do not correspond directly with the intercept in the historic hole BRH-13 the favorable alteration and geochemistry affirms the presence of the gold-bearing Carlin-type system.
The core from RHM-013C is being logged in detail and incorporated with both the historic and NuLegacy generated data to target additional drilling of this mineralized gold zone. The remaining two holes (RMH-019 and 020) in the LF anomaly were drilled on its eastern margins and returned only traces of gold.
Hole RHB-004 was drilled within the 60 sq. km Barrick Gold option as the first test of the recently identified Central Pediment IP Anomaly (PR 1/18/12). The hole was drilled to a depth of 2,500 feet [760m] on the eastern margin of the anomaly and returned several long intervals of favorable alteration with anomalous gold and significant trace element signatures. These results indicate that additional drilling should be targeted to the west of this hole.
Assay results for the remaining two holes drilled in this campaign are anticipated to be available shortly. Reverse circulation drilling on the Red Hills was 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 were 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 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 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.
1View the four systems (Long Fault Anomaly, Central Pediment Anomalies, Central Mineralized Zone and Jasperiod Basin) at http://nulegacygold.com/RH_Carlin-type_Systems.pdf and the drill map at http://nulegacygold.com/RH_drill_targets.pdf
2View graphic at http://nulegacygold.com/i/pdf/plan_view_5.pdf