VANCOUVER, British Columbia, May 12, 2020 (GLOBE NEWSWIRE) — NuLegacy Gold Corporation (TSXV: NUG; OTCQB: NULG.F) announces that Dr. Quinton Hennigh has joined NuLegacy as an advisor. Dr. Hennigh, one of NuLegacy’s founding shareholders, will provide significant technical and strategic corporate expertise and advice to NuLegacy as the Company embarks on its transformative exploration program targeting a large Carlin style gold system within the recently identified Rift Anticline, part of its 100% controlled 108 sq. km Red Hill gold project on the prolific Cortez Trend in north central Nevada.
“Given Red Hill is one of my favorite Nevada exploration projects, I have been following NuLegacy’s progress from the beginning,” commented Quinton Hennigh. “The project is well-situated within the core of the gold-rich Cortez Trend approximately 8 km south-east of Barrick’s large Goldrush and Fourmile Carlin gold deposits, the former of which is currently in development. Although recent Miocene rifting has tectonically separated the Red Hill area from the Goldrush area, it is readily clear that the right geologic host rocks, the same as those hosting Goldrush, are present at Red Hill.IIn my view, the potential of this area is very high. My enthusiasm is further supported by recent strong drill results including 16.9 g/t Au over 8.7 m in hole SR18-02C and 9.6 g/t Au over 5.1 m in hole WS19-02 encountered in areas along the eastern margin of the Rift Anticline.II I believe NuLegacy’s technical team is well on their way to realizing the full potential of this project and am looking forward to contributing to the Company’s upcoming exploration program.”Dr. Hennigh: An economic geologist with 25 years of exploration experience, mainly gold related. Early in his career, he explored for major mining firms including Homestake Mining Company, Newcrest Mining Ltd and Newmont Mining Corporation. Quinton joined the junior mining sector in 2007 and has been involved with several Canadian listed gold companies including Gold Canyon Resources where he led exploration at the Springpole alkaline gold project near Red Lake Ontario, a 5-million-ounce gold deposit bought and currently being developed by First Mining Gold. In 2010, Quinton started building Australian explorer Novo Resources where he is Chairman and President. Quinton obtained a Ph.D. in Geology/Geochemistry from the Colorado School of Mines.“I’m so pleased to have Quinton’s continuing advice,” says Albert Matter, CEO, “as he was one of the first to suggest we needed to go west of the Iceberg deposits to find the big Carlin-gold-system generating all the high-grade ‘sniffs’ we encountered.”Dr. Hennigh will receive a monthly consulting fee and options to purchase up to 1,500,000 common shares at a price of $0.10 per share exercisable, subject to vesting, for a period of five years.About NuLegacy Gold Corporation: Focused on confirming high-grade Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada. The Red Hill Property is located on trend and adjacentIto 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 The similarity and proximity of these deposits in the Cortez Trend including Goldrush is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Property.
II As reported on August 27, 2018 and February 18, 2020, respectively.
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.Dr. 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.On Behalf Of NuLegacy Gold CorporationAlbert J. Matter, Chief Executive Officer & Director
Tel: +1 (604) 639-3640
Email: [email protected]For more information about NuLegacy visit: www.nulegacygold.com or www.sedar.com.Cautionary Statement on Forward-Looking Information: This news release contains forward-looking information and statements under applicable securities laws, which information and/or statements relate to future events or future performance (including, but not limited to, the prospective nature and potential of the Red Hill Property and Rift Anticline, the geological and structural similarities between Red Hill and Goldrush and the Company’s future exploration and drilling programs) and reflect management’s current expectations and beliefs 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, unanticipated geological, stratigraphic and structural formations, environmental risks, operating risks, accidents, labor 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, any proposed exploration programs are exploratory searches for commercial bodies of ore and the presence of gold resources on properties adjacent or near the Red Hill Property including Goldrush is not necessarily indicative of the gold mineralization on the Red Hill Property. There is also uncertainty about the spread of COVID-19 and the impact it will have on the Company’s operations, personnel, supply chains, ability to procure exploration equipment, contractors and other personnel on a timely basis or at all and economic activity in general. 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 by applicable law. 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.
Bay Street News
