Reno, NV -- NuLegacy Gold Corporation is pleased to announce an exciting new phase in the Company's advancement: an oxide zone development drilling program at the Red Hills gold project located in Nevada. The 100 sq. km Red Hill project is in the Cortez trend adjacent to Barrick Gold Corp.'s recently announced multi-million ounce Goldrush discovery.
"We started our Red Hill exploration drilling just 18 months ago", says Dr. Roger Steininger, NuLegacy's COO, "Our strategy has been to systematically narrow our focus to zones that would carry the highest probability of hosting economic gold mineralization. The results of our recently reported drilling (June 13, 2012) in the Central Mineralized Zone ("CMZ") indicate we have discovered a very promising oxide gold target above a prospective sulphide zone."
Combining the results of hole RHB12-006, which returned 27.4m of 1.4 grams per ton gold (including 10.7m of 2.6 grams/T gold) with a compilation of the gold intercepts from historical drilling in the area, indicates a zone of higher grade mineralization striking in a north-northwest direction that is open in all directions. This north-northwest mineralized strike is typical of that found in the major gold deposits of the Cortez Trend (e.g. the Pipeline, Cortez Hills and Goldrush mines).;
|Hole Number||From||To||Length (Meters)||Gold grade|
|Table 1 - Central Mineralized Zone (CMZ) RHB-12-006|
|N.B. All intercepts are calculated using a 0.1 g/t gold cut-off. True widths of drilled gold intercepts cannot be determined at this time.|
Mineralization in this part of the CMZ is hosted in Devonian carbonates, also similar to the other major deposits in the Cortez area. The gold values in the lower part of hole RHB12-006 are associated with pyrite indicating this deeper mineralization may be associated with sulfide bearing gold mineralization, an additional exploration opportunity.
Importantly, this drill hole was collared approximately 100 meters west of the gold mineralization encountered by previous explorers in the early 1990s. Drilling RHB12-006 served both as a due diligence drill hole for NuLegacy, as it provided the company with confidence in the historic drill data listed in table 2 below, as well as an important step-out hole by expanding this mineralized area significantly to the west.
|Hole Number||From||To||Length (Meters)||Gold grade|
|Table 2 -- Historical drill data (CMZ)|
|NB: These assays are historic in nature and cannot be currently verified.|
The drill hole summaries are supplied to give a sense of the extent and level
of gold mineralization, but should not be relied upon.
NuLegacy plans to resume drilling with an initial 6 hole 2,000 meter (6,000 feet) program to be expanded upon success. It's anticipated the program will commence in September once permitting has been completed and a drill rig has been secured.
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 km2Red Hill Project and the 100 km2Wood Hills South Project. Both projects have geology similar to the adjacent multi-million ounce gold discoveries that were made subsequent to the acquisition of our 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
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
This news release and the accompanying graphic links contain 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. The presence of gold deposits on properties adjacent or in close proximity to the Company's property is not necessarily indicative of the gold mineralization on the Company's property. All of the forward-looking statements made in this news release and the accompanying graphic links 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 and the accompanying graphic links 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.