NuLegacy Gold Reports Closing of C$5.625 Million Private Placement

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Brief update on permitting and exploration programs

VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) --  NuLegacy Gold Corporation (“NuLegacy” or the “Company”) (TSXV: NUG; OTCQB: NULG.F) reports that it has completed its previously announced non-brokered private placement of 75,000,000 units (the “Units”) at a price of C$0.075 per Unit to raise gross proceeds to the Company of C$5.625 million (the “Offering”).

NuLegacy’s CEO Albert Matter comments that, “We want to thank our new shareholders and many of our existing shareholders who once again stepped up to provide the capital to continue this 10-year adventure of elephant hunting in Nevada. Together with our current cash position, net of issue expenses, we have ~ C$ 9.5 million (~US$ 6.5 million) on hand to complete the planned 16-hole fall/spring 2020/2021 exploration program.

These holes should cost in the order of US$ 250,000 apiece to drill; you need deep holes when you are hunting for Nevada’s elephant-sized deposits.  Our analysis of the ~7.5 sq. km target area (the Rift Anticline) suggests that a 14 to 16-hole pattern¹ would be able to find a deposit whether it’s of the size of the current three giants in the Cortez, (with a likely footprint of ~ 1.5 sq. km.) or a more regular Nevada sized deposit (with a likely footprint of ~ 0.3 sq.km).² https://nulegacygold.com/site/assets/files/6527/0014.1200x0.jpg )

While we are highly confident of drilling success in the Rift Anticline, at the recommendation of one of our advisors, Dr. Hennigh, we are proceeding with the additional CSAMT and gravity surveys, as referenced in our last news release.
https://nulegacygold.com/news/news-releases/nulegacy-gold-announces-c- ...

The additional cross-sectional CSAMT lines parallel to the existing east-west lines, will help confirm the length and structural continuity of the prospective target. The CSAMT lines being surveyed at an oblique angle to the existing lines will provide triangulation that should improve our drill site targeting.
https://nulegacygold.com/site/assets/files/6538/0025.1200x0.jpg

Further, we are increasing the density of the gravity survey stations over the Rift Anticline from 200 meter spacing to 100 meters spacing which is expected to provide better resolution of the gravity lows indicative of decalcification of carbonates at depth, i.e. the beneficiation needed for gold precipitation.