Business
NuLegacy Suspends Field Exploration
RENO, Nev., June 03, 2019 (GLOBE NEWSWIRE) -- NuLegacy Gold announces that effective immediately it has suspended all field exploration on its Red Hill property
About this update from Nulegacy Gold Corporation
[{"type":"text","content":" RENO, Nev., June 03, 2019 (GLOBE NEWSWIRE) -- NuLegacy Gold announces that effective immediately it has suspended all field exploration on its Red Hill property in the Carlin gold-trend of Nevada. NuLegacy Gold’s board of directors has determined it is in the best long-term interests of the Company to suspend field exploration until improved markets for gold and junior gold stocks present better financing opportunities, or a joint venture or merger partner can be enrolled. The Company has approximately Cdn $1.5 million cash in its treasury. The highly prospective new targets (potentially Tier 1 exploration assets) generated by the 2018 wildcat drilling and 2019 target delineation programs (Serena Offset, Rift Anticline and Fourmile Look-alike) require significantly deeper core holes than the previous reverse circulation drill targets and thus are considerably more expensive to drill; as such the board has instructed management to focus its current efforts on negotiating with potential joint venture or merger partners who have expressed interest in the Red Hill property while conserving cash. About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering Carlin-style gold deposits on its premier district scale 108 sq. km (42 sq. mile) Red Hill Property in the prolific Cortez gold trend of Nevada. To date NuLegacy has discovered the Iceberg Carlin-style gold deposits and has identified several additional highly prospective exploration targets. NuLegacy’s 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. i The similarity and proximity of these deposits in the Cortez Trend 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. ON BEHALF OF NULEGACY GOLD CORPORATION Albert J. Matter, Chief Executive Officer For further information, please phone 604-639-3640 or contact Albert Matter (CEO) at albe...