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NuLegacy Reports Results For 1st Hole of 2023 Drilling Program

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NuLegacy Reports Results For 1st Hole of 2023 Drilling Program

 

 

 

 

 

NuLegacy Gold (TSX-V:NUG) reports that the geology intersected in MR23-01 is relatively close to that predicted. The Migo fault is located as projected, and it intersected 56.4 meters (185 feet) of Devonian Wenban5 formation thickness starting in the hanging wall within the targeted fault corridor.

 

The anticipated Cretaceous diorite and metamorphic alteration was intercepted within the Wenban5 target zone with only anomalous gold mineralization at the approximate center of the Cretaceous diorite and metamorphic alteration.

 

Assay results from MR23-01 (azimuth 60°, inclination 50°) reported several intervals of anomalous gold values (cut-off at 0.10 grams gold/t) the most significant of which is 0.013 to 0.677 grams of gold/tonne at a depth of 1570 to 1645 feet that averages 0.091 grams of gold/tonne.

The geology intersected directly under the volcanics was lower in the section, suggesting bedding dips are steeper than anticipated between the Iceberg Corridor and the Mid-Rift target, possibly indicating a local anticline that could enhance the target.

 

The geological features encountered in the drill hole confirms that we are on the right path with the exploration model”, commented Dr. Steininger, NuLegacy’s Director, Exploration. “Once the supporting geochemical data is received a more instructive geological representation will be available and allow for a reexamination of the Mid-Rife target concept.”

 

We have requested the assay lab expedite/rush assay for the second completed hole (IS23-01) of the 5-hole Midrift program, as we will need to assess it before committing to drilling more of the program’s holes in this lengthy and as yet largely untested target zone.

 

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company’s project geologist and the chain of custody from the project to the independent 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.

 

About NuLegacy Gold: Exploration:

 

NuLegacy is focused on exploring for high-grade Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile) district scale Red Hill property.

 

The Red Hill is on trend/adjacentI to three of Nevada Gold Mines’ most profitable multi-million ounce Carlin-type gold mines; the Pipeline, Cortez and GoldrushII with their massive 50+ million ounces gold endowment. These are three of the world’s thirty largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world’s gold.

 

Seven of NuLegacy’s principals/exploration team members have contributed to/participated in the discovery/expansion of one or more of all seven of Nevada’s massive Carlin-style gold deposits.

 

Other activities: With the ‘on-going’ recovery in the price of gold to circa US $2,000 (+/- $200) making gold mining considerably more profitable, (as evidenced by the industry’s highest dividend payout ratios in more than twenty years), as well as making a discovery on our premier flagship Red Hill property with its numerous prospective targets, NuLegacy’s focus will include:

  1. Establishing the viability of mining-shipping the mineralized material in the Iceberg corridor (North, Serena, and Central zones).
  2. Engaging with potential joint venture partners to assist NuLegacy in making that viability determination and financing a positive decision.
  3. Establishing a paying royalty portfolio to, at a minimum, cover the annual ongoing cost (~ US $425,000) of maintaining NuLegacy’s ownership/control of the prized Red Hill property.
  4. And, mindful that we have, in our opinion, the best Carlin-exploration team,
    1. Promoting the Red Hill to companies with the requisite engineering, construction, and production management to develop any future discovery at Red Hill.
    2. Engaging with neighbouring landowners to review potential synergies/opportunities.

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 Inferred: 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.

 

Posted December 19, 2023

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