NuLegacy Discovers Thick Package of Favourable Wenban5

Affirms Rift Anticline as geological analogue of Goldrush deposit

RENO, Nev., Nov. 25, 2020 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation is pleased to report that a very thick package (~175 meters) of the favourable¹ Wenban5 stratigraphic unit has been confirmed by the first two drill holes targeting the ~6 sq. km Rift Anticline target on our Red Hill Carlin Gold project, Nevada. It is the Wenban5 horizon that hosts 75% of the gold in Nevada Gold Mines’ adjacent Goldrush deposit. To view this news release with all graphics displayed please link to: https://nulegacygold.com/news/news-releases/nulegacy-discovers-thick-p ....

The 108 sq. km, 100% owned² Red Hill property is adjacent to and on trend with the three³ Nevada Gold Mines owned high-grade Carlin-type gold deposits in Nevada’s Cortez gold-trend. These deposits are ranked amongst the world’s thirty largest, lowest cost and politically safest gold mines.

The presence of a thick section of Wenban5 underneath Miocene basalt cover was predicted by NuLegacy’s geologic team. This discovery confirms the Rift Anticline target has the potential to host a very large Carlin-type gold system. The Wenban5 is similar to that of NuLegacy’s Serena and North Iceberg deposits approximately 2,500 meters to the east where high-grade gold (9.6 to 16.9 grams/tonne) in albeit thinner intercepts (5 to 12 meters) was encountered in prior drilling.

A comprehensive geologic review and geophysical studies of the project over the past eighteen months resulted in the hypothesis that a thicker package of possibly gold-bearing Wenban5 underlay the covered Rift Anticline target 2,500 meters west of the Serena and Iceberg deposits. Importantly, this hypothesis is further supported by the fact that the high-grade gold bearing Wenban5 at Nevada Gold Mines’ Goldrush deposit 11 km to the northwest is at least 70 meters thick. Initial logging of the core from the two just completed holes (detailed below) has identified favourable hydrothermal alteration consistent with a Carlin-type gold system being hosted in the Wenban5 of the Rift Anticline target.

Geological model confirmed: The first two holes completed into the Rift Anticline target validate our exploration team’s expertise and geo-modeling capability in having correctly projected and targeted the favourable Wenban5 horizon, and the presence of a Carlin-type gold system which was intercepted at a depth of approximately 350 meters with a thickness of ~175 meters.