RENO, NEVADA--(Marketwire - Aug. 18, 2011) - NuLegacy Gold Corporation (TSX VENTURE:NUG) reports that as part of its on-going 10,500 meter (~ 20 hole) drilling program on its Red Hill Prospect it has commenced drilling on the Coal Canyon.
The target for the first Coal Canyon drill hole (RHCC11-001 is planned for a depth of 500 meters) is a follow-up on a historic hole that contained 10 feet of 0.39 grams gold. It is within a much broader zone of silica cemented breccia containing the favorable sooty pyrite that hosts gold mineralization in the prolific middle Hansen Creek Formation. The drill site is about 125 meters west of the historic hole at the intersection of a north-south and west-north-west trending fault zone over which there is an associated gold and arsenic soil anomaly. The Coal Canyon property is part of the Miranda Gold Corp (TSX VENTURE:MAD) portion of the Red Hill Prospect.
NuLegacy's 45 square mile Red Hill Prospect straddles the Cortez Segment of the Battle Mountain-Eureka Gold Trend. The Cortez Segment is a three plus mile wide and 25+ mile long west-northwest alignment of large bulk-mineable, sediment-hosted gold deposits. It includes the Pipeline Complex (which NuLegacy's COO Roger Steininger is credited with discovering in 1989), the Cortez and the Cortez Hills gold mines as well as the current ET Blue-Lower Horse Canyon gold discovery.
These gold deposits, which are all owned by Barrick Gold Corp, have collective gold reserves of 40+ million ounces and have produced in excess of 10 million ounces of gold to date. The Red Hill Prospect which is comprised of four properties with geology similar to that of these en echelon gold deposits, is respectively 21, 15 and seven miles southeast of the Pipeline, Cortez Hills and ETBlue/Lower Horse Canyon discovery.
NuLegacy Gold Corporation is a Nevada based exploration company focused on the discovery of Carlin-type replacement gold deposits on its two highly prospective district scale properties, the 45 square mile Red Hill Prospect and the 35 square mile Wood Hills South Prospect. The exploration and drilling programs underway employ sophisticated techniques for targeting multi-million ounce deposits.
On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation
Albert J. Matter, 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. See the cautionary statement "Forward-Looking Statements" and "Risk Factors" in the Company's prospectus dated November 10, 2010 available on SEDAR at www.sedar.com. 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. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this press 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.