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NuLegacy Gold Provides Drilling Program Update
Iceberg Deposit, Central Mineralized Zone, Red Hill Project, Nevada
By: Marketwired .
Dec. 7, 2012 02:00 AM
RENO, NEVADA -- (Marketwire) -- 12/07/12 -- NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) reports that the six-hole follow-up drilling program on the Iceberg gold deposit in the Central Mineralized Zone (CMZ) announced on Oct 22nd was completed as scheduled on November 17th, 2012. Assay results for the six holes will be reported as soon as they have all been received, compiled and fully analyzed.
The six holes are intended to test possible extensions of the oxidized gold mineralization of the Iceberg deposit as well as the potential for deeper sulphide gold zones. A further drilling program will be established in the New Year to follow-up on successful CMZ results, as well as test the Avocado IP anomaly in the Central Pediment area and the geochemical gold anomalies in the Jasperiod Basin.
As detailed on our website at CMZ-Drilling-Map.jpg five of the six holes were stepped-out to the north and northwest, and one hole was drilled to the south of discovery hole RHB-006 which contained a near-surface intercept of 90 feet (27.4 meters) of oxidized gold mineralization grading 1.4 g/T including 35 feet (10.7 meters) of 2.6 g/T as reported on June 13, 2012.
The Iceberg gold deposit remains open in all directions. It is one of four Carlin-type gold-bearing systems identified to date on our Red Hill Project and it follows the classic North-Northwest strike orientation of the major gold deposits in the Cortez Trend. The gold mineralization is hosted in silicified Devonian carbonates with the associated Carlin-type gold deposit trace elements and alteration.
The Red Hill Project, in the Cortez District, is southeast of Barrick Gold's recent Goldrush discovery with a reported multi-million-ounce gold resource. Barrick Gold Inc. produces in excess of 1 million ounces of gold/year from its Cortez Operations, which have been in production since 1968.
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
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.
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.
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