March 21, 2011 Reno, NV - As reported in the December 20, 2010 NuLegacy Gold news release, soil sampling on widely spaced lines detected gold up to 41 ppb gold and associated pathfinder trace elements typically associated with Carlin-type gold systems at the Wood Hills South Prospect.
To further define these anomalies several additional lines will be sampled between, and around, the previous survey. About 30 total line kilometers will be sampled at 45 meter intervals, commencing the week of March 21, 2011. Each sample will be analyzed for gold, mercury soil gas, and a package of 39 trace elements. The results of the survey will be used to define targets that will be drilled later this year.
Soil sample collection will be done by North American Exploration, Inc. of Kaysville, Utah, and analytical work will be performed by American Assay Labs of Sparks, Nevada.
During 2010 NuLegacy completed bedrock mapping, outcrop sampling, soil sampling, and an IP/resistivity survey at the south edge of the Wood Hills and onto the pediment to the south.
The IP/resistivity survey indicated discontinuous blocks of material under the thin pediment gravel cover that are likely limestone and dolomite formations containing breaks as a result of faulting and/or solution movement. These breaks are the potentially favorable sites for gold mineralization.
The coincident (on the same lines as the IP/resistivity survey) soil sampling program, sampled every 150 feet and returned anomalous gold analyses in the soils corresponding to the interpreted breaks in the bedrock formations. 423 of the 783 samples collected contained detectable gold (3 ppb, or greater) to a maximum value of 41 ppb Au; 75 of the samples contained anomalous gold values (10 ppb or more).
"Our interpretation of the geophysics and geochemistry indicate the geology of our Wood Hills South Prospect in Nevada is similar to that of the recently discovered gold deposits of the Pequop Mountains (Long Canyon and West Pequop deposits) located immediately to the east" says Dr. Roger Steininger, COO of NuLegacy Gold. To view a map of the location of the IP/resistivity survey and coincident soil sampling lines click here. The proposed operating budget for the Wood Hills Prospect during the next two years will be in excess of $1.5 million.
Pending: A more detailed outline of the 2011 exploration programs for both Wood Hills South and the Red Hill Prospect will be reported shortly.
NuLegacy Gold Corporation is a Nevada focused gold exploration company. The Company has under option:
- the 45 square mile Red Hill Prospect in the well established and prolific Cortez Segment of the Battle Mountain Eureka trend located directly between Barrick Gold's Cortez Hills operation to the north and the US Gold's Tonkin Springs operation to the south, and
- the 35 square mile Wood Hills South Prospect which is contiguous to the West Pequop and Long Canyon discoveries in the emerging Pequop gold trend that Newmont is acquiring for approximately $800 million.
Our objective is to discover significant multi-million ounce gold deposits utilizing highly focused exploration programs employing sophisticated techniques for targeting the follow-up drilling to previous exploration successes.
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 email@example.com or Roger Steininger, COO at firstname.lastname@example.org; or visit our website at www.NuLegacygold.com
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. 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.