NuLegacy Gold (TSXV: NUG | OTC: NULGF) has provided updates on its flagship Red Hill property in the Cortez gold-trend of Nevada (~7km south-east of Barrick’s multi-million-ounce tier one Goldrush gold deposit).
NuLegacy is planning a fall financing for circa C$2M with 80%+ of the net proceeds allotted towards drilling reverse circulation (RC) drill holes at Red Hill, preferably before year-end 2023.
The balance of net proceeds from the financing will be used for general corporate and working capital purposes. Full details of the financing to be determined within the context of the market are expected to be announced within the next several weeks.
These five holes have been selected by the company’s newly reconstituted geological exploration/discovery team. Since the conclusion of the 2020-21 exploration programme, NuLegacy’s exploration team has been overhauled to maintain deep knowledge of the property and bring in legacy regional and successful expertise.
The team now consists of: Dr. Roger Steininger, Charles Weakly, and Willam Mounts, with three former members of Barrick Gold Exploration’s senior leadership team, who were intimately involved with the discovery of the Goldrush and Fourmile deposits.
The new team undertook a thorough review of NuLegacy’s 13-year exploration history at Red Hill and concluded that the gold mineralization found to date is localized in a similar fashion to the Goldrush/Fourmile deposit area.
The team has set the highest priority drill targets as the Mid-rift and associated South Iceberg zones based on vectoring from proximal drilling data and geophysical and chemical survey results.
Pending completion of the financing, the proposed five-hole fall 2023 drill programme is approximately 3,000m of RC holes with average depths of 600m focused on the Mid-rift, South-West-rift, and South Iceberg target areas at a budgeted cost of US$1.25M.
For further information, please visit: www.nulegacygold.com
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