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Extends Mineralization At West Avocado Zone

RENO, Nev., Jan. 09, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports that one of the two core holes drilled into the West Avocado zone during the 2017 fall exploration program encountered encouraging gold mineralization.

“Drill hole AW17-05c encountered more silicification, alteration, and brecciation than we have observed at Avocado thus far. Data from trace element assays will be received shortly, and should aid in the targeting of additional drill holes at Avocado in the spring of 2018,” reported Derick Unger, NuLegacy’s Chief Geologist.

AW17-05c, drilled 120 meters east of last year’s discovery holes AVB-02 and AVB-04c, intersected 32.5 meters of 0.61 grams/t gold. The core holes were drilled first using a reverse circulation rig to drill and case the holes (pre-collars) to depths immediately above the target zone, and were then completed using a core rig through the mineralized zone. Hole AW17-04c was drilled 120m north of the 2016 Avocado discovery holes and contained intervals of anomalous gold. View map at: http://nulegacygold.com/i/pdf/ppt/2017-05-11/theavocado/avocado-zone-slide.jpg

These results establish continuity in the Avocado Zone by defining a 120-meter corridor (between AV16-04c and AW17-05c) of gold mineralization that is open for at least another 600 meters to the east and northeast, towards mineralization established last year in the East Avocado discovery where drill hole AV16-03 encountered 25.9m of 1.01 grams/t gold. (see map below).

“The entire 4 sq. km Avocado zone is a highly prospective area, situated only five miles across a rift valley from Barrick Gold’s 10 million-ounce Goldrush deposit, slated for production in the year 2020,” commented NuLegacy’s Chairman Albert Matter. ii, iv

Fourteen additional holes, drilled in the North Iceberg, Serena, VIO, and Western Slope zones are out for assay and will be reported when received and fully evaluated by our geological team in Reno, Nevada.

Table of important mineralization encountered in NuLegacy’s drilling at Avocado to date:

  Hole number From
(m)
To
(m)
Interval (m) Grade (gpt)
West Avocado AW17-05c 429.6 463.0 32.5* 0.61
  AV16-04c 403.4 441.8 30.3* 0.56
  including 427.4 435.1   5.1* 2.57
  AV16-02 422.3 451.2 28.9 0.50
  including 422.2 432.9 10.7 1.01
East Avocado AV16-03 312.6 347.5 25.9 1.01

*net sample length – excludes net core loss.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company’s project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every 20th sample. The samples were delivered to American Assay Labs’ preparation facility in Sparks, NV. The samples were crushed, pulverized and sample pulps were analysed by American Assay Labs’ certified laboratory in Sparks, NV. Pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30-gram split. All other elements were determined by ICP analysis. 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. The reported intercepts are not necessarily true widths as there is insufficient data at this time with respect to the shape of the mineralization to calculate its true orientation.

About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98-sq. km (38 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada. 

To date NuLegacy has discovered the Icebergi 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 adjacentii to 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 minesiii

i An established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne. These figures are conceptual in nature and derived from a compilation of 149 historic and 111 NuLegacy drill holes. To date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
ii The similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Project. 
iii As extracted from Barrick’s Q4-2013 and Q1-2014 reports.
iv 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

For further information, please phone 604-639-3640 or contact James Anderson (CEO) at james@nuggold.com, Albert Matter (Chairman) at albert@nuggold.com or Roger Steininger, (CGO) at roger@nuggold.com, or Frank Lagiglia (ICM) at frank@nuggold.com  or visit www.nulegacygold.com.

Dr. Roger Steininger, NuLegacy’s Chief Geoscience Officer 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 preparing and reviewing 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 including our annual management’s discussion and analysis dated July 25, 2017 for the year ended March 31, 2017.  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.