NuLegacy Receives Assays for First Three Holes of 2021 Drilling Program

2021-08-26 / @nasdaq

RENO, Nev., Aug. 26, 2021 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation has received assays from the first three of eight holes completed in its 2021 diamond drilling campaign. Drilling is focused on the northwest quadrant of the ~ 10 sq. km Rift Anticline target, part of NuLegacy’s 100% controlled 108 sq. km Red Hill exploration property in Nevada’s Cortez gold-trend. To view this news release with its graphics displayed please link to: https://nulegacygold.com/news/news-releases/nulegacy-receives-assays-for-first-three-holes-of-2021-drilling-program/

Summary of Drilling to Date:

Eight widely spaced (0.5 to +1 km) holes have been completed (RA21-01 through -04, -06, -08, -10 and -13) with the core tail of a ninth hole (RA21-05) underway.
Assays have been received for RA21-01, -02 and -03. Intervals of anomalous gold values are summarized below:
- RA21-01:
  - 335.3-547.1 (211.8) meters, numerous intervals reporting between 10-50 ppb Au
- RA21-02:
  - 211.8-413.3 (201.5) meters, numerous intervals reporting between 10-50 ppb Au
  - 685.8-880.0 (194.2) meters, numerous intervals reporting between 10-60 ppb Au
  - 950.2-1100.9 (150.7) meters, numerous intervals reporting between 10-410 ppb Au
- RA21-03:
  - 236.2-551.7 (315.5) meters: numerous intervals reporting between 10-130 ppb Au
  - 1133.9-1175.8 (41.9 at end of hole) meters: numerous intervals run between 10-90 ppb Au
Although no economic gold grades were encountered in these three holes, very long intervals of anomalous gold indicate the presence of a large hydrothermal system within the target area. Alteration typical of Carlin type gold systems is present in conjunction with these anomalous gold intervals.
To date, anomalous gold values have been encountered in the Wenban, Roberts Mountains and Hanson Creek formations, all of which are host rocks to multiple large gold deposits in the region. Thick sections of these prospective hosts rocks have been encountered in each of the first three 2021 drill holes.
Holes RA21-01, 02 and 03 are the deepest holes drilled to date in the Rift Anticline at 958.1, 1211.3 and 1175.8 m, respectively.
Holes RA21-04, -06 and -08 have been logged, split, and submitted for assaying. Holes RA21-10 and -13 are in the process of being logged and split for submission.

(https://nulegacygold.com/site/assets/files/6908/aug_26_2021_drillmap.jpg)

Summary: As detailed in our news release dated April 27, 2021, these compelling geochemical trends point towards a very large Carlin-style mineralized gold system within the Rift Anticline target.

Due to slow assay turn around, NuLegacy plans to pause its drill program after completion of hole RA21-05, currently in progress, so that gold assays and the multi-element analytic results can be returned and reviewed. Further drilling will be guided by modeling of the vectors generated by these results.

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 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.

On trend: NuLegacy Gold is focused on confirming high-grade Carlin-style gold deposits within the ~ 6 sq. km Rift Anticline target in the northwest corner of its flagship 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada. The Rift Anticline target is located on trend and adjacent^I to the 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 Matter, Chief Executive Officer & Founding Director
Tel: +1 (604) 639-3640; Email: albert@nuggold.com

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 future events or future performance (including, but not limited to, the prospective nature of the Rift Anticline target, the proposed exploration and drilling program for the Rift Anticline target including future drill sites, targets and plans and the timing and costs thereof and the estimated timeframe for receipt and reporting of assay results) 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 financing, market conditions, future prices for gold, changes in personnel and other risks in the mining industry. There are no known resources or reserves in the Red Hill Property, any proposed exploration programs are exploratory searches for commercial 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 spread of COVID-19 and variants of concern and the impact they will have on the Company’s operations, personnel, supply chains, ability to access properties or procure exploration equipment, 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.