Brief note on exploration program progress
VANCOUVER, British Columbia, June 16, 2020 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports it is on schedule to submit the final permitting documentation in July, with the expectation that approval will be received in September to allow a 16-hole deep test drilling program to commence mid-to-end October 2020.
NuLegacy’s CEO Albert Matter comments that, “Enrolling Mr. Mark Bradley, a former Senior Project/Chief Geologist for Barrick Gold who supervised the discovery and delineation drilling of Barrick’s multi-million ounce Goldrush deposit, has been a real boon; not only did he manage 200+ personnel in drilling the Goldrush, he was responsible for overseeing the program’s permitting, and as such is well versed in regulatory requirements and communicating with Federal and State agencies.”
And as NuLegacy Chairman Alex Davidson says, “There is no substitute for the experience of having participated in discovering one or another of the giant Carlin-type deposits in Nevada for assessing the next discovery; our team has collectively participated in five such discoveries, and as such is uniquely qualified to find the fourth ‘elephant’ in the Cortez gold trend.”
Permitting details: The US $500,000 expansion of our permitted Plan of Operations (POP)1 over the Red Hill property is on schedule for submission to the Bureau of Land Management in July with acceptance anticipated in September; the submission will include:
- Cultural Resources Survey - no significant archaeological issues identified in the most favorable drill-target areas on the Rift Anticline as illustrated in the linked video: Goldrush 2.0 (3:18)
- Biological Baseline Surveys:
- Raptor flights - two distinct helicopter surveys of the property and surrounding area with no breeding pairs identified.
- Habitat survey, community mapping, etc., - whole property survey of possible species habitat (i.e. sage-grouse) completed in compliance with the requirements of the State Sage-grouse Environmental Technical Team (SETT)
- Botanical surveys - near completion, no sensitive species identified
- Wildlife surveys - completed, no sensitive species activities identified
- Hydro field survey – A seep & spring survey is in progress to comply with the requirement of providing a surface water-quality report for the area.
- Conservation Credit System SETT – SETT has determined the number of sage grouse habitat debits generated by the proposed project expansion, and a corresponding number of CCS credits are being acquired from a recognized credit generator.
With the acceptance of our US $500,000 expanded Plan of Operations over the Red Hill property anticipated for September, we are planning to start a 16 hole drill program in mid-October.
Exploration progress: As noted in our news release of June 1, 2020, exploration activity is ongoing on the Red Hill property with an additional CSAMT (Controlled-Source Audio-frequency Magnetotellurics) as well as Gravity survey underway to assist NuLegacy’s geo-team in further defining the target stratigraphy.
Discussions are also underway to secure one RC rig and two core rigs to start drilling mid-October. The deep test drilling is budgeted to cost US$ 250,000 per hole; you need deep holes when you are hunting for Nevada’s elephant-sized gold deposits. Our analysis of the ~7.5 sq. km target area (the Rift Anticline) suggests that a 14 to 16-hole pattern2 would be able to find a deposit whether it’s of the size of the current three giants in the Cortez, (with a likely footprint of ~ 1.5 sq. km.) or a more regular Nevada sized deposit (with a likely footprint of ~ 0.3 sq.km).3
About NuLegacy Gold Corporation: 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 largest, lowest cost and politically safest gold minesII.
1 The expanded POP will cover a total of 8,500 acres (~13 sq. miles); the substantially larger disturbance allowance will provide NuLegacy the necessary flexibility in planning and permitting literally hundreds of drill sites for follow up to the successes of the 2020-21 Fall-Spring exploration program.
2 There should be time enough for four to six holes in the fall (2020) before winter shut down with the balance of the holes scheduled to start up in the late spring 2021.
3 The proximity of Red Hill to other gold deposits in the Cortez trend is not necessarily indicative of gold mineralization at Red Hill.
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.
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.
ON BEHALF OF THE BOARD OF NULEGACY GOLD CORPORATION
Albert J. Matter
Chief Executive Officer & Director
Tel: +1 (604) 639 - 3640
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 procure exploration equipment, 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.
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