RENO, Nev., March 27, 2018 (GLOBE NEWSWIRE) -- NuLegacy (TSXV:NUG, Financial) (OTC:NULGF) reports that late winter storms have deposited as much as three feet of snow on parts of its 38 sq. mile Red Hill property in the Cortez gold trend of Nevada. Several storms have swept through the area during the past two weeks, making access to the property difficult, and access to selected drill target areas difficult and dangerous.
“Spring snow storms are not unusual in north central Nevada,” said Chief Geologist Derick Unger, “And this last ten days is setting a record for March.”
NuLegacy had to release the reverse circulation drill rig it had contracted to begin drilling in late March and was able to replace it with a drill scheduled to arrive late April, by which time the ground should be sufficiently dried out to permit safe efficient access. Initially drilling will focus on following up on the 2017 success in the Serena and Avocado zones in areas with broad intervals of intense alteration, silicification, and decalcification seen in several of the drill holes in this large exploration area.
NuLegacy has enrolled Ingrain Group Inc. of London, Ontario to provide investor relations services for a period of six months commencing March 15, 2018 for total consideration of CDN $15,000.
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 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 minesiii.
i 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. 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 [email protected], Albert Matter (Chairman) at [email protected] or Roger Steininger, (CGO) at [email protected], or Frank Lagiglia (ICM) at [email protected] 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.
