RENO, Nev., Sept. 20, 2022 (GLOBE NEWSWIRE) — NuLegacy Gold Company has suspended the summer-fall 2022 drilling program on its 100% managed 108 sq. km. flagship Crimson Hill exploration property situated within the prolific Cortez gold development of north-central Nevada, immediately adjoining to, and on development with, three of Barrick Gold’s six high Tier 1 mines.I
“We’re suspending drilling after finishing 4 of six deliberate holes pending assays for these accomplished holes and an improved financing setting,” commented CEO Albert Matter.
The Part 1 Serena Extension drilling was designed to ‘fill in’ a number of 100-meter ‘gaps’ within the Serena-North zone, notably to find out if the best grade on the property thus far (16.9 grams gold/ton over 8.7 meters – Serena 18-02 – see information launch dated Aug 27, 2018) has continuity to the west alongside the Lengthy fault.
The Mid Rift goal is inside an obvious uplifted hall of Paleozoic rocks (much like Goldrush) outlined by CSAMT geophysics that correlates immediately with a 150-meter-wide zone of north-northwest trending, steep dipping faults that are parallel today techs to the Iceberg fault, and anticipated to be a steep feeder fault for gold mineralization.
The Firm expects to report preliminary assay outcomes from these 4 holes within the coming weeks.
NuLegacy Gold is targeted on confirming potential high-grade Carlin-style gold deposits inside its flagship 108 sq. km (42 sq. mile) district scale Crimson Hill Property within the Cortez gold development of Nevada. The targets are on development and adjoiningI to a few, multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are ranked amongst the world’s thirty largest, lowest price and politically most secure gold mines and are three of Nevada Gold Mines’ most worthwhile mines.II
I The similarity and proximity of those deposits within the Cortez Development together with Goldrush are usually not essentially indicative of the gold mineralization in NuLegacy’s Crimson Hill today techs Property.
II As extracted from Barrick’s This fall-2013 and Q1-2014 experiences. As reported by Barrick, the Goldrush useful resource incorporates 8,557,000 indicated ounces of gold inside 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces inside 5.6 million tonnes grading ~9.0 g/t.
Dr. Roger Steininger, a Director of NuLegacy, is a Licensed Skilled Geologist (CPG 7417) and the certified particular person as outlined by NI 43-101, Requirements of Disclosure for Mineral Initiatives, answerable for approving the scientific and technical info contained on this information launch.
On Behalf of the Board of NuLegacy Gold Company,
Albert J. Matter, Chief Government Officer & Founding Director
Tel: +1 (604) 639-3640; E mail: email@example.com
Cautionary Assertion on Ahead-Wanting Data: This information launch incorporates forward-looking info and statements underneath relevant securities legal guidelines, which info and/or statements relate to future occasions or future efficiency (together with, however not restricted to, the possible nature of the Crimson Hill Property and its potential to host a big Carlin-style gold deposit; the standing of the Firm’s 2022 exploration and drill program for the Crimson Hill Property; the existence of potential mineral sources; and potential strategic options to assist future exploration and financing) and mirror administration’s present expectations and beliefs primarily based on assumptions made by and knowledge presently obtainable to the Firm. Readers are cautioned that such forward-looking info and statements are neither guarantees nor ensures, and are topic to dangers and uncertainties that will trigger future outcomes to vary materially from these anticipated together with, however not restricted to, precise outcomes of exploration actions, unanticipated geological, stratigraphic and structural formations, environmental dangers, working dangers, accidents, labor points, delays in acquiring governmental approvals and permits, delays in receipt of assay outcomes from third occasion laboratories, the provision of financing, market situations, inflation, future costs for gold, adjustments in personnel and different dangers within the mining business. There are not any assurances that the Firm will efficiently full the Part 1 drilling (or future phases) on the Crimson Hill Property as presently contemplated or in any respect. Moreover, there are not any recognized mineral sources or reserves within the Crimson Hill Property, any proposed exploration packages are exploratory searches for our bodies of ore and the presence of gold sources on properties adjoining or close to the Crimson Hill Property together with Goldrush shouldn’t be essentially indicative of the gold mineralization on the Crimson Hill Property. There’s additionally uncertainty in regards to the continued unfold of COVID-19, the continued conflict in Ukraine and rising inflation today techs and rates of interest and the influence they’ll have on the NuLegacy’s operations, personnel, provide chains, means to lift capital, entry properties or procure exploration tools, contractors and different personnel on a well timed foundation or in any respect and financial exercise typically. All of the forward-looking info and statements made on this information launch are certified by these cautionary statements and people in our steady disclosure filings obtainable on SEDAR at www.sedar.com. The forward-looking info and statements on this information launch are made as of the date hereof and the Firm doesn’t assume any obligation to replace or revise them to mirror new occasions or circumstances save as required by relevant regulation. Accordingly, readers mustn’t place undue reliance on forward-looking info and statements.
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