NuLegacy Employs Two Drill Rigs
~ Drilling major step-outs ~
RENO, Nev., Nov. 13, 2018 (GLOBE NEWSWIRE) — NuLegacy Gold Corporation (NUG:TSXV / NULGF:OTC) reports there are two rigs – a core rig and a reverse circulation (RC) rig – drilling on its Red Hill property. A third, deep RC drill will be added later in November to drill deeper targets to recover from permitting and drill rig availability delays and complete the 10-hole fall exploration program before the winter shut down.
The ten-hole fall drilling program includes holes in the Serena zone to expand on the results from SR18-01c and SR18-02c announced earlier in the season (15.2 meters of 3.27 grams/ton gold, and 8.7 meters of 16.9 grams/ton gold respectively). Additional widely spaced holes are being drilled as substantial step-outs 1,000 meters west of the South Iceberg zone, 1,500 meters west of the Avocado zone, and 2,000 meters west of the Serena zone targeting additional areas of possible high-grade gold mineralization on the company’s 108 square km (41 square mile) Red Hill property. The two holes that were completed before these delays are located NW and NE of the Serena zone and returned nominal assays.
With the fall program only just getting underway, further results will be reported when all assays have been received and fully evaluated by the geological team, likely mid-January.
About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 108 sq. km (41.7 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Iceberg Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year.
NuLegacy’s Red Hill Project is located on trend and adjacenti to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold minesii.
i The similarity and proximity of these deposits (including Goldrush) in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Project.
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.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
Derick Unger, NuLegacy’s Chief Geologist is a Certified Professional Geologist (CPG 11927) 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.
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 news release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking 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, future prices of gold, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, availability of financing and other risks in the mining industry. There are no known resources or reserves in the Red Hill Project and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, the presence of gold deposits on properties adjacent or near the Red Hill Project is not necessarily indicative of the gold mineralization on the Red Hill Project. All the forward-looking 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. These forward-looking statements 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.