Business
NuLegacy Gold Completes Second Hole of Five Hole Program
RENO, Nev., Dec. 06, 2023 (GLOBE NEWSWIRE) -- NuLegacy announces that it has completed the first two reverse circulation drill holes [Mid-rift (MR2023-01) and I
About this update from Nulegacy Gold Corporation
[{"type":"text","content":" RENO, Nev., Dec. 06, 2023 (GLOBE NEWSWIRE) -- NuLegacy announces that it has completed the first two reverse circulation drill holes [Mid-rift (MR2023-01) and Iceberg South (IS23-02)] of its five-hole fall 2023/winter 2024 drilling program with the sample chips shipped to the assay lab for prep and assaying. The assay results for MR23-01 (drilled Nov 11th to Nov 21st) are expected in mid-December, and results for IS23-02 (drilled Nov 22nd to Dec 6th) with the intervening Christmas break are expected in late January 2024. Weather conditions in Nevada have made drilling conditions hazardous and more expensive. As a result, we have agreed with the drilling contractor for an early Christmas break for equipment repairs and maintenance with a resumption in the New Year when the frost has gone deep enough to freeze the roads solid. As reported Nov. 27th, due to the trading price of the Company’s shares having exceeded the C$0.025 offering price of the Company’s recent non-brokered unit private placement, the TSX Venture Exchange, pursuant to exchange policy, would not accept the Company’s request for a further ‘extension’ to complete the balance of the offering at $0.025 per unit. Market conditions permitting, the Company intends to initiate a new offering of additional units in the New Year, priced in the context of the market at that time. About NuLegacy Gold Exploration: NuLegacy is focused on exploring for high-grade Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile) district scale Red Hill property. The Red Hill is on trend/adjacentI to three of Nevada Gold Mines’ most profitable multi-million ounce Carlin-type gold mines; the Pipeline, Cortez and GoldrushII with their massive 50+ million ounces gold endowment. These are three of the world’s thirty largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world’s gold. Seven of NuLegacy’s principals/exploration team members have contributed to/participated in the discovery/expansion of one or more of all seven of Nevada’s massive Carlin-style gold deposits. Other activities: With the ‘on-going’ recovery in the price of gold to circa US $2,000 (+/- $200) making gold mining considerably more profitable, (as evidenced by the industry’s highest dividend payout ratios in more than twenty years), in addition to making a d...