Reno, NV - NuLegacy Gold Corporation provides a progress report on the exploration programs underway on its two Nevada prospects.
Red Hill Prospect: Reverse circulation drilling continues on the Red Hill in shifts of 15 days drilling and 6 days off. To date the initial three holes planned for the Central Mineralized Zone (CMZ - on Barrick Gold option - ABX:TSX) and two of the initial four holes to test under the Long Fault anomaly (on Miranda Gold Corp. option - MAD:TSXV) are completed to depths of approximately 1,500 feet. All samples from the completed holes have been submitted for analyses by American Assay Labs, Sparks, NV. Assays for the three holes from the CMZ are expected in the next ten days and for the Long Fault holes in mid-July.
The next holes to be drilled are four in the East Pediment area (Idaho Resources option) and two in the Coal Canyon area (Miranda option). As results from the initial holes are obtained additional holes will be planned. Please click Red Hill drill targets map to view map of areas referred to above.
The 45 square mile Red Hill Prospect is located in the prolific Cortez Segment of the Battle Mountain Eureka Trend in north-central Nevada which hosts two of the largest multi-million gold ounce Carlin-type deposits in the State. A total of 11,500 meters of drilling is planned during the 2011 exploration program. Drilling is performed by Boart Longyear of Elko, Nevada.
Wood Hills South: Initial interpretation of the analytical results from the 40,000 meter 2011 'in-fill' soil sampling program confirms and extends the gold anomalies reported from last year's exploration program. Detailed evaluation of the soil analyses is in progress and will result in the development of a drill program to test several of the gold anomalies.
The 35 square mile Wood Hills South Prospect (click for map), optioned from Renaissance Gold (REN:TSXV), is located contiguous to the West Pequop and Long Canyon gold deposits in north-central Nevada which were recently acquired by Newmont for approximately $800 million. Basin and Range faulting has offset the Wood Hills South which may otherwise have been a direct extension of the West Pequop property (located just to the east of Wood Hills) in the Pequop gold district.
During 2010 NuLegacy completed bedrock mapping, outcrop sampling and a 30,000 meter IP/resistivity survey and coincident soil sampling program. The results indicated discontinuous blocks of what are likely limestone and dolomite formations with numerous breaks. The soils above the breaks are highly anomalous in gold with the classic Carlin-type pathfinder trace elements suite similar to that of the West Pequop and Long Canyon deposits. Thus these breaks are potentially favorable sites for gold mineralization.
The 40,000 meter 2011 soil sampling program was designed to 'in-fill' the 2010 program in order to more clearly define drill targets. The northern half of the Wood Hills South is now covered with 70,000 meters of soil sample lines spaced approximately 600 meters apart and sampled every 45 meters. 880 samples were collected in the 2011 program and analyzed for gold, 36 trace elements, and mercury gas. 40 of the samples contain detectable gold (3 ppb or more) to a maximum of value of 34 ppb. The pathfinder elements also support the geological interpretation as areas that might contain gold mineralization below gravel cover.
Plotting these results together with the 2010 results against the IP/resistivity geophysical results will clearly define the drill targets for this summer. Permitting of the drill targets is expected to be completed in July and the drilling program is targeted to begin thereafter. A total of 3,500 meters of drilling is planned during the 2011 exploration program.
Soil sample collection was conducted by North American Exploration, Inc. of Kaysville, Utah. All of the soil samples were analyzed by American Assay Labs, Sparks, NV for gold, 36 trace elements, and mercury gas in soils. Included with the soil samples were sufficient standards, blanks and duplicates to insure the analyses received were of good quality.
NuLegacy Gold Corporation is a Nevada based exploration company totally focused on the discovery of Carlin-type replacement gold deposits on its two highly prospective district scale properties. The exploration and drilling programs underway employ sophisticated techniques for targeting multi-million ounce 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.