RENO, Nev., Sept. 20, 2022 (GLOBE NEWSWIRE) — NuLegacy Gold Corporation has suspended the 2022 summer-fall drilling program on its 108 sq km 100% controlled. Red Hill’s flagship exploration property located in the prolific gold-bearing Cortez trend in north-central Nevada, directly adjacent to and continuous with three of Barrick Gold’s six major Tier 1 mines.I
“We are suspending drilling after completing four of six planned holes pending assays of those completed holes and an improved funding environment,” commented CEO Albert Matter.
The Phase 1 drilling of the Serena extension was designed to “fill” several 100 meter “gaps” in the Serena-North zone, in particular to determine if the highest grade on the property to date (16 .9 grams gold/tonne over 8.7 meters – Serena 18-02 – see press release August 27, 2018) has westward continuity along the Long Fault.
The Mid Rift target lies within an apparently uplifted corridor of Paleozoic rocks (similar to Goldrush) defined by CSAMT geophysics which is directly correlated to a 150 meter wide area of north-northwest trending steep faults parallel to the Iceberg Fault, and should be a steep feeder fault for gold mineralization.
The Company expects to publish the first assay results from these four holes in the coming weeks.
NuLegacy Gold is focused on confirming potential high-grade Carlin-style gold deposits at its flagship 108 km2 (42 sq mi) district-scale property in the Red Hill District in Nevada’s Cortez Gold Trend. The targets are on trend and adjacentI at three, several million ounces The Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) which are ranked among the thirty largest, cheapest and most politically secure gold mines in the world and are three of the most profitable mines of Nevada Gold Mines.II
I The similarity and proximity of these deposits in the Cortez trend, including Goldrush, is not necessarily indicative of gold mineralization at NuLegacy’s Red Hill property.
II As extracted from Barrick’s Q4-2013 and Q1-2014 reports. As reported by Barrick, the Goldrush resource contains 8,557,000 indicated ounces of gold in 25.78 million tonnes grading approximately 10.57 g/t and 1,650,000 inferred ounces in 5.6 million tonnes grading approximately 9.0 g/t.
Dr. Roger Steininger, Director of NuLegacy, is a Certified Professional Geologist (CPG 7417) and Qualified Person as defined by NI 43-101, Disclosure standards for mining projects, responsible for approving the scientific and technical information contained in this press release.
On behalf of the NuLegacy Gold Corporation Board of Directors,
Albert J. Matter, Chief Executive Officer and Founding Director
Tel: +1 (604) 639-3640; Email: [email protected]
For more information about NuLegacy, visit: www.nulegacygold.com or www.sedar.com.
Caution regarding forward-looking information: This press release contains forward-looking information and statements under applicable securities laws, which information and/or statements relate to future events or future performance (including, but not limited to, the prospective nature of the Red Hill property and its potential to host a significant Carlin-style gold deposit; the status of the Company’s 2022 exploration and drilling program for the Red Hill property; the existence of mineral resources and potential strategic alternatives to support future exploration and financing) and reflect management’s current expectations and beliefs based on assumptions made by the Company and information currently available to it. Readers are cautioned that such forward-looking information and statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, but not limit, actual results of exploration activities, , stratigraphic and structural formations, environmental hazards, operating hazards, accidents, labor issues, delays in obtaining approvals and government permits, delays in receiving assay results from third-party laboratories, availability of funding, market conditions, inflation, future gold prices, personnel changes and other risks in the ‘mining industry. There is no guarantee that the Company will successfully complete Phase 1 drilling (or future phases) on the Red Hill Property as currently contemplated or at all. In addition, there are no known mineral resources or reserves on the Red Hill property, any proposed exploration program is an exploratory search for ore deposits and the presence of gold resources on properties adjacent or near the Red Hill property, including Goldrush, is not necessarily indicative of gold mineralization on the Red Hill property. There is also uncertainty about the continued spread of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on operations, the personnel, NuLegacy’s supply chains, ability to raise capital, access properties or procure exploration. equipment, contractors and other personnel on time or not at all; and economic activity in general. All forward-looking information and statements contained in this press release are qualified by these cautionary statements and those contained in our continuous disclosure documents available on SEDAR at www.sedar.com. The forward-looking information and statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable law. required. Accordingly, readers should not place undue reliance on forward-looking information and statements.
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