NuLegacy Provides Update

~ Financing planned for fall/drilling on closing ~

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RENO, N.V., Aug. 22, 2023 (GLOBE NEWSWIRE) -- NuLegacy Gold provides update on its flagship 108 sq. km Red Hill property in the Cortez gold-trend of Nevada (~ 7 km south-east of Barrick’s multi-million-ounce Tier 1 Goldrush gold deposit).¹  

View this news release with full graphics displayed and active links at: https://bit.ly/NuLegacyupdateAug22

Financial plans: NuLegacy, in cooperation with its principals and shareholders, is planning a fall financing for circa Cdn $2 million (the “Financing”) with 80%+ of the net proceeds allotted towards drilling up to five reverse circulation drill holes at Red Hill, preferably before year-end 2023 (budgeted at US$1.25 million/Cdn$1.75 million). 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 our newly reconstituted geological exploration/discovery team highlighted below.

New exploration/discovery team: Since the conclusion of the 2020-21 exploration program, we have overhauled our exploration team to maintain NuLegacy’s deep knowledge of the property and also to bring in legacy regional and successful expertise. The team now consists of:

• Dr. Roger Steininger, NuLegacy’s Exploration Director, and co-founder, credited with the Pipeline discovery,
• our Exploration Manager, Mr. Charles Weakly, past Regional Geologist at Barrick Gold Exploration and instrumental in the expansion of Goldstrike, and,
• our Drill Supervisor, the famed Mr. Willam Mounts, who’s had the good fortune to be present at more major gold mine discoveries than any other member of the team, quite possibly more than all of them combined!
  

And we have complemented that group by engaging three former members of Barrick Gold Exploration’s senior leadership team, who were intimately involved with the discovery of both the Goldrush and Fourmile deposits, considered to be analogous to NuLegacy’s Red Hill property – just 7 km directly across the Horse Creek Canyon valley and on trend with Red Hill.¹