NuLegacy Gold Receives Additional Drill Permits
TSX VENTURE: NUG
RENO, Nev., Nov. 27, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation (NUG:TSXV / NULGF:OTC) is pleased to report that it has received final approvals from the Bureau of Land Management (BLM) of both its ‘Avocado’ Plan of Operations (POO) permit as well as its ‘Foothills’ Notice of Intent (NOI) permit.
With these permits approved the current 10-hole exploration program should be completed without delay and the planning of the 2019 exploration drilling program can commence once the assays from the fall program are in hand. Results from the fall program will be reported when all assays have been received and fully evaluated by our geological team.
The Avocado POO is a significant asset as the baseline studies that were completed for it are essential for the development of the Avocado. The POO is an environmental permit from the U.S. Bureau of Land Management (BLM), that covers 2,579 acres (4.1 sq miles) and will allow a major expansion of drilling activity. The larger disturbance allowance will give the Company more flexibility in planning and permitting the numerous drill sites required for the expansion and delineation of the Avocado gold deposit during the 2019 drill season and beyond.
Initially NuLegacy will provide bonding for the disturbance of 95 acres of the Plan area which should be more than sufficient to complete the anticipated 2019 exploration programs (details of which to be provided in a mid-March news release). NuLegacy had been exploring the Avocado under a Notice of Intent that limited surface disturbance to only five acres of total disturbance.
The ‘Foothills’ NOI allows for the drilling of the first two holes into this new target identified this season to the north-west of the Serena zone. Drilling of these holes will follow the completion of the “Deep Rift” test hole currently being drilled approximately 1,450 meters due west of the Serena zone. The Deep Rift hole is testing a target directly between the Long and Yankee faults at the intersection of the major northwest and east-west structural trends associated with Carlin-type gold systems.
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 (including, but not limited to, the proposed use of the net proceeds of the Financing) 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.