NuLegacy Suspends Field Exploration
June 03 2019 - 6:30AM
NuLegacy Gold announces that effective immediately it has suspended
all field exploration on its Red Hill property in the Carlin
gold-trend of Nevada.
NuLegacy Gold’s board of directors has
determined it is in the best long-term interests of the Company to
suspend field exploration until improved markets for gold and
junior gold stocks present better financing opportunities, or a
joint venture or merger partner can be enrolled. The Company has
approximately Cdn $1.5 million cash in its treasury.
The highly prospective new targets (potentially
Tier 1 exploration assets) generated by the 2018 wildcat drilling
and 2019 target delineation programs (Serena Offset, Rift Anticline
and Fourmile Look-alike) require significantly deeper core holes
than the previous reverse circulation drill targets and thus are
considerably more expensive to drill; as such the board has
instructed management to focus its current efforts on negotiating
with potential joint venture or merger partners who have expressed
interest in the Red Hill property while conserving cash.
About NuLegacy Gold
Corporation: NuLegacy is a Nevada exploration company
focused on discovering Carlin-style gold deposits on its premier
district scale 108 sq. km (42 sq. mile) Red Hill Property in the
prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Iceberg
Carlin-style gold deposits and has identified several additional
highly prospective exploration targets.
NuLegacy’s Red Hill Property 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
in the Cortez Trend is 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.
ON BEHALF OF NULEGACY GOLD
CORPORATION
Albert J. Matter, Chief Executive Officer
For further information, please phone
604-639-3640 or contact Albert Matter (CEO) at albert@nuggold.com
or visit www.nulegacygold.com.
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.
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
(including, but not limited to, potential joint venture or merger
opportunities) 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, changes in personnel,
market conditions, 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 Property.
In addition, the presence of gold resources on properties adjacent
or near the Red Hill Property (including, but not limited to,
Barrick’s Goldrush property) is not necessarily indicative of the
gold mineralization on the Red Hill Property. 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.
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