Reno, NV - NuLegacy Gold Corporation reports that it has received the drill permits for the second-phase drill program to follow-up the down-dip extension of the recently discovered deposit (NR June 13, 2012
) in the Central Mineralized Zone (CMZ), located on the Red Hill Gold Project, Nevada.
Drilling on the CMZ - one of four
Carlin-type gold-bearing systems identified to date on our Red Hill Project - is scheduled to start mid-October, 2012.
The Red Hill Project is 'on trend
' with the three existing multi-million ounce Carlin-type gold deposits in the Cortez Trend that produce in excess of 1 million ounces of gold per year for Barrick Gold Corporation at a reported cash operating cost of ~ $250/ounce. The Red Hill Project is directly adjacent to Barrick's ongoing Goldrush discovery with an indicated and inferred resource of 7 million ounces of gold reported to date and 12 rigs drilling.
Since discovering the mineralized zone in June we have re-logged the available historic drill chips from the area, assembled historic geochemical data, and combined that with the recent drilling data to construct new geological cross sections to assist in guiding this new drilling program. As a result nine sites have been permitted in the CMZ allowing for expansion of the initial six-hole drilling program upon successful assays results. Final selection of the exact locations of the first six holes to be drilled on these sites is underway (and will be posted on our website when completed) and a drill rig has been contracted to commence drilling about Oct 15th, 2012.
As reported in our news release of June 13, 2012, drill hole RHB-006, the discovery hole, intersected 27.4 meters (90 feet) grading of 1.40 grams per tonne of oxidized gold mineralization in the Central Mineralized Zone. This intercept appears to be the down-dip extension
of a shallower horizon (view cross-section at http://nulegacygold.com/i/maps/TipIceberg3_lg.jpg
) with the gold mineralization hosted in silicified Devonian carbonates with associated Carlin-type gold deposit trace elements and alteration. The zone appears to be open in all directions and some anomalous gold mineralization in the lower part of hole is associated with pyrite, indicating deeper sulfide gold mineralization potential.
The initial six holes of the scheduled program will be stepping-out from RHB -006 following the classic Carlin-type North-Northwest strike orientation of the deposits in the Cortez. This initial follow-up program is designed to extend oxidized gold mineralization as well as test the potential for deeper sulphide gold zones. The holes are targeted to be drilled approximately 1,000 feet (300m) in depth. A further drilling program will be established to follow-up on successful 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 km2 Red Hill
Project and the 100 km2 Wood 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
James E Anderson, Chief Executive Officer
For further information please phone 604-638-4959 or contact James Anderson at email@example.com
or Albert Matter at firstname.lastname@example.org
or Roger Steininger, COO at email@example.com
; 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 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 annual management's discussion and analysis dated July 30, 2012 for the year ended March 31, 2012. 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.