~ Mike Penick joins the geo-team ~
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- NuLegacy Gold Reports Next New Consultancy-
~ Mike Penick joins the geo-team ~
For Immediate Release March 21, 2023
Reno, NV – NuLegacy Gold reports on the second of several new consultancies as part of our
strategy to expand our geo-team to increase and capitalize on the values we have established.
We are pleased to welcome Mr. Michael Penick, B.S. Geology, who has joined our team of Carlin-
type gold system discovery consultants in developing our 2023 drilling program for our 108 sq.
km flagship Red Hill property in Nevada’s famed Cortez gold- trend, one of the world’s premier
gold mining jurisdictions.
Mr. Penick was an integral part of the Exploration team that was responsible for the discovery of
the multi-million-ounce Goldrush gold deposit just to the northeast of our Red Hill property1.
Mr. Penick has had a long and successful career in mineral exploration and management in copper,
uranium and most particularly gold. Most notably, Mike held numerous positions in Nevada and
globally for Barrick Gold, initially as Chief Mine Geologist at the Betze-Post Open Pit Goldstrike
Mine where he was responsible for mine geology, geotechnical engineering, and resource
modeling activities.
Later, after serving as Geological Services Manager at Kennecott’s Bingham Canyon Copper
Mine, he held the position of Chief Exploration Geologist for Barrick’s Cortez district.
Mike was then promoted to Director-USA Minesite Exploration of numerous Barrick-owned mine
camps in the US including the Cortez, Goldstrike, Turquoise Ridge, Bald Mountain and Ruby Hill
properties, after which, he became part of Barrick’s efforts in exploration support on all global
mine sites as Manager-Minex.
Both Nancy Richter, formerly US Exploration Manager, Barrick Gold Exploration Inc., who
recently became a consultant to NuLegacy Gold, and our longtime Exploration Manager, Charles
Weakly worked under Mike’s guidance while at Barrick.
1 The Red Hill targets are on trend and adjacentI to three, multi-million ounce Carlin-type gold deposits (the Pipeline,
Cortez Hills and Goldrush deposits) which are ranked amongst the world’s thirty largest, lowest cost and politically
safest gold mines and are three of Nevada Gold Mines’ most profitable mines.II
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Together they will focus our summer 2023 drilling program and select the 5 or 6 best holes to be
drilled initially out of the 25+ possible drill sites that the geo-crew has selected.
The rigorous drill hole selection process , which was started with a geo-technical review session
held in Reno March 6-7, is scheduled to be completed by May 8- 9 in Elko, ( coincident with our
touring the property with a number of ‘friends of the court’) with the intent of making a discovery,
or further narrow ing the field of opportunity. Preliminary information thereon will be made
available shortly.
Drilling and logistical supply contracts are being finalized and a meeting with the assay lab
provider is forthcoming. Drilling is still scheduled to commence June 1, 2023 (plus/minus a week),
and finish in late-July, with the initial assays for gold in hand for reporting in the second half of
August.
The drilling will require financing as our current treasury (~ C $1.8 million) is reserved for
maintenance of the Red Hill property and minimal staffing and professional f ees as required for
executing on the exit strategy – enrolling one of the four or five currently identified and qualified
acquirors of the Red Hill property. When appropriate we plan to announce a modest equity unit
financing.
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.sedar.com
NuLegacy Gold is focused on confirming potential high-grade Carlin-style gold deposits within its flagship
108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada. The targets are
on trend and adjacent I to three, multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills
and Goldrush deposits) which are ranked amongst the world’s thirty largest, lowest cost and politically
safest gold mines and are three of Nevada Gold Mines’ most profitable mines.II
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 Inf erred: 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.
Page 3 of 3 NUG:TSXV / NULGF:OTC
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and w ill not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be
offered or sold within the United States or to or for the account or benefit of a U.S. person (as defi ned in
Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
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 (including, but not limited to, NuLegacy’s plans and objectives for
expanding its geological team, the prospective nature of the Red Hill Property and its potential for hosting
a significant Carlin -style gold deposit; the current modeling and potential future exploration and drill
programs for the Red Hill Property including NuLegacy’s proposed 2023 drill program and the size,
targets, timing and anticipated cost thereof; the existence of potential mineral resources; NuLegacy’s
proposed future equity financing and the terms , minimum pricing, size and timing thereof, and proposed
exit strategy to support further exploration and financing including the sale of the Red Hill Property to, or
the merger of the Company with, a producing company and the timing thereof) and reflect m anagement’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, environmental risks, operating risks, accidents, labor issues, delays in obtaining governmental
approvals and permits, 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 will successfully complete an equity financing on the terms presently contemplated or at all
to raise sufficient funds to carry out the proposed 2023 drill program or engage a third -party producing
company to purchase the Red Hill Property or merge with the Company to carry out further exploration
and drilling of Red Hill as currently contemplated or at all. Furthermore, there are no known mineral
resources or reserves in the Red Hill Property, any proposed exploration programs are exploratory
searches for bodies of ore and the presence of gold resources on properties adjacent or near the Red Hill
Property including Goldrush and the Cortez Fourmile deposi t 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 war in Ukraine and rising inflation and 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.sedar.com. 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.