Press release from Marketwire
NuLegacy Gold Reports Assays from Wood Hills Drilling; Terminates the Wood Hills Option
Tuesday, April 09, 2013
NuLegacy Gold Reports Assays from Wood Hills Drilling; Terminates the Wood Hills Option07:00 EDT Tuesday, April 09, 2013
RENO, NEVADA--(Marketwired - April 9, 2013) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) reports the assays for the five hole Wood Hills Project drilling program commenced February 14th, 2013. The Wood Hills Project is located 13 km southwest of and contiguous to the West Pequop and Long Canyon gold deposits.
The drilling program was unable to identify noteworthy gold mineralization although preliminary reconnaissance exploration during 2010-12 suggested the Wood Hills might host an extension to the West Pequop and Long Canyon gold mineralization. While this does not preclude the possibility that the Wood Hills property may eventually host economic resources, NuLegacy Gold will return the property to the vendor (Renaissance Gold (TSX VENTURE:REN)).
With the elimination of the remaining $3.6 million of Wood Hills commitments NuLegacy has reduced its 2013 exploration expenditure requirements to less than $500,000 fully funded. Total exploration expenditures for the next three years are reduced to $3.6 million; all dedicated to completing the earn-in of the 70% working interest in the Barrick option, and delineating an NI 43-101 compliant resource in the recently discovered Iceberg Gold Deposit on that option. The next drilling program on the Iceberg gold deposit is scheduled to begin in the end of April or early May.
Wood Hills exploration summary: NuLegacy Gold's reconnaissance drilling program in 2011 and 2012 consisted of 20 reverse circulation holes to test geophysical and soil geochemical anomalies, many of which intersected anomalous gold, the most significant of which was hole WHS11-007 which contained 10.7 meters of 0.40 g/t Au. (NR Feb 6, 2012).
A subsequent microgravity survey defined several gravity lows suggesting areas of broken carbonate that might be similar in nature to those that hosted the large volumes of higher grade gold mineralization in the Long Canyon gold deposit. Hole WHS11-007 is located on the margin of one of the gravity anomalies.
The just completed 2013 drilling and assay program consisted of five reverse circulation angle holes totaling 1,225.3 meters (4,020 feet) to test the gravity low near WHS11-007 and two other gravity lows. All five drill holes encountered intensely fractured and brecciated carbonate in the areas of the gravity lows, confirming the geophysical interpretation. Gold intercepts are shown below.
|Hole number||Anomalous gold interval||Interval of >0.10 g/t Au|
|WHS13-021||86.9-102.1 m||91.4-99.1 m @ 0.140 g/t Au|
|WHS13-022||88.4-106-7 m||103.6-105.2 m @ 0.108 g/t Au|
|N.B. True widths of drilled gold intercepts cannot be determined at this time.|
Holes WHS13-021 and 022 demonstrate lateral continuity, albeit at lower grades, with the intercept in WHS11-007 in altered carbonates immediately above a felsic intrusive. The other three holes did not encounter significant gold mineralization. No additional drilling is planned.
Reverse circulation drilling on the Wood Hills Project was conducted by Envirotech Drilling LLC of Winnemucca, NV under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). All of the drill hole samples were analyzed by American Assay Labs of Sparks, NV for gold and a suite of 36 trace elements. Sufficient commercially prepared standards, blanks, and duplicates were inserted to assure quality analytical results. Data verification of the analytical results included a statistical analysis of the duplicates, standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.
NuLegacy Gold Corporation is a Nevada based exploration company focused on delineating a near-surface Carlin-type oxide gold deposit (the 'Iceberg' deposit) on its 87 square km Red Hill option from Barrick Gold. The Iceberg deposit is on trend with three of Nevada's largest gold deposits and has similar geology and is adjacent to Barrick Gold's on-going multi-million ounce Goldrush gold discovery .
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 property and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, 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. The scientific and technical disclosure in this news 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.
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