NuLegacy Gold Commences Drilling on Its Red Hill Project in Nevada
RENO, NEVADA -- (Marketwired) -- 05/14/13 -- NuLegacy Gold Corporation (TSX VENTURE: NUG)(PINKSHEETS: NULGF) has commenced a reverse circulation drilling program on its flagship Red Hill Project.
The $250,000 program is designed to expand the company's Iceberg gold deposit. It is planned in two phases of 5 to 6 holes each, to allow for receipt and interpretation of the assays from the first set of holes to guide the selection of sites for the second set.
The drilling is intended to provide a preliminary assessment of how far north and south the Iceberg gold deposit extends, as well as testing a possible parallel system to the east. An initial test of the deeper Avocado IP (Induced Polarization) geophysical anomaly (a very large and likely carbonaceous/pyritic anomaly that may contain gold mineralization) at the northern extension of the Iceberg is planned for the fall.
Field work will continue to develop additional drill targets in the adjacent Jasperiod Basin (1800 meters north-east of Iceberg) and at the western end of the project in the VIO zone (4000 meters west of Iceberg) where rock chip sampling and mapping has defined another area of intensely altered carbonates that contain anomalous gold.
NuLegacy Gold, a Nevada based exploration company, is entirely focused on delineating an oxide gold resource in its near-surface "Iceberg" deposit. The Iceberg deposit is located on NuLegacy's Red Hill Project, an 'option to joint-venture' with Barrick Gold Inc., in the prolific Cortez gold-trend of Nevada. The Iceberg gold deposit has similar geology to Barrick Gold's adjacent multi-million ounce Goldrush discovery.
Reverse circulation drilling is being conducted by Boart Longyear of Elko, Nevada NV 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
This news release contains 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 Iceberg deposit or the Red Hill project 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 Red Hill project is not necessarily indicative of the gold mineralization on the Red Hill project. All of the forward-looking statements made in this news release 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 and interim MDA dated February 28, 2013 for the nine month period ended December 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 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.
Contacts:
NuLegacy Gold Corporation
James Anderson
604-638-4959
james@nuggold.com
NuLegacy Gold Corporation
Albert Matter
604-638-4959
albert@nuggold.com
NuLegacy Gold Corporation
Roger Steininger
COO
roger@nuggold.com
www.nulegacygold.com
