RENO, NEVADA -- (Marketwire) -- 01/25/13 -- NuLegacy Gold Corporation (TSX VENTURE: NUG)(PINKSHEETS: NULGF) reports that its 2013 exploration programs will focus on following up the Carlin-type gold discoveries made this past year in the Central Mineralized Zone of its Red Hill Project and the pediment of its Wood Hills Project.
The Wood Hills project is at a lower elevation allowing access earlier in the year. Therefore the exploration program is planned to commence with a 5 hole drilling program on the Wood Hills in February, followed by a 10-12 hole program on the Red Hill Project starting late-March/early April, 2013.
The Wood Hills Project, located in the Pequop Gold district of north-central Nevada, is eight miles southwest of and on trend with the West Pequop and Long Canyon gold deposits. Newmont Mining Corp. acquired Long Canyon for approximately $2.3 billion in 2011. Basin and range faulting has offset the Wood Hills gold project which may otherwise have been a direct extension of the Pequop district's gold deposits.
Wood Hills 2013: The initial five-hole Wood Hills drilling program is designed to test three favorably complex structural areas with anomalous gold that were delineated on the Wood Hills project. The three are aligned in the favorable northeast/southwest orientation of the Long Canyon deposit.
Three of the holes will focus on following up on the significant gold intercept in hole WHS11-007 (10.7 meters of 0.40 g/t Au - first reported Feb 6, 2012), which is on the western margin of a large gravity low interpreted as outlining an area of intensely fractured carbonates. One hole each will test the other two 'aligned' gravity anomalies that are proximal to additional anomalous gold drill-hole intercepts, and had elevated levels of gold (and the associated trace elements suites) in the soil sampling geochemistry that are commonly associated with Carlin-type gold deposits.
These favorable targets were identified through an 18 month ever-narrowing exploration process that gave us considerable encouragement. Drilling is anticipated to start in early February.
The Red Hill Project, our most advanced prospect, is in the Cortez District, 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.
Our COO Dr. Roger Steininger, who discovered the first of the three major Carlin deposits in the Cortez referred to above (the 21+ million ounce Pipeline gold deposit) says, "We have discovered a high grade near-surface oxide gold deposit (the Iceberg deposit) that has the potential in and of itself to become economic, and there is also the potential for deeper and higher grade sulphide gold mineralization."
That conclusion is based on the compilation and analysis of all the geophysics, geochemistry and drilling data from NuLegacy Gold and previous operators including Barrick Gold. The analysis suggests that the oxide gold mineralization in the Iceberg gold deposit (in the Central Mineralized Zone) has the classic northwest/southeast orientation, with the Avocado Anomaly as the possible higher grade sulphide part of this Carlin-type system.
Most Popular Stories
- Twitter Coming to Phones Without Internet
- Twitter Names Woman to Board
- Obamacare Doing Just Fine, Ky. Governor Says
- Rand Paul Signs up for Obamacare
- How to Arm Yourself Against CryptoLocker Virus
- Thalia Gets Star on Hollywood Walk of Fame
- World Cup Draws: Coaches, Players Offer Insights
- Hispanic Employment Improves in November
- Trapped Florida Whales Head for Deeper Waters
- Aspen Contracting Adding 300 Jobs