Explores its options
1 of 2 TSXV: NUG / OTCQB: NULG.F
PRESS RELEASE
- NULEGACY SUSPENDS 2024 EXPLORATION PROGRAM –
~ Explores its options ~
For Release January 4, 2024
Reno, NV – NuLegacy Gold reports that it is suspending further exploration of its Red Hill
Property. This suspension is due to the lack of any meaningful results in the second hole of the
2023 program combined with the failure to fully complete the Sept 2023 common share offering
which was seeking C$ 2.5 million. NuLegacy will now explore various options for the Red Hill
Property.
The second hole, IS23-02 (a vertical hole 2,000 feet deep) intercepted 365 feet, or 111 metres of
Wenban Unit 5 in the main target zone below the CMZ-G fault (745-1110 ft). While there were
numerous faults and a continuous breccia zone 100 feet thick, there was no strong Carlin-type
alteration throughout or below the main target, thus no strong geochemical signature to guide
further targeting. Based on significant being 10 feet or more of 0.1 g/t Au or higher, there were
no significant intervals of gold in the hole.
NuLegacy Gold Corporation further reports that at its annual general meeting held on December
29, 2023, a total of 200.8 million common shares or approximately 32.41% of the Company’s
issued and outstanding shares were represented. Shareholders voted in favor of all items of
business before the meeting, including the appointment of DeVisser Gray LLP as the Company’s
auditor and the election of the following directors for the ensuing year: Albert Matter, Alex
Davidson, John Budreski and Roger Steininger.
The Company also announces a change in Corporate Secretary. Mr. Gregory Chu, who has acted
as NuLegacy’s Corporate Secretary since its inception, has recently retired from law practice. The
Company would like to thank him for his many years of exceptional service as NuLegacy’s legal
counsel and Corporate Secretary. Mr. Xavier Wenzel, CPA, CA, NuLegacy’s Chief Financial
Officer, will assume the position of Corporate Secretary.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was
conducted under the supervision of the Company’s project geologists and the chain of custody from the
project to the independent sample preparation facility, American Assay Labs in Sparks, NV, was
continuously monitored. The samples were crushed, pulverized and sample pulps were analysed using industry
standard fire assay methods. A blank or certified reference material was inserted approximately every 20th
sample. Data verification of the analytical results included a statistical analysis of the standards and blanks
that must pass certain parameters for acceptance to ensure accurate and verifiable results.
2 of 2 TSXV: NUG / OTCQB: NULG.F
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.
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.
ON BEHALF OF THE BOARD OF NULEGACY GOLD CORPORATION
Albert J. Matter, Chief Executive Officer & Cofounding Director
Tel: +1 (604) 639-3640; Email: [email protected]
For more information about NuLegacy visit: www.nulegacygold.com or www.sedarplus.ca
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.
Cautionary Statement on Forward-Looking Information: This news release contains forward-looking information and
statements under applicable securities laws, which information and/or statements relate to future events or future
performance and reflect management’s current expectations and beliefs based on assumptions made by and information
currently available to the Company. 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 limited to, market conditions, availability of financing, actual results of exploration
activities and drilling, unanticipated geological, stratigraphic and structural formations, misinterpretation or incorrect
analysis of projected geological structures, alterations and mineralization, environmental risks, operating risks, adverse
weather conditions, accidents, labor issues, delays in obtaining governmental approvals and permits, inability to secure
drilling equipment and/or contractors on a timely basis or at all, delays in receipt of assay results from third party
laboratories, inflation, future prices for gold, changes in personnel and other risks in the mining industry. There are no
assurances that the net proceeds from the Offering will be sufficient to complete the Company’s proposed 2023 fall/winter
drill program in its entirety. Furthermore, there are no known mineral resources or reserves in the Red Hill Property, the
proposed drill program is an exploratory search for ore and the presence of gold resources on properties adjacent or near
the Red Hill Property including the Goldrush deposit is not necessarily indicative of the gold mineralization on the Red Hill
Property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing wars in Ukraine and
Gaza, elevated inflation and high interest rates and the impact they will have on the NuLegacy’s operations, personnel,
supply chains, ability to raise capital, access properties or procure exploration equipment, supplies, contractors, and other
personnel on a timely basis or at all and economic activity in general. All the forward-looking information and statements
made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings
available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements in this news release 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 by applicable law. Accordingly, readers should not place undue reliance on forward-looking
information and statements.
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 release.