NuLegacy Gold Corporation (TSXV:
NUG; OTCQB:
NULG.F) provides
updates on the permitting and exploration progress on its flagship
108 sq. km Red Hill property located in Nevada’s Cortez trend,
which is host to multiple large high-grade Carlin-type gold
deposits in one of the world’s premier gold mining
jurisdictions.
Permitting Update: In June of
this year NuLegacy successfully acquired 44 pre-approved Greater
Sage-Grouse conservation credits in order to fully satisfy
NuLegacy’s compensatory mitigation obligations for its US$500,000
modified Plan of Operations (POP) over the Red Hill project as
noted in our news release of June 16, 2020.
NuLegacy’s CEO, Albert Matter, comments “We are
pleased to be the first exploration company to work with the
State’s Sagebrush Ecosystem Program to purchase credits from the
Nevada Conservation Credit System. This transaction
demonstrates our commitment to conserving Nevada’s wildlife.”
Permitting for NuLegacy’s modified POP at Red
Hill is on schedule with the submission of the new environmental
baseline studies to the Bureau of Land Management (“BLM”) completed
during July (view June 16, 2020 news release).
https://nulegacygold.com/news/news-releases/nulegacy-gold-provides-update-on-permitting-program/
Pending BLM’s approval, NuLegacy plans to drill
three to five deep holes in the most developed targets this fall
(with a mid-October 2020 start) before winter shut down, with the
balance of the initial 16 hole US$3.5 million program scheduled to
start up in the spring of 2021.
NuLegacy has retained Ms. Debra Struhsacker, a
well-known hard-rock mining policy expert and permitting and
government relations consultant, to assist in completing the
modification of the POP and securing the BLM’s approval,
anticipated for mid-September 2020.
“We are delighted to add Ms. Struhsacker to our
professional team,” said NuLegacy CEO, Albert Matter. “Debra has a
proven track record of effectively advocating for her clients and
the mining industry and successfully securing project permits for
exploration and mining projects in Nevada and elsewhere. Debra’s
addition to our team provides immediate in-house environmental
permitting capability allowing Mark Bradley, our VP, Exploration to
pivot his focus entirely onto the planned drilling program in the
target rich Rift Anticline.”
Geo-modeling update: NuLegacy
has completed its preliminary structural model for the Rift
Anticline targeting utilizing the results of recent drill holes
(see February 8, 2020 news release), and the data from the numerous
CSAMT (Controlled Source Audio-frequency Magnetotellurics) and
gravity surveys focusing on known mineralized controlling
structures (i.e. Long Fault).
NuLegacy has identified three high-priority
targets in the northern half of the Rift Anticline and three
additional targets extending to the south along the anticline trend
covering approximately 4.5 km (and open on both ends) with an
indicated width varying from 700 to 1,450 meters. Detailed
drill plans are being developed for the initial 16 deep hole drill
program (US$ 3.5 million) to comprehensively test the targets,
commencing with the more developed northern targets.
Mark Bradley, NuLegacy’s Vice-President,
Exploration comments, “The new structural model for the Rift
Anticline is a powerful exploration tool, allowing us to prioritize
our initial drilling efforts within the large (5-6 sq. km) Rift
Anticline target area and optimize the chances for early
discovery.”
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.
“The trend is our friend” –
NuLegacy Gold is focused on confirming high-grade
Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile)
district scale Red Hill Property in the Cortez gold trend of
Nevada. The 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 and the world’s largest, lowest cost and
politically safest gold minesII.
I The similarity and proximity of these deposits
in the Cortez Trend including Goldrush 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 THE BOARD OF NULEGACY GOLD
CORPORATION.
Albert J. MatterChief Executive Officer &
DirectorTel: +1 (604) 639-3640Email: 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, the proposed
exploration, drilling and permitting programs thereon and the
timing, cost and likelihood of success thereof) 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, 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 the impact it
will have on the Company’s operations, personnel, supply chains,
ability to access mineral properties, procure exploration
equipment, rigs, 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.
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.
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