NuLegacy Gold Corporation
TSX VENTURE : NUG
PINKSHEETS : NULGF

NuLegacy Gold Corporation

July 08, 2014 06:00 ET

NuLegacy Expands North Iceberg Zone

Discovers gold in the middle Wenban-5 unit

RENO, NEVADA--(Marketwired - July 8, 2014) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) is pleased to report that step-out drilling of its Iceberg gold deposit in the Cortez trend of Nevada has intersected an important interval of gold in the middle Wenban-5 formation. The Wenban-5 horizon hosts the bulk of the gold in Barrick Gold's multi-million ounce (15.6 millioni) Goldrush deposit adjacent to the Iceberg Project.

To date most of the oxide gold discovered in the Iceberg deposit is hosted in the near-surface 'contact zone' between the Horse Canyon and the upper Wenban-8 carbonate horizons ['HC-W8'] at depths ranging from 75 to 125 meters.

Hole RHB-24 was drilled as a 50 meter/165 foot step-out along the south-western margin of the North zone of the Iceberg deposit. It returned a notable intercept of 1.85 grams of gold/ton over 15.2 meters/50 feet (including 2.6 grams of gold/ton over 10.7 meters/35 feet) in the near-surface HC-W8 contact zone. As well it contained an encouraging 0.75 grams of gold/ton over a 7.7 meters/25 feet interval in the middle Wenban-5 formation.

In addition to expanding the North zone to in excess of 400 meters/1,300 feet these results have confirmed the presence of gold in the productive Wenban-5 formation on the south-western margin of the zone. The highlights of the assays that outline the North zone are reported in the table below.

Highlights from the North Zone drilling
Hole Zone From To Length Grade
Number (m) (m) (m) grams/t gold
RHB-24 North 57.9 73.2 15.2 1.85
including 10.7 2.57
and 152.3 160.0 7.7 0.75
RHB-17* North 71.6 112.8 41.2 1.02
RH92-2** North 67.1 91.5 24.4 3.40
RH93-5** North 67.2 82..3 15.1 1.16
*Previously reported, **Historical holes. NB. These intercepts are not necessarily true a widths as there is insufficient data at this time to calculate their true orientation.

"We are encouraged that there are two favorable horizons of gold mineralization in RHB-24. Discovering gold in the middle Wenban-5 unit as well as in the near-surface contact zone increases the possibilities for further exploration success in this area," commented COO Dr. Roger Steininger.

Holes RHB-23 and RHB-25 drilled on the periphery of the North zone contained long intervals of anomalous gold. Once all the holes have been received and reported they will be integrated into the current exploration model (90 to 110 million tonnes grading between 0.7 g/t and 1.0 g/t of gold) to determine the selection of the next set of drill holes targeted to expand the Iceberg depositii.

Reverse circulation drilling on the Iceberg Project was conducted by Boart Longyear Company of Elko, NV under the direction and supervision of NuLegacy Gold's COO, Dr. Roger Steininger (CPG 7417). All of the drill hole samples are analyzed for gold and a trace element suite by American Assay Labs. of Sparks, NV. 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 company focused on creating shareholder value by delineating gold resources in its Iceberg oxide gold deposit. The Iceberg gold deposit, located on a 60 square km option of Barrick Gold Corporation's prolific Cortez gold trend, has similar geology to that of Barrick's immediately adjacent multi-million ounce Goldrushi gold discovery.

On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation

James E Anderson, Chief Executive Officer

Dr. Roger Steininger, NuLegacy's chief operating officer is a Certified Professional Geologist (CPG 7417) and the qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects responsible for preparing and reviewing the scientific and technical information contained in this news release

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.

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 Iceberg Deposit or Red Hill project is not necessarily indicative of the gold mineralization on the Iceberg Deposit or 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 26, 2013 for the year ended March 31, 2013. 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.

i As reported by Barrick, as of December 31, 2013, the Goldrush deposit contained a resource of 423,000 ozs gold (3.1 million tons grading 0.137 oz/ton - measured), 9,537,000 ozs gold (72.5 million tons grading 0.132 oz/ton - indicated) and 5,555,000 ozs gold (39.5 million tons grading 0.141 - inferred). The close proximity of the Goldrush deposit to the Iceberg project is not necessarily indicative of the mineralization contained in the Iceberg project.

ii As reported on September 5, 2013, these figures are conceptual in nature and derived from a compilation of 149 historic and 16 NuLegacy drill holes in and around the Iceberg deposit. To date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

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