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NuLegacy Begins Drilling at Miranda Gold's Red Hill Project in Nevada

Miranda Gold Corp. (TSX-V: MAD) announces that Miranda's exploration funding partner NuLegacy Corporation has begun drilling on Miranda's Red Hill project in Eureka County, Nevada.

NuLegacy has permitted five holes and plans to drill up to 5,000 ft (1,524 m).

Three target areas will be tested including 1) a geophysical (Induced Polarization) resistivity and conductivity high anomaly approximately 3,280 ft (1,000 m) long inferred to reflect Carlin-style alteration and mineralization at a depth of 500 ft (152 m), 2) an area of anomalous rocks and soils associated with jasperoid and low-level anomalous gold in historic shallow drill holes, and 3) an area approximately 2,000 ft by 4,000 ft (600 m by 1,200 m) with alteration and a gold and mercury soil anomaly.

Project Details

Red Hill is a sediment-hosted gold project consisting of 79 lode claims covering 2.6 sq mi (6.7 sq km) that is located 15 miles (24 km) southeast of the 12 million ounce Cortez Hills gold deposit. The Red Hill project occurs within a window of lower-plate limestone exposed through chert and siliceous sediments of the upper-plate of the Roberts Mountains Thrust. It is one of a series of windows and associated gold deposits that define the Cortez Trend. The project covers an extensive area of hydrothermal alteration occurring within fault zones in and pervasively in lower-plate sediments.

In 2006 drill hole BRH-013 intersected 80 ft of 0.146 oz Au/t (24.4m of 4.987g Au/t) from 1,920 to 2,000 ft (585.4 to 609.8m), including 45 ft of 0.237 oz Au/t (913.7m of 8.105g Au/t) from 1,920 to 1,965 ft (585.4 to 599.1m). Gold mineralization is hosted in silty carbonate rocks associated with altered lamprophyre dikes and high levels of arsenic, antimony, mercury and thallium. These features indicate a Carlin-style gold system may be present at Red Hill.

The data disclosed in this press release have been reviewed and verified by President & CEO Ken Cunningham, P.Geo, MSc. Geology and Qualified Person as defined by National Instrument 43-101.

Source: Miranda Gold Corp.

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