NuLegacy Reports on Fall 2019/Spring 2020 Exploration Program
22 October 2019 - 7:30AM
NuLegacy Gold Corporation
(“
NuLegacy” or the “
Company”)
(TSXV:
NUG; OTCQB:
NULG.F) is
pleased to report the commencement of its Fall 2019-Spring 2020
exploration program.
The Fall 2019-Spring 2020 exploration program is
budgeted at US$3.5 million (C$4.7 million) with a total of 17 deep
core holes measuring ~7,000 meters (~23,000 feet1) targeting five
different zones, and a substantial expansion of the AV Plan of
Operations.
Drilling: The Fall 2019 program
is budgeted at ~US$0.75 to 1.0 million (~C$1.25 million)
anticipating five to seven core holes (~3,300 meters/11,000 feet)
including two holes for each of the Serena Offset and Western Slope
zones with an additional two or possibly three (weather permitting)
in the “4Mile Look-alike” zone. View map
at: https://nulegacygold.com/site/assets/files/6378/website_drill_map_oct_2019.pdf
Boart Longyear has provided a LF-90 track
mounted core rig capable of drilling to 2,300 feet (700 m) which is
currently completing Hole SO (Serena Offset) 19-01. The Boart rig
will drill the four holes (Serena Offset & Western Slope) east
of the Rift. Legarza Exploration is extending the road to the west
side of the Rift Zone to access the targets for the two or three
initial “4Mile Look-alike” holes (1see map as above). Tonatec
Drilling is supplying an Atlas Copco 4000 core rig capable of
drilling to 6,000 feet (2,000 m) to drill the two or three holes in
the Look-alike zone.
Permitting: In November
2018, NuLegacy reported final approval from the U.S. Bureau of Land
Management for the AV (Avocado) Plan of Operations (PoO)
environmental permit. EnviroScience and its subcontractors will be
expanding the AV PoO to the south and west to include all the areas
currently being drilled as well as the Rift Anticline zone in the
middle. The expansion of this PoO, budgeted at US$500,000, 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 drill sites for follow up to
the successes of the Fall-Spring exploration program.
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.
To learn more about NuLegacy Gold Corporation,
please visit: www.nulegacygold.com or NuLegacy's SEDAR profile at
www.sedar.com.
ON BEHALF OF THE BOARD OF NULEGACY GOLD
CORPORATION
Albert J. MatterChief Executive Officer &
DirectorTel: +1 (604) 639-3640Email: albert@nuggold.com
Cautionary Statement on Forward-Looking
Information: This news release contains forward-looking
information and forward-looking statements under applicable
securities laws, which information and/or statements relate to
future events or future performance (including, but not limited to,
the proposed drill program, the number and location of drill
targets and the estimated cost and the timing thereof) and reflect
management’s current expectations and assumptions. Such
forward-looking information and statements reflect management’s
current beliefs and are 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, environmental risks, operating risks,
accidents, labour 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 and any proposed exploration
programs are exploratory searches for commercial bodies of ore. In
addition, the presence of gold resources on properties adjacent or
near the Red Hill Property is not necessarily indicative of the
gold mineralization on the Red Hill Property. 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 under applicable
securities legislation.
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 release.
1 Final tally will depend on terminal depth of
the holes.
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