~ Six-hole Phase One ~
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- NULEGACY COMMENCES DRILLING -
~ Six-hole Phase One ~
For Immediate Release August 16th, 2022
Reno, NV – NuLegacy Gold Corporation has commenced Phase 1 of its summer -fall 2022
drilling program on its 100% controlled 108 sq. km. flagship Red Hill exploration property
located in the prolific Cortez gold trend of north -central Nevada, directly adjacent to , and on
trend with, three of Barrick Gold’s six top Tier 1 mines. I
View this news release with all graphics displayed at: https://bit.ly/NuLegacydrilling2022
Initially we will drill 6 reverse circulation (RC) holes varying in depth from 1,400 to 2,000 feet
(Phase 1), and pause for assays and analysis to guide the choice of the next holes and conserve
cash during the current hiatus in the precious metals financing market.
Phase One: Six RC holes (totaling ~10,400 feet of RC drilling) with one in the Mid Rift and five
in the Serena Extension program.
The Phase 1 Serena Extension drilling (holes SR22-01 to 05 below) is designed to ‘fill in’ several
100-meter ‘gaps’ in the Serena-North zone and particularly, the western most of these five holes
will determine if the highest grade drill hole intercept on the property to date (16.9 grams
gold/ton over 8.7 meters - Serena 18-02 - see news release dated Aug 27, 2018) has continuity
to the west along the Long fault, and test for a deeper gold zone along the Long fault in the
anticipated Roberts Mountains Formation around 425-meter depth.
The Mid Rift target (hole MR22- 01 below) is within an apparent narrow uplifted corridor of
Paleozoic rocks defined by CSAMT geophysics. It correlates directly with a 150- meter-wide
zone of north- northwest trending, steep dipping faults that is parallel to the Iceberg fault and
anticipated to be a steep feeder fault for gold mineralization.
This fault should intersect the low-angle west dipping gold-controlling Central Mineralized Zone
(CMZ) fault that mineralized the Iceberg corridor and several other similar related faults at depth.
The existing Iceberg (to the east) and Rift drilling (to the west) to date suggests moderate to thick
sequences of the favorable Wenban Unit 5 and Roberts Mountains host rocks will be present
along this target zone.
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Phase One drill hole locations: https://bit.ly/2022Phase1drillholes
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 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 within 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred
ounces within 5.6 million tonnes grading ~9.0 g/t.
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.
ON BEHALF OF THE BOARD OF NULEGACY GOLD CORPORATION,
Albert J. Matter, Chief Executive Officer & Founding Director
Tel: +1 (604) 639-3640; Email: [email protected]
For more information about NuLegacy visit: www.nulegacygold.com or www.sedar.com.
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 fu ture 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 current
modeling and proposed 2022 exploration and drill program for the Red Hill Property including potential
locations and number of drill sites/targets, the nature and type of drilling, number of holes, total
metres/feet, and the timing and costs thereof; the anticipated geological structures, faults and host rock
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formations, and the existence of potential mineral resources ) 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, actual results of exploration activities,
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, the availability of fina ncing, market conditions, 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 the Phase 1 drill program on the Red Hill
Property (or any future phases) 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 is not necessarily indicative of the gold mineralization on the
Red Hill Property. There is also uncertainty about the continued spread of COVID-19, the war in Ukraine
and rising inflation and in terest 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,
contractors and other personnel on a timely basis or at all and economic activi ty 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.