Update on 2021 Exploration Program
RENO, Nev., July 13, 2021 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation is pleased to provide an update on progress of its 2021 exploration program at the ~6 sq km Rift Anticline target, part of its flagship 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/update-on-2021-exploration-program/
Drilling: To date three holes (RA21-01, 02 and 03) have been completed - drilled, logged, split, and submitted for assaying - and three more (RA21-04, 06 and 08) are nearing completion. (https://nulegacygold.com/site/assets/files/6871/july_13-_2021_-_drillmap.jpg)
As reported in our news release of April 13, 2021, reverse circulation drilling of hole pre-collars (to depths of 1,000 to 1,500 feet) began in late March, and the first two core rigs to drill core-tails to targeted depths arrived in mid-April and early May with the third arriving mid-June.
The completion of the first three core-tails (RA21-01, 02 and 03) to their targeted depths of 3,150, 3,975 and 3,885 feet respectively, took until mid-June. With hole depths averaging 3,600 feet (~1,100 meters) the persistently difficult ground conditions have proven challenging to drill. Supply chain disruptions have also caused some delays.
Logging, splitting, and assaying: Of the total footage drilled (~11,000 feet) in these first three holes ~6,000 feet is core, of which logging identified ~4,500 feet of altered rock warranting splitting and assaying. These intervals were submitted for assaying between late May and the end of June. Under current conditions, labs are quoting assay turnaround time of 8 to 10 weeks. NuLegacy is expecting to receive gold assays for the first three holes by mid-August and reporting them as soon as fully interpreted by NuLegacy’s geological staff.
The three holes nearing completion (RA21-04, 06 and 08) will be logged, split, and submitted for gold assaying by mid-August.
Summary: Having identified compelling geochemical trends pointing towards a very large Carlin-style mineralized gold system within the Rift Anticline target as described in our news release dated April 27, 2021, a 12-hole drilling program to identify the mineralizing source is NuLegacy’s main objective in 2021.
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 was continuously monitored. A blank or certified reference material was inserted approximately every 20th sample. The samples were delivered to American Assay Labs’ preparation facility in Sparks, NV.
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 adjacentI 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 and the potential existence of a very large Carlin style mineralized gold system thereon, the proposed exploration and drilling program for the Rift Anticline target including the initial drill sites and targets 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.
