RENO, NEVADA -- (Marketwire) -- 02/14/13 -- NuLegacy Gold Corporation (TSX VENTURE: NUG) reports that drilling has commenced on its Wood Hills gold project in northeastern Nevada. The Wood Hills Project is located just 13 km southwest of and contiguous to the West Pequop and Long Canyon gold deposits.
In 2012, a 2,000 meter, 20 hole drill program was completed as an initial test of the geophysical and geochemical targets. This was the first drill program ever undertaken on this 100 sq. km property. These targets were established by completing 31,000 meters of IP and resistivity surveys, and 70,000 meters of soil sampling surveys.
The drilling yielded one very impressive near surface result: drill hole WHS11-007 returned a 10.7m interval that averaged 0.40 g/t gold within approximately 60 meters of anomalous gold mineralization with associated Carlin-type trace elements (see news release dated February 6, 2012).
Subsequently, a high-resolution microgravity survey, centered on drill hole WHS11-007, was completed to assist in planning an effective follow-up drilling program. The results indicate a highly complex structural setting with numerous interpreted faults both between and below the surrounding carbonate blocks, with the most favorable areas appearing as gravity lows.
These gravity lows identify fault zones, decalcified areas, and/or karst features that may serve as both channel-ways and hosts for gold bearing hydrothermal solutions, allowing these gold bearing solutions to permeate and form large volumes of higher grade gold mineralization. They are similar in nature to those of the Long Canyon gold deposit just 13 km across the valley to the northeast.
The micro-gravity survey suggests that this type of favorable environment exists approximately 150 meters east of hole WHS11-007. The gravity survey also outlined several other similar targets in the immediate area that remain untested. NuLegacy will drill 5-6 holes, each approximately 300m in length to test these compelling geophysical anomalies. Results will be released when they have been received and analyzed by the company.
Newmont acquired Fronteer Gold Inc. in 2011 for $2.3 billion to gain control of Long Canyon. Regional faulting has rifted and offset the Wood Hills property area, which may otherwise have been a direct extension of the West Pequop/Long Canyon gold deposits. The Wood Hills Project is under option from Renaissance Gold Inc. (TSX VENTURE: REN).
Reverse circulation drilling on the Wood Hills Project is being conducted by Envirotech Drilling LLC of Winnemucca, NV; all under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). All of the drill hole samples will be analyzed by American Assay Labs. of Sparks, NV for gold and a suite of 36 trace elements.
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 87 square km Red Hill Project and the 100 square km Wood Hills South Project. Both projects have geology similar to that of the adjacent multi-million ounce gold discoveries that were made subsequent to our acquisition of the properties. The NuLegacy exploration and drilling programs underway employ proprietary techniques for targeting multi-million ounce deposits.
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.
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.
NuLegacy Gold Corporation
NuLegacy Gold Corporation
NuLegacy Gold Corporation
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