NuLegacy Reports Assays From Three Holes of 2021 Drilling Program

Assays for final three holes and multi-element geochemical analyses pending

RENO, Nev., Oct. 19, 2021 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation has received assays for the next three of the nine holes completed in its 2021 diamond drilling campaign. The drilling was focused on the northwest quadrant of the ~ 10 sq. km Rift Anticline target, part of NuLegacy’s 100% controlled 108 sq. km Red Hill exploration property in Nevada’s Cortez gold-trend. To view this news release with its graphics displayed please link to: https://nulegacygold.com/news/news-releases/nulegacy-reports-assays-from-three-holes-of-2021-drilling-program/

Summary:

• Nine widely spaced (0.5 to +1 km) holes have been completed (RA21-01 through -04, -05, -06, -08, -10 and -13).
• Assays for RA21-01, -02 and 03 were reported on August 26, 2021.
• Assays for RA21-06, -08 and -13 with intervals of anomalous gold values (cut-off at 0.10 grams gold/t) are reported as:
  • RA21-06 (azimuth 249°, inclination -71°): from 605.0 to 609.3 (4.3) meters averaging 7.66 grams with a high of 19.60 grams gold/t.
    • This higher-grade interval at the margin of a Tertiary basaltic dike that cuts Paleozoic limestone Wenban 4 has been categorized as epithermal mineralization.
  • RA21-08 (azimuth 072°, inclination -57°): 446.5 to 571.8 (125.3) meters with intervals reporting between 0.10 to 0.28 grams gold/t.
  • RA21-13 (azimuth 269°, inclination -60°): 324.6 to 421.5 (96.9) meters with intervals reporting between 0.10 to 3.52 grams gold/t with the best intervals being:
    
    • 5.0 meters from 368.1 averaging 2.21 grams with a high of 3.52 grams gold/t.
    • 12.0 meters from 385.3 averaging 0.42 grams with a high of 0.49 grams gold/t.
    • Alteration and mineralization associated with these gold intercepts is interpreted to be Carlin-style occurring in the Devonian Wenban 5 formation.
    These intervals are not necessarily true widths as there is insufficient data at this time with respect to the shape of mineralization to calculate its true orientation.

• To date, numerous anomalous gold values have been encountered in the Wenban, Roberts Mountains and Hanson Creek formations, all of which are host to multiple large gold deposits in the region.^I Thick sections of these prospective hosts rocks have been encountered in each of the first six 2021 drill holes.
• The remaining three holes (RA21-04, -05 and -10) have now been logged, split, and submitted for assaying.
• The pulps from assaying the first six holes are being processed and submitted for multi-element analysis and should be available for input to our geochemical model by end-November.