RENO, Nev., Dec. 06, 2023 (GLOBE NEWSWIRE) -- NuLegacy announces that it has completed the first two reverse circulation drill holes [Mid-rift (MR2023-01) and Iceberg South (IS23-02)] of its five-hole fall 2023/winter 2024 drilling program with the sample chips shipped to the assay lab for prep and assaying.
The assay results for MR23-01 (drilled Nov 11th to Nov 21st) are expected in mid-December, and results for IS23-02 (drilled Nov 22nd to Dec 6th) with the intervening Christmas break are expected in late January 2024.
Weather conditions in Nevada have made drilling conditions hazardous and more expensive. As a result, we have agreed with the drilling contractor for an early Christmas break for equipment repairs and maintenance with a resumption in the New Year when the frost has gone deep enough to freeze the roads solid.
As reported Nov. 27th, due to the trading price of the Company's shares having exceeded the C$0.025 offering price of the Company's recent non-brokered unit private placement, the TSX Venture Exchange, pursuant to exchange policy, would not accept the Company's request for a further 'extension' to complete the balance of the offering at $0.025 per unit. Market conditions permitting, the Company intends to initiate a new offering of additional units in the New Year, priced in the context of the market at that time.
About NuLegacy Gold
Exploration: NuLegacy is focused on exploring for high-grade Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile) district scale Red Hill property.
The Red Hill is on trend/adjacentI to three of Nevada Gold Mines' most profitable multi-million ounce Carlin-type gold mines; the Pipeline, Cortez and GoldrushII with their massive 50+ million ounces gold endowment. These are three of the world's thirty largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world's gold.
Seven of NuLegacy's principals/exploration team members have contributed to/participated in the discovery/expansion of one or more of all seven of Nevada's massive Carlin-style gold deposits.
Other activities: With the 'on-going' recovery in the price of gold to circa US $2,000 (+/- $200) making gold mining considerably more profitable, (as evidenced by the industry's highest dividend payout ratios in more than twenty years), in addition to making a discovery on our premier flagship Red Hill property with its numerous prospective targets, NuLegacy's focus will includeIII:
Establishing the viability of mining-shipping the mineralized material in the Iceberg corridor (North, Serena, and Central zones).
Engaging with potential joint venture partners to assist NuLegacy in making that viability determination and financing a positive decision.
Establishing a paying royalty portfolio to, at a minimum, cover the annual ongoing cost (~ US $425,000) of maintaining NuLegacy's ownership/control of the prized Red Hill property.
And, mindful that we have, in our opinion, the best Carlin-exploration team,
Promoting the Red Hill to companies with the requisite engineering, construction, and production management to develop any future discovery at Red Hill.
Engaging with neighboring landowners to review potential synergies/opportunities.
I The similarity and proximity of these deposits in the Cortez Trend including Goldrush are not necessarily indicative of the gold mineralization in NuLegacy's Red Hill Property.
II Currently structured as an underground mine Goldrush contains P&P: 7.8 M oz @ 7.29 g/t; M&I: 8.5 M oz @ 7.07 g/t (inclusive of P&P); and Inferred: 4.5 M oz @ 6.0 g/t (as of December 31, 2021). Source: Corporate presentation of Nevada Gold Mines – Goldrush Underground dated September 22, 2022.
III There are no known mineral resources or reserves on the Red Hill Property and the current drill program is an exploratory search for ore.
On Behalf Of The Board Of NuLegacy Gold Corporation
Albert J. Matter, Chief Executive Officer & Cofounding Director
Tel: +1 (604) 639-3640; Email: albert@nuggold.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Dr. Roger Steininger, a Director of NuLegacy, 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 approving the scientific and technical information contained in this news release.