NUG Nulegacy Gold Corporation

NuLegacy Gold Corporation (TSX VENTURE:NUG) (PINKSHEETS:NULGF) has commenced
drilling its Iceberg gold project located in Eureka County, Nevada.


30-35 holes are planned during the 2014 exploration season (from May to
November) consisting of approximately 9,000 metres (33,000 feet) of reverse
circulation drilling and 600 metres (2,000 feet) of core drilling. 


The Iceberg gold deposit consists of a 35 million year old gold bearing volcanic
and sedimentary unit overlying Devonian carbonates that host a classic
Carlin-type gold deposit in the 'contact zone' between the Horse Canyon and the
upper Wenban-8 carbonate horizon ('HC-W8') at depths ranging from 75 to 150
meters. The compilation of 149 historic and 16 NuLegacy drill holes indicates
the presence of a large tonnage near-surface Carlin-type exploration target(1)
of 90 to 110 million tonnes grading between 0.7 g/tonne and 1.0 g/tonne gold in
the 'HC-W8'contact zone. There is also evidence of gold in the lower brecciated
Wenban-5 carbonate horizon(2) in the few holes drilled to depth at 250 to 400
meters. 


The drilling program is designed to expand the three gold-bearing horizons and
explore for the higher-grade oxide cores and deeper sulphide gold mineralization
that contribute to making the Cortez Carlin-style deposits such prizes. The
other three Carlin-type targets on the property - VIO, Avocado and the Jasperoid
basin will be explored in preparation for drilling later this fall/next spring.


2014 Program Specifics: 30-35 holes to be drilled over seven months:



--  In sets of 8-10 reverse circulation (RC) holes drilling deep enough to
    test for the three known gold bearing horizons of the Iceberg; the
    overlying volcanics, the 'HC-W8'contact zone and the lower Wenban5 unit.
--  Assay the holes and use the results to refine the location of the next
    8-10 holes. 
--  Repeat for two or three 'sets' as needed to delineate a threshold
    resource and discover a higher grade core (a total of 24 to 30 holes). 
--  Intersperse these drilling shifts with 5 to 7 deeper RC 'wildcat'
    exploration holes outside of the Iceberg deposit, and 2 or 3 core holes
    within the Iceberg to advance the understanding of the stratigraphy.



It is anticipated that assays will be received 3 to 4 weeks from completion of
the drilling of each set of holes and reported promptly on receipt and
completion of QP/QC processing. 


Plan maps (including the first 15 drill holes proposed) and sections through the
Iceberg gold deposits have been posted to NuLegacy's website at Iceberg Project:
Presentations.


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 portion of Barrick
Gold Corporation's prolific Cortez gold trend, has similar geology to that of
Barrick's immediately adjacent multi-million ounce Goldrush gold discovery.(3)


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. 


(1) As reported in Sept. 5, 2013 NR these figures are a conceptual exploration
target only and should not be construed as a calculated resource under NI 43-101
standards as insufficient exploration has been completed to date to define such
a resource and there are no assurances that additional exploration will confirm
the existence of a NI-43-101 resource. 


(2) This horizon hosts the bulk of the high grade gold in the Barrick's Goldrush
deposit at depths of 300 to 750 meters just across the valley from NuLegacy's
Iceberg deposit. See also footnote 3 below.


(3) As reported by Barrick, as of December 31, 2013, the Goldrush deposit
contained a resource of 367,000 ozs gold (2,696,000 tons grading 0.136 oz/ton -
measured), 8,000,000 ozs gold (63,218,000 tons grading 0.127 oz/ton - indicated)
and 5,555,000 ozs gold (43,183,000 tons grading 0.132 - inferred). The close
proximity of the Goldrush deposit to the Iceberg project is not necessarily
indicative of the mineralization contained in the Iceberg project.


FOR FURTHER INFORMATION PLEASE CONTACT: 
NuLegacy Gold Corporation
James Anderson
james@nuggold.com


NuLegacy Gold Corporation
Albert Matter
albert@nuggold.com


NuLegacy Gold Corporation
Roger Steininger
604-638-4959
roger@nuggold.com
www.nulegacygold.com

Nulegacy Gold (TSXV:NUG)
Historical Stock Chart
From Jun 2024 to Jul 2024

Nulegacy Gold (TSXV:NUG)
Historical Stock Chart
From Jul 2023 to Jul 2024