NuLegacy Gold Corporation
TSX VENTURE : NUG

NuLegacy Gold Corporation

December 02, 2011 16:58 ET

NuLegacy Commences Drilling on the Wood Hills Project, Nevada

RENO, NEVADA--(Marketwire - Dec. 2, 2011) - NuLegacy Gold Corporation (TSX VENTURE:NUG) has recently commenced drilling at its Wood Hills South gold project.

The Wood Hills South Project is located adjacent to and on trend with the West Pequop and Long Canyon gold deposits in north-central Nevada, which were recently acquired by Newmont Mining Corporation for approximately $2.3 billion.

"We are very excited to be drilling at Wood Hills", says Dr. Roger Steininger, COO of NuLegacy, "as this will be the first time this property is drilled. The potential is significant since we believe that the Wood Hills Project may be the southwestern extension of the emerging West Pequop gold district."

The 2,000 meter reverse circulation drill program is designed as an initial test of the geophysical and geochemical targets that were established by the 31,000 meters of IP/Resistivity (geophysics) and 70,000 meters of soil sampling (geochemical) surveys completed during the past year's preparatory exploration programs.

The important aspects of the Wood Hills South Project that have been identified are:

  • A geological environment that is similar to that in the developing Pequop gold district immediately to the east.
  • Numerous gold-bearing jasperoids (silicified bodies) occurring at the range front along the southern edge of the Wood Hills that may represent the margins of gold systems under thin gravel cover to the south.
  • A gravity survey indicates that only a relatively thin veneer of gravel covers the favorable bedrock for a few miles to the south of the range front which represents good exploration opportunities.
  • The IP/resistivity surveys have identified anomalies that indicate that the bedrock has been broken and altered, with potential sulfides at depth suggesting areas that could contain gold mineralization. The soil geochemistry results, which generally correspond to the IP/resistivity anomalies, display significantly anomalous gold as well as the typical Carlin-type gold deposit suite of trace elements (see news release dated July 27, 2011).

The first drill holes will test several of these anomalies to develop a better understanding of the covered geology and its gold mineralization potential. It is anticipated that the drilling will consist of mostly short holes (150 meters) to sample the bedrock formations followed with deeper holes once gold-bearing mineralization has been located. The drill results are expected to be available in Q1 2012.

NuLegacy Gold Corporation is a Nevada focused exploration company exploring for Carlin-type replacement gold deposits on its two highly prospective district scale properties; the 100 km2 Red Hill Project and the 80 km2 Wood Hills South Project. Both projects have geology similar to that of the adjacent multi-million ounce gold discoveries that were made subsequent to our acquisition of the properties. The NuLegacy exploration and drilling programs underway employ proprietary 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.

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