Red Hill 2013: The initial drill program on the Barrick portion of Red Hill Project will be undertaken in two phases of 5/6 holes to allow for turnaround of the assays from the first phase of holes to guide the final selection of sites for the second phase holes.
Drilling of the first half-dozen (Phase 1) holes will commence late March/early April as soon as weather conditions permit. Holes in phase one will target extensions of the Iceberg gold deposit by stepping out aggressively to the northwest, and following up on several favorable historic drill hole intercepts in the northern part of the Central Mineralized Zone (such as RH92-04 with 25.9 m @ 3.64 g/T and RRR93-05 with 13.7 m @ 1.15 g/T). They are intended to provide a preliminary assessment of how large the Iceberg gold deposit could be and to determine if the Avocado Anomaly is part of the same mineralized gold system.
The second phase of drilling will consist of following up on favorable results from phase one drilling, and if the higher grade oxide mineralization extends far enough north, drilling an initial test of the Avocado IP anomaly at the northern extension of the CMZ. We are encouraged by the possibility of expanding the Iceberg Gold Deposit to economic proportions.
Field work will also continue to develop additional drill targets in adjacent Jasperiod Basin and at western end of the Barrick option on the VIO zone where rock chip sampling and mapping has defined areas of intensely altered carbonates that contain anomalous gold.
Consolidation of Land Package: NuLegacy also reports that it has further reduced its 2013 exploration budget to a fully funded $1.2 million dollars. This is a result of a decision to terminate the earn-in agreement on Miranda Gold Inc.'s portion of the Red Hill Project claims.
CEO James Anderson says, "This is consistent with our business plan of reducing non-core exploration activities to focus on our discovery success in the Central Mineralized Zone (the Iceberg Deposit) and the Avocado anomaly on the Barrick Gold portion of the Red Hill Project as well as our progress identifying gold targets at the Wood Hills Project during the first half of 2013".
This decision reduces NuLegacy's Red Hill Project expenditures by $1.4 million in 2013 and $1.85 million in 2014. Combined with the agreements reported on Nov. 8, 2012 we have reduced earn-in expenditures by a total of $6.5 million overall while maintaining our exposure to the best of the prospective ground we originally secured in the Cortez trend.
NuLegacy Gold Corporation is focused on delineating gold resources within the Carlin-type gold systems it has identified on its two highly prospective district scale properties in Nevada; the 100km2 Red Hill Project and the 100 km2 Wood Hills South Project. Both projects have geology similar to the adjacent multi-million ounce gold deposits that were discovered subsequent to NuLegacy securing these projects. The NuLegacy exploration and drilling programs 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. There are no known resources or reserves on the Company's properties and the proposed exploration programs are exploratory searches for commercial bodies of ore. The presence of gold deposits on properties adjacent or in close proximity to the Company's properties is not necessarily indicative of the gold mineralization on the Company's properties. Historical assays reported in this news release cannot be independently verified and should not be relied upon. They are presented to provide an indication of the gold mineralization present in the CMZ and as a guide to future exploration. 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. 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.
NuLegacy Gold Corporation
NuLegacy Gold Corporation
NuLegacy Gold Corporation
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