NuLegacy Completes Reconnaissance Drilling at Wood Hills

NuLegacy Gold (OTC Other: NULGF; TSX-V: NUG) has completed the remaining 10 holes of a widely spaced 20 hole drill program at the Wood Hills South gold project in Elko County, Nevada, assays from which will be released upon availability.  The first 10 holes were completed at the end of 2011, the results of which showed t hat 8 of 10 holes contained intervals of anomalous gold and favorable trace elements.  Drill hole WHS11-007 returned 0.40 g/t gold over 10.7 meters.

Additional detailed geophysics and geochemistry (microgravity and infill soil sampling) surveys centered on WHS11-007 were commissioned to assist in planning an effective follow-up drilling program of the gold mineralization found to date.

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NuLegacy Resumes Drilling at Wood Hills South Gold Project, Nevada

NuLegacy Gold Corporation (TSX-V: NUG; OTC Other: NULGF) announced that drilling to complete the remaining ten holes of an initial twenty hole reconnaissance program has resumed on the 100 sq km Wood Hills South gold project, Elko County, Nevada.

Late in 2011, NuLegacy Gold drilled the first ten holes of the planned twenty-hole, widely-spaced reconnaissance drilling program with assay results reported February 6, 2012.

Eight of the ten holes contained intervals of anomalous gold and favorable trace elements with hole WHS11-007 returning the most significant result; a near surface and oxidized 10.7 meter interval that averaged 0.40 g/t gold within approximately 60 meters of anomalous gold mineralization with associated Carlin-type style trace elements. This mineralization occurs in iron oxide bearing silicified inter-layered silty limestones and dolomites. Immediately below the higher grade interval is an altered and gold-bearing mineralized intrusive, which has proven to be a key geologic relationship in the Pequop gold district. Plan map of first ten holes is available at http://nulegacygold.com/i/pdf/2012-02-27_NR_graphics.pdf.

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NuLegacy Gold’s Initial Drilling Intersects Significant Mineralization at Wood Hills South Gold Property

NuLegacy Gold (OTC Other: NULGF; TSX-V: NUG) has assayed ten holes of a planned twenty hole reverse circulation reconnaissance drilling program on the Wood Hills South gold project, Elko County, Nevada.  The Wood Hills South Project, optioned from Renaissance Gold Inc. (TSX:REN), is located eight miles southwest of and contiguous to the West Pequop and Long Canyon gold deposits (in the Pequop Gold district of north-central Nevada) that were acquired in 2011 by Newmont Mining Corp. for approximately $2.3 billion.

The most significant hole, WHS11-007, returned a near surface oxidized 10.7 meter interval from 83.8 to 94.5 meters down hole that averaged 0.40 g/t gold within approximately 60 meters of anomalous gold (>10 ppb) mineralization and the associated Carlin-type style trace elements. This mineralization occurs in iron oxide bearing silicified inter-layered silty limestones and dolomites (carbonates). Immediately below the higher grade interval is an altered and gold-bearing mineralized intrusive, which is an important relationship in the Pequop Gold District.

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NuLegacy Closes Final Tranche of Private Placement

NuLegacy Gold (OTC Other: NULGF; TSX-V: NUG) has now completed a third and final tranche of its non-brokered private placement consisting of an additional 1,442,234 units (the “Units“) at price of $0.15 per Unit for gross proceeds of $216,335. Each Unit consisted of one common share and one share purchase warrant entitling the holder to purchase an additional common share for a period of 18 months at a price of $0.25 during the first 12 months and $0.35 during the last 6 months.

In total, the Company sold an aggregate of 12,500,000 Units at a price of $0.15 per Unit for gross proceeds of $1,875,000. The net proceeds of the private placement will be used to finance the Company’s gold exploration programs in Nevada, U.S.A. and for general corporate purposes.

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NuLegacy Gold Expands High Grade Gold Zone’s Potential

NuLegacy Gold (OTC Other: NULGF; TSX-V: NUG) recently completed a deep-penetration induced polarization and resistivity (“IP/R”) geophysical survey on its Red Hill gold exploration project in Nevada, which indicates that the high-grade gold bearing Central Pediment Anomaly is significantly larger than initially indicated. 

According to Dr. Steininger, NuLegacy’s COO, “The new IP/R survey indicates that the structures and hydrothermal alteration related to the high-grade gold mineralization intersected in the historical drill hole BRH-13 (24.4 meters of 4.9 g/t Au, including 13.7 meters of 8.1 g/t Au) in the Central Pediment anomaly are much larger and thicker than indicated by the our previous IP/R survey.  This expansion is another important and valuable step toward our goal of discovering significant Carlin-type gold deposits at the Red Hill Project.”

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NuLegacy Initiates New Geophysical Surveys on Red Hill Gold Project, Nevada

NuLegacy Gold Corporation (TSX-V: NUG) announced the commencement of a deep-penetrating induced polarization (“IP”) and resistivity survey on its Red Hill Project in Nevada that is centered around the historic drill hole BRH-13 which contained a 13.7 m intercept grading 8.11 g/t gold (45 ft of 0.25 oz/ton gold).

The new IP survey will penetrate to a depth of about 700 m. Once the results are evaluated, a drill plan will be developed to test the possible extensions of the BRH-13’s gold mineralization. Drilling is planned to re-start at the Red Hill gold Project as soon as equipment is available this spring.

In the release, Dr. Roger Steininger, NuLegacy’s COO stated; “The purpose of the survey is to guide NuLegacy`s future drilling programs by delineating the structures and hydrothermal alteration related to the high grade gold mineralization intersected in BRH-13. This survey is another important and valuable step toward our goal of discovering a significant gold deposit at Red Hill.”

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