Legend Gold Corp.
TSX VENTURE : LGN

Legend Gold Corp.

July 14, 2014 07:30 ET

Legend Upgrades Oxide Mineralization with High Grade Intersections and Finds Down Dip Extensions at Diba Resource

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 14, 2014) - Legend Gold Corp. (the "Company" or "Legend") (TSX VENTURE:LGN) is pleased to announce the receipt of all assays of reverse circulation ("RC") and aircore ("AC") drilling on the Diba resource located within the Korali Sud permit application area which covers the area previously known as the Diba Exploration Permit.

Diba Resource Drilling Highlights:

  • 5,854 meters ("m") of RC drilling in 59 drill holes within the Diba resource.
  • 2,662 m of AC drilling on the + 100 ppb anomaly northwest of the Diba resource.
  • High grade intersections within the Diba resource include:
Drillhole From (m)* To (m)* Interval (m) Au (g/t)
DBRC-004 10 23 13 5.36
DBRC-006 31 43 12 3.74
DBRC-009 93 138 45 1.32
DBRC-012 12 25 13 2.18
DBRC -015 34 38 4 66.59
DBRC-016 41 43 2 20.97
DBRC-018 62 91 29 1.34
DBRC-023 47 55 8 13.88
DBRC-033 21 34 13 2.17
DBRC-040 6 24 18 1.25
DBRC-055 11 32 21 2.00

* Drill intervals are approximately true widths based on drill hole inclination and general dip of mineralization. Assay intervals calculated at 0.5 grams per tonne ("g/t") gold cut-off with up to 3 m of internal waste included.

The purpose of the RC drilling was to upgrade and better define the extent of the previously announced Diba resource as well as to determine the down dip continuity of the mineralization. The current drilling targeted oxide mineralization which was previously undefined by drill intersections as well as down dip extensions of sulfide zone mineralization.

The drill results, which are appended below, clearly improve the continuity of mineralization in the oxide zone and extend it 50 meters to the west while at the same time outlining a higher grade core to the oxide mineralization.

The results of the RC drilling are expected to improve the statistical certainty of the resource and move it from the indicated and inferred categories to the measured and indicated categories as well as increase the resource from the previously announced indicated resource of 275,200 oz. @ 1.35 g/t gold and inferred resource of 32,500 oz. @ 1.40 g/t gold. An in-house evaluation of the resource as well as a re-tabulation by AMEC of the assay data by weathering profile indicates that at least 150,000 oz. of the indicated and inferred resource are in oxide, with an additional 38,000 oz. in both categories in the transition zone.

Drill hole DBRC-009 encountered 1.32 g/t gold over 45 meters from 93 meters indicating that significant mineralization extends down dip into the sulfide zone in the southeastern portion of the resource. Please refer to the Company's website (www.legendgold.com) for a map of all drill holes.

Douglas Perkins, President & CEO of Legend stated, "the Company is greatly encouraged by the consistent results of the RC drilling and the potential to upgrade the Diba resource."

Northwest Anomaly:

The AC drilling targeted the 2.5 km long, 100 ppb soil auger anomaly to the northwest of the Diba resource area. Only thin laterite and saprolite profiles were encountered which contained no economic intersections but results provided an explanation for the soil auger anomaly.

QA/QC Procedures:

The entire volume of chips from each reverse circulation interval were collected, dried and split on site into an approximately 2 kg subsample using a Jones splitter on a meter by meter basis. Aircore samples were treated similarly and recombined using a Jones splitter to obtain 2 m composite samples. The 2 kg sample was submitted to SGS Laboratories ("SGS") in Bamako for crushing, grinding and 50 gram gold fire assay with AAS finish. Approximately 5% of both high and low grade, oxide gold standards as well as 5% blanks were inserted into the sample stream before delivery of the samples to SGS. Every 20 samples, a duplicate sample was created from the chip rejects and included in the sample stream. AC and RC pulps as well as RC rejects are kept as a reference. A QA/QC analysis was performed on the results of the standard, duplicate and blank sample assays. If results of adjacent standards fell outside two standard deviations of the standard control assay, samples from that batch were flagged for re-assay.

Qualified Person:

Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), Legend's V.P. of Exploration, is the Company's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of the technical information contained in this news release.

About Legend:

Legend is a mineral exploration and development company focused on exploring for gold in the Republic of Mali, West Africa. Legend's principal projects include the Lakanfla, Korali Sud (formerly Diba), Badiazila, Bala Ouest (formerly Mougnina), and Tiekoumala.

This press release has been prepared by Legend Gold Corp. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Company's properties; success of exploration activities; permitting time lines and requirements; time lines for technical reports; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is expected", budget", "scheduled", "suggest", "optimize", "estimates", "forecasts", "intends", "anticipates", "potential" or "does not anticipate", believes", "anomalous" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration and other objectives concerning its mineral projects can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information.

Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks; certainty of mineral licenses; community and governmental relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company's lack of operating revenues; governmental regulations and the ability to obtain necessary licenses and permits; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Company's public disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date thereof or to reflect the occurrence of unanticipated events.

APPENDIX

Significant* assay intervals from the Diba prospect RC drilling.

Hole_ID From To Width Au (g/t)
DBRC-002 5 11 6 1.06
DBRC-003 9 21 12 1.25
DBRC-003 34 42 8 0.82
DBRC-004 10 23 13 5.36
DBRC-005 117 128 11 1.40
DBRC-006 17 18 1 4.03
DBRC-006 31 43 12 3.74
DBRC-006 49 60 11 0.97
DBRC-007 32 38 6 0.62
DBRC-007 49 51 2 1.14
DBRC-008 21 23 2 3.45
DBRC-009 93 138 45 1.32
DBRC-010 16 30 14 1.19
DBRC-010 52 54 2 1.08
DBRC-012 12 25 13 2.18
DBRC-012 48 50 2 1.09
DBRC-013 20 21 1 4.09
DBRC-013 39 78 39 1.17
DBRC-014 11 24 13 1.48
DBRC-014 54 57 3 0.82
DBRC-015 19 21 2 0.86
DBRC-015 25 27 2 2.81
DBRC-015 34 38 4 66.59
DBRC-015 53 64 11 1.19
DBRC-016 26 30 4 2.07
DBRC-016 41 43 2 20.97
DBRC-016 51 57 6 0.54
DBRC-017 39 40 1 4.93
DBRC-017 44 47 3 2.03
DBRC-017 57 70 13 0.56
DBRC-018 47 51 4 0.94
DBRC-018 56 58 2 1.17
DBRC-018 62 91 29 1.34
DBRC-019 13 15 2 0.86
DBRC-019 20 22 2 1.62
DBRC-019 36 39 3 0.88
DBRC-020 153 170 17 0.68
DBRC-021 106 110 4 0.92
DBRC-021 117 121 4 2.75
DBRC-023 47 55 8 13.88
DBRC-024 33 43 10 1.50
DBRC-025 30 33 3 2.20
DBRC-025 141 143 2 1.13
DBRC-028 54 58 4 0.87
DBRC-028 116 122 6 1.26
DBRC-029 51 54 3 1.03
DBRC-029 70 76 6 0.75
DBRC-031 9 12 3 1.42
DBRC-032 42 47 5 1.42
DBRC-033 21 34 13 2.17
DBRC-033 67 69 2 0.58
DBRC-034 53 55 2 0.85
DBRC-034 72 75 3 0.60
DBRC-035 17 24 7 0.98
DBRC-035 28 33 5 0.93
DBRC-035 102 104 2 0.84
DBRC-035 131 133 2 0.87
DBRC-036 3 10 7 1.43
DBRC-036 36 39 3 0.61
DBRC-037 21 36 15 0.91
DBRC-038 56 59 3 0.54
DBRC-038 99 100 1 1.09
DBRC-039 32 33 1 3.76
DBRC-039 39 46 7 0.65
DBRC-039 64 65 1 3.15
DBRC-040 6 24 18 1.25
DBRC-040 30 35 5 0.78
DBRC-041 6 12 6 2.79
DBRC-041 17 21 4 1.20
DBRC-042 22 24 2 3.87
DBRC-042 32 35 3 0.57
DBRC-042 58 60 2 0.96
DBRC-043 11 18 7 3.77
DBRC-047 14 16 2 3.28
DBRC-047 36 53 17 0.76
DBRC-052 22 36 14 1.01
DBRC-052 42 52 10 1.27
DBRC-054 46 52 6 0.77
DBRC-055 11 32 21 2.00
DBRC-057 9 11 2 0.57
* Only drill holes with greater than 0.5 g/t gold over 2 m are considered significant. 17 (not included in the Appendix) of the 59 drill holes did not encounter significant mineralization.
• Drill intervals are approximately true widths based on drill hole inclination and general dip of mineralization. Assay intervals calculated at 0.5 g/t gold cut-off with up to 3 m of internal waste included.

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