June 26, 2013 Reno, NV - NuLegacy Gold Corporation (NUG:V) reports the results of the recently completed five-hole reverse circulation drilling program on its flagship Red Hill Project. The 60 sq. km Red Hill project is in the Cortez trend of Nevada directly adjacent to Barrick Gold Corporation's multi-million ounce Goldrush discovery.
"We are very pleased with these drill results', says Dr. Steininger, NuLegacy's COO, "as we continue to intersect good grades of oxide gold in near surface Devonian carbonates, which is the material that hosts so much of the gold in the large Carlin-type gold deposits of the Cortez Trend. We have discovered a new Northern zone of at least 350 meters of strike length with higher grade oxide gold mineralization (6.1 meters of 5.62 grams of gold), and extended the Central zone of the Iceberg deposit to 750 meters (from 400 meters) of strike length".
These carbonate zones lie beneath a thin veneer of gold-bearing volcanics that was the focus of much of the historical drilling on the Red Hill project, and stretches for four kilometers above the Iceberg gold deposit. The two zones are 200 to 250 meters wide, 25 to 70 meters thick with gold grades of 0.5 grams/T to greater than 5.0 grams/T. They have a combined overall strike length in excess of 1,100 meters, separated by an as-yet untested intervening gap of approximately 900 meters where no historical holes were drilled deep enough to penetrate to the carbonates. (See diagram at http://goo.gl/neaWz). Plans are being made to drill to the north and south and in the intervening gap of these two zones.
Iceberg Gold Deposit Extended: Four of the five holes were targeted to extend the strike length of the Iceberg deposit. As summarized in the table below three of those four holes returned favorable gold grades and intervals. The fifth hole, RHB-15, which was drilled 800 meters to the east of the Central zone to test for a possible parallel system had no significant gold values.
The best result came from hole RBH-17 with a significant near-surface intercept of 41.2 meters (135 ft) of 1.02 grams/T. It included 6.1 meters of 5.62 grams /T of gold (20 ft of 0.18 oz. gold/ton) indicating that the system is capable of generating very favorable oxide gold grades.
| Hole Number | From | To | Length | From | To | Length | Grade |
|---|---|---|---|---|---|---|---|
| (ft) | (ft) | (ft) | (m) | (m) | (m) | g/T Au | |
| RHB-17 | 235 | 370 | 135 | 71.6 | 112.8 | 41.2 | 1.02 |
| including | 300 | 320 | 20 | 91.4 | 97.5 | 6.1 | 5.62 |
| RHB-14 | 345 | 400 | 55 | 105.2 | 121.9 | 16.7 | 0.51 |
| including | 375 | 390 | 15 | 114.3 | 118.9 | 4.6 | 1.12 |
| RHB-13 | 355 | 430 | 75 | 108.2 | 131.1 | 22.9 | 0.71 |
| including | 365 | 395 | 30 | 111.3 | 120.4 | 9.1 | 1.13 |
| These intercepts are not necessarily true widths as there is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation. | |||||||
The geometry of the new Northern zone (350 meter length) is supported by several historical holes that were drilled deep enough to intercept the underlying Devonian carbonates, particularly hole RH92-2 with 24.4 meters of 3.4 grams of gold/T (80 ft of 0.11 oz. gold/ton). Hole RBH-16, drilled to test for a possible westerly extension of the gold mineralization in the Northern zone, contained several intervals of anomalous gold.
Holes RHB-13 with 22.9 meters (75ft) of 0.71 grams gold/T and RBH-14 with 16.7 meters (55ft) of 0.51 grams/T (together with several deeper historical holes that they validated) have extended the strike length of the Central zone of the Iceberg to 750 meters.
These results have established the Iceberg as a significant near-surface oxide gold deposit in the Devonian carbonate horizon that hosts so much of the gold in the large Carlin-type gold deposits of the Cortez Trend and elsewhere in Nevada, one of the worlds' most prolific gold producing regions.
Reverse circulation drilling on the Red Hill Project was conducted by Boart Longyear Company of Elko, NV under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). All of the drill hole samples were analyzed for gold by American Assay Labs. of Sparks, NV.
NuLegacy Gold Corporation is a Nevada based exploration company focused on delineating the near-surface oxide Iceberg gold resource on its 60 square km Red Hill option with Barrick Gold. The Iceberg deposit has similar geology to that of Barrick Gold's on-going multi-million ounce Goldrush gold discovery.
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 james@nuggold.com, Albert Matter at albert@nuggold.com or Roger Steininger, COO at roger@nuggold.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.
