NuLegacy Reports on Fall 2019/Spring 2020 Exploration Program
VANCOUVER, British Columbia, Oct. 21, 2019 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation (“NuLegacy” or the “Company”) (TSXV: NUG; OTCQB: NULG.F) is pleased to report the commencement of its Fall 2019-Spring 2020 exploration program.
The Fall 2019-Spring 2020 exploration program is budgeted at US$3.5 million (C$4.7 million) with a total of 17 deep core holes measuring ~7,000 meters (~23,000 feet1) targeting five different zones, and a substantial expansion of the AV Plan of Operations.
Drilling: The Fall 2019 program is budgeted at ~US$0.75 to 1.0 million (~C$1.25 million) anticipating five to seven core holes (~3,300 meters/11,000 feet) including two holes for each of the Serena Offset and Western Slope zones with an additional two or possibly three (weather permitting) in the “4Mile Look-alike” zone. View map at: https://nulegacygold.com/site/assets/files/6378/website_drill_map_oct_2019.pdf
Boart Longyear has provided a LF-90 track mounted core rig capable of drilling to 2,300 feet (700 m) which is currently completing Hole SO (Serena Offset) 19-01. The Boart rig will drill the four holes (Serena Offset & Western Slope) east of the Rift. Legarza Exploration is extending the road to the west side of the Rift Zone to access the targets for the two or three initial “4Mile Look-alike” holes (1see map as above). Tonatec Drilling is supplying an Atlas Copco 4000 core rig capable of drilling to 6,000 feet (2,000 m) to drill the two or three holes in the Look-alike zone.
Permitting: In November 2018, NuLegacy reported final approval from the U.S. Bureau of Land Management for the AV (Avocado) Plan of Operations (PoO) environmental permit. EnviroScience and its subcontractors will be expanding the AV PoO to the south and west to include all the areas currently being drilled as well as the Rift Anticline zone in the middle. The expansion of this PoO, budgeted at US$500,000, will cover a total of 8,500 acres (~13 sq. miles); the substantially larger disturbance allowance will provide NuLegacy the necessary flexibility in planning and permitting drill sites for follow up to the successes of the Fall-Spring exploration program.
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.
To learn more about NuLegacy Gold Corporation, please visit: www.nulegacygold.com or NuLegacy's SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD OF NULEGACY GOLD CORPORATION
Albert J. Matter
Chief Executive Officer & Director
Tel: +1 (604) 639-3640
Email: albert@nuggold.com
Cautionary Statement on Forward-Looking Information: This news release contains forward-looking information and forward-looking statements under applicable securities laws, which information and/or statements relate to future events or future performance (including, but not limited to, the proposed drill program, the number and location of drill targets and the estimated cost and the timing thereof) and reflect management’s current expectations and assumptions. Such forward-looking information and statements reflect management’s current beliefs and are 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, environmental risks, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, 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 and any proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold resources on properties adjacent or near the Red Hill Property is not necessarily indicative of the gold mineralization on the Red Hill Property. 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 under applicable securities legislation.
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.
1 Final tally will depend on terminal depth of the holes.
