NuLegacy Gold reports that the geology intersected in MR23-01 is relatively close to that predicted. The Migo fault is located as projected, and it intersected 56.4 meters (185 feet) of Devonian Wenban5 formation thickness starting in the hanging wall within the targeted fault
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PRESS RELEASE
- NULEGACY REPORTS RESULTS FOR 1ST HOLE OF 2023 DRILLING
PROGRAM -
For Release December 18, 2023
Reno, NV – NuLegacy Gold reports that the geology intersected in MR23-01 is relatively close to
that predicted. The Migo fault is located as projected, and it intersected 56.4 meters (185 feet) of
Devonian Wenban5 formation thickness starting in the hanging wall within the targeted fault
corridor.
The anticipated Cretaceous diorite and metamorphic alteration was intercepted within the
Wenban5 target zone with only anomalous gold mineralization at the approximate center of the
Cretaceous diorite and metamorphic alteration.
Assay results from MR23-01 (azimuth 60°, inclination 50°) reported several intervals of
anomalous gold values (cut-off at 0.10 grams gold/t) the most significant of which is 0.013 to
0.677 grams of gold/tonne at a depth of 1570 to 1645 feet that averages 0.091 grams of gold/tonne.
The geology intersected directly under the volcanics was lower in the section, suggesting bedding
dips are steeper than anticipated between the Iceberg Corridor and the Mid-Rift target, possibly
indicating a local anticline that could enhance the target.
“The geological features encountered in the drill hole confirms that we are on the right path with
the exploration model”, commented Dr. Steininger, NuLegacy’s Director, Exploration. “Once the
supporting geochemical data is received a more instructive geological representation will be
available and allow for a reexamination of the Mid-Rife target concept.”
We have requested the assay lab expedite/rush assay for the second completed hole (IS23-01) of
the 5-hole Midrift program, as we will need to assess it before committing to drilling more of the
program’s holes in this lengthy and as yet largely untested target zone.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling
was conducted under the supervision of the Company’s project geologist 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
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statistical analysis of the standards and blanks that must pass certain parameters for acceptance
to ensure accurate and verifiable results.
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), as well as making a discovery on our premier flagship Red Hill property with its numerous prospective targets,
NuLegacy’s focus will include:
1. Establishing the viability of mining-shipping the mineralized material in the Iceberg corridor (North, Serena,
and Central zones).
2. Engaging with potential joint venture partners to assist NuLegacy in making that viability determination and
financing a positive decision.
3. 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.
4. And, mindful that we have, in our opinion, the best Carlin-exploration team,
a. Promoting the Red Hill to companies with the requisite engineering, construction, and production
management to develop any future discovery at Red Hill.
b. Engaging with neighbouring 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.
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 (including, but not limited to, the accuracy of
the Company’s current exploration model, the receipt of pending geochemical data from MR23-01 and its
anticipated usefulness in providing a more instructive geological representation of the Midrift target and
re-examination thereof, the timing of receipt of assay results from IS23-01, and the prospect of and timing
for completion of the 5-hole Midrift drill program), 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
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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 Company’s proposed 2023
fall/2024 winter drill program will be completed in its entirety, whether due to a lack of available funds,
insignificant drill results or otherwise. 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.