February 27, 2012 Reno, NV - NuLegacy Gold Corporation reports that drilling to complete the remaining ten holes of an initial twenty hole reconnaissance program has resumed on the 100 sq km Wood Hills South gold project, Elko County, Nevada.
Late in 2011 NuLegacy Gold drilled the first ten holes of the planned twenty hole widely spaced reconnaissance drilling program with assay results reported February 6, 2012.
Eight of the ten holes contained intervals of anomalous gold and favorable trace elements with hole WHS11-007 returning the most significant result; a 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. This mineralization occurs in iron oxide bearing silicified inter-layered silty limestones and dolomites. Immediately below the higher grade interval is an altered and gold-bearing mineralized intrusive, which has proven to be a key geologic relationship in the Pequop gold district. Plan map of first ten holes is available at http://nulegacygold.com/i/pdf/2012-02-27_NR_graphics.pdf
This current drilling campaign will test the remaining previously selected targets to determine if other centers of equal or better gold mineralization can be discovered. The reconnaissance drilling program will be completed with each new hole slated to be approximately 120 meters deep, or deeper if the geologic features as evidenced by the drill chips indicate possible areas of gold mineralization.
To assist in planning an effective follow-up drilling program of the gold mineralization in hole WHS11-007, additional detailed geophysics and geochemistry (microgravity and infill soil sampling) surveys have also been commissioned. This data will be used to develop an interpretation of the controls for gold mineralization and to outline areas that are likely mineralized, which will be the basis for planning a step-out drilling program around WHS11-007.
The Wood Hills drilling is being conducted by Envirotech Drilling LLC of Winnemucca, Nevada under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). Zonge Geosciences (Sparks, NV) will conduct the microgravity survey of about 15 sq km around drill hole WHS11-007 to outline structure and areas of possible hydrothermal alteration. North American Exploration (Kaysville, UT) crews will collect additional soil samples to infill the existing soil grid in the same area as the microgravity survey. 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. 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.
